Apr 201922

March Saw Rise in Median Sale Prices in the Delaware Valley/Lehigh Valley Region

Apr 201922

March Saw Rise in Median Sale Prices in the Delaware Valley/Lehigh Valley Region

Market Minute Logo 2019 smallThe Delaware Valley/Lehigh Valley real estate market saw median sale prices rise in all areas last month, according to the Long & Foster Market Minute report. Burlington and Camden counties saw the highest increase with both rising by 11%. On the other hand, home sales and inventory both fell throughout the entire region. 

The Long & Foster Real Estate Market Minute report for the Delaware Valley/Lehigh Valley region includes BurlingtonCamdenGloucester and Mercer counties. 

Suburban New Jersey Market Minute Chart March 2019

“In regard to the March market, many places showed signs of low inventory and sales
, including suburban New Jersey,” said Gary Scott, President of Long & Foster Real Estate. He adds that, “While typically each market has certain nuances that differentiate them from others; it seems that universally most markets were very similar last month.” 

Across the board, it appeared that everyone had a bad January, a good February and a bad March in regards to sales. However, Scott remains optimistic saying, “We simply have a lagging spring market. I don’t believe March is an indicator of how the market will remain, I’m positive April will be off the charts.” 

Scott reminded everyone that the spring market is a fundamental seasonal trend that is dependent on a variety of factors, including weather, inventory and interest rates. With interest rates continuing to be low and other economic indicators being positive Scott estimated that the spring market will become fully activated in April and give us a robust real estate environment.   

For those thinking of selling their homes, Scott highlighted things sellers need to keep in mind. “Firstly, sellers need to go to market in the best way they can – they had better declutter, stage and prepare,” he said.  

“Secondly, with pricing and inventory being geographically specific, sellers need to engage with a real estate professional,” he said. Scott stressed the importance of knowing the market conditions both where the seller is currently located and where they plan to go. 

Lastly, sellers need a good sense of where they’re going. With the market being the way it is, sellers need to be prepared to have an interim move. Scott said, “There’s no guarantee that the house you want is going to be ready when the house you sell is ready.” Sellers need to be prepared for situations where it’s possible that both of their transactions don’t quite line up. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.