Inventory Remains Low in the Delaware Valley/Lehigh Valley Area in April 2014

May 20, 2014

Market Minute LogoThe residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to April of last year, according to The Long & Foster Market Minute reports. Inventory remained low throughout most of the region and homes continue to sell at a solid pace.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

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Active inventory levels declined in most of the Delaware Valley/Lehigh Valley region in April compared to year-ago levels. Camden County experienced an 11 percent decline in inventory, while Mercer County experienced a 6 percent decline. Gloucester County experienced a 5 percent decrease in active inventory compared to April of last year, and Burlington County saw a 1 percent increase.

According to April data, median sale price decreased in much of the Delaware Valley/Lehigh Valley region. Camden County experienced a 1 percent increase in median sale price, while other areas saw decreases from 3 percent to 9 percent.

The number of homes sold decreased in most of the region, although Gloucester County experienced an increase of 2 percent. All other remaining areas of the region experienced decreases of 10 percent.

The days on market (DOM) average remained steady with homes selling in two to four months on average. Mercer County saw a days on market (DOM) average of 89 days, while Burlington County experienced a DOM of 91 days. Other areas experienced DOMs of 95 to 96 days.

“The spring housing market is beginning to bounce back, and we’re seeing many positive trends happening in the real estate market in the Mid-Atlantic, including in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many places, median sale prices are increasing and homes are selling at a faster pace than in previous months. We anticipate these developments will continue, and we’ll see more great happenings in the real estate market throughout the spring.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.