Number of homes sold rises in some parts of the region

The number of homes sold in the Delaware Valley/Lehigh Valley region of New Jersey increased in several counties compared to year-ago figures, according to The Long & Foster Market Minute reports. Median sale prices also improved in parts of the region, which includes Burlington, Camden, Gloucester and Mercer counties.

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

According to November data, the number of units sold increased slightly in most of the Delaware Valley/Lehigh Valley region compared to November 2013. Burlington County experienced a 3 percent increase and Camden County saw a 2 percent increase. Gloucester County saw a 1 percent increase, while Mercer County had a decline of 2 percent.

Median sale prices varied throughout the region as well. Mercer County enjoyed a 24 percent jump in median sale prices and Camden County had a smaller 4 percent rise. Burlington and Gloucester counties, however, saw declines of 4 percent and 5 percent, respectively.

Active inventory levels remained low in the Delaware Valley/Lehigh Valley region in November compared to year-ago levels. Camden and Gloucester counties both saw an 8 percent decrease, while Burlington County had a 5 percent drop. Mercer County saw a smaller decline of 1 percent.

The days on market (DOM) average remained steady in the region with homes selling in about three months on average. Mercer County saw a days on market (DOM) average of 85 days, and Gloucester County experienced a DOM of 87 days. Burlington and Camden counties had DOMs of 92 days and 99 days, respectively.

“Throughout the Mid-Atlantic and Northeast regions, including in the Delaware Valley/Lehigh Valley, we’ve seen many positive trends in real estate, from increased activity to rising median sales prices,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year growth will continue through December, and I’m optimistic for the coming year, which will benefit from increased housing affordability and rising consumer confidence.”

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.