Number of Homes Sold Increased in Some Areas of Delaware Valley/Lehigh Valley in October 2014

November 14, 2014

Market Minute LogoIn October, a few areas of the Delaware Valley/Lehigh Valley region of New Jersey saw increased median sale prices while others saw a jump in the number of homes sold, according to The Long & Foster Market Minute reports. The region 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.

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According to October data, the number of units sold varied across the Delaware Valley/Lehigh Valley region compared to October 2013. Burlington County experienced a 12 percent increase and Camden County saw an 11 percent increase. Both Gloucester and Mercer counties had declines of 7 percent.

Median sale prices varied throughout the region as well, though there were some positive improvements, including a 3 percent increase in Mercer County and a 1 percent increase in Camden County. Burlington County saw a decline of 2 percent, while Gloucester County experienced a 3 percent decrease in median sale price.

Active inventory levels remained low in the Delaware Valley/Lehigh Valley region in October compared to year-ago levels. Gloucester County saw an 8 percent decrease, while Camden County had a 6 percent drop. Burlington County experienced a 2 percent decrease, while Mercer County saw a 1 percent decrease.

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 78 days, while Gloucester County experienced a DOM of 94 days. Burlington and Camden counties had DOMs of 95 days and 102 days, respectively.

“October brought modest improvements to the Mid-Atlantic 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 areas we saw increases in the number of homes being sold, as well as some positive trends in median sale prices. These are welcome signs for real estate in the region, and with continued improvements being made in the economy, we expect a smooth end to 2014.”

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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