Home prices were relatively stable across the Delaware and Lehigh valley region while inventory fell by double digits in October compared to a year earlier, according to the Long & Foster Market Minute reports. The Delaware Valley/Lehigh Valley region includes Burlington, Camden, Gloucester and Mercer counties.
Home sales increased dramatically across most of the region in October, with a 28 percent increase in Burlington County. In Gloucester County, home sales were up 19 percent, and Camden County home sales were up 18 percent. Median sale prices were mostly flat, with Camden County recording a 5 percent increase.
“The Delaware Valley region is still a seller’s market,” said Gary Scott, president of Long & Foster Real Estate. “October was a solid month for sales, listings and closings.”
The next year is expected to bring more of the same conditions that currently characterize the residential market: low inventory, low-but-increasing interest rates and strong demand.
Many homeowners bought or refinanced at historically low interest rates in recent years, and they won’t be eager to sell if the costs of borrowing go up, even as those entering the market hope to take advantage of still-low rates. Rising values might raise concerns about affordability, but they could also play a role in alleviating inventory challenges if more homeowners who bought before the downturn gain equity and decide to move.
“We believe the economic indicators will be very similar to what they have been,” Scott said. “Every month, more people in our regions are gaining equity because of increasing property values. So price appreciation is a positive, but it also has an adverse impact on affordability.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by TREND multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TREND or Long & Foster Real Estate.