The residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to September of last year, according to The Long & Foster Market Minute reports. The number of homes sold increased in some parts 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.
According to September data, the number of units sold varied across the Delaware Valley/Lehigh Valley region compared to September 2013. Burlington County experienced an 8 percent increase and Camden County saw a 6 percent increase. Both Gloucester and Mercer counties had declines of 10 percent.
Median sale prices varied throughout the region as well, though there were some positive improvements, including a 4 percent increase in Gloucester County and a 3 percent increase in Camden County. Mercer County saw a decline of 7 percent, while Burlington County experienced a 15 percent decrease in median sale price.
Active inventory levels remained low in the Delaware Valley/Lehigh Valley region in September compared to year-ago levels. Camden County saw a 7 percent decrease, while Gloucester County had a 4 percent drop. Mercer County experienced a 1 percent decrease, while Burlington County saw a 1 percent increase.
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 73 days, while Gloucester County experienced a DOM of 89 days. Burlington and Camden counties had DOMs of 91 days and 95 days, respectively.
“September brought good news to many areas of 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. “More homes are being sold and median sale prices have risen in a number of areas as well. Growing inventory means homebuyers have more options to choose from, and we anticipate more improvements in the months ahead.”
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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