Median Sale Price Increases in Much of Delaware Valley/Lehigh Valley in March 2014

April 23, 2014

Market Minute LogoThe residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to March of last year, according to The Long & Foster Market Minute reports. In March, median sale price increased in much of the region, while inventory remained low.

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

March 2014 Market Minute Chart

According to March data, median sale price increased in much of the Delaware Valley/Lehigh Valley region. Mercer County experienced a 5 percent increase, while Camden and Gloucester counties each saw a 3 percent increase in median sale price. Burlington County saw the only decrease of 9 percent.

Inventory continued to decline in the entire Delaware Valley/Lehigh Valley region in March. Camden County experienced a 15 percent decline in inventory, while Mercer County experienced a 10 percent decline. Gloucester County experienced a 6 percent decrease in active inventory compared to March of last year, and Burlington County saw a 2 percent decrease.

The number of homes sold decreased in most of the region, although Burlington County experienced an increase of 8 percent. Remaining areas of the region experienced decreases of 6 percent to 11 percent.

The days on market (DOM) average remained steady with homes selling in four to five months on average. Camden County saw a days on market (DOM) average of 93 days, while Gloucester County experienced a DOM of 95 days. Other areas experienced DOMs of 101 to 105 days.

“Though the housing market got a slow start this year after a harsh winter, we’re beginning to see some positive trends happening in the real estate market, 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, we’re seeing homes selling quickly and increasing in median sale price. Now that the temperatures are heating up, we expect to see many continued improvements in the market.”

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.

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