Median Sale Prices Increased in Some Areas of Delaware Valley/Lehigh Valley in August 2014

September 19, 2014

Market Minute LogoThe residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to August of last year, according to The Long & Foster Market Minute reports. Median sale prices increased in some areas of the region, and inventory remained low in much of the area.

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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Median sale prices varied throughout the region, though there were some positive improvements, including an 11 percent increase in Gloucester County and a 9 percent increase in Mercer County. Burlington County saw a decline of 4 percent, while Camden County experienced a 7 percent decrease in median sale price.

According to August data, the number of units sold decreased across the Delaware Valley/Lehigh Valley region compared to August 2013. Mercer County experienced a 1 percent decrease, and other areas saw drops of 6 percent to 11 percent.

Active inventory levels remained low in the Delaware Valley/Lehigh Valley region in August compared to year-ago levels. Camden County saw a 7 percent decrease, while Gloucester County had a 6 percent drop. Mercer County experienced a 1 percent decrease, while Burlington County saw a 3 percent increase.

The days on market (DOM) average remained steady in the region with homes selling in about two to three months on average. Mercer County saw a days on market (DOM) average of 70 days, while Burlington County experienced a DOM of 77 days. Camden and Gloucester counties had DOMs of 82 days and 85 days, respectively.

“In many areas across the Mid-Atlantic and Northeast, we’re seeing increased inventory, which means more options for those looking to purchase a home,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Median sale prices have also remained strong, and we’re seeing homes moving off the market at a fairly steady pace. Overall, the real estate market is in a healthy place for continued improvement.”

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.