The number of homes sold in the Delaware Valley/Lehigh Valley region of New Jersey increased compared to year-ago figures, according to The Long & Foster Market Minute reports. Median sale prices also improved in parts of the region, which 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.
According to December data, the number of units sold increased in the Delaware Valley/Lehigh Valley region compared to December 2013. Mercer County experienced a 21 percent jump, followed closely by Burlington County with a 20 percent increase. Camden County saw the number of homes sold increase by 17 percent, while Gloucester County experienced a 13 percent boost.
Median sale prices varied throughout the region last month. Burlington County enjoyed an 8 percent jump in median sale prices and Gloucester County had a smaller 5 percent rise. Mercer and Camden counties, however, saw declines of 1 percent and 3 percent, respectively.
Active inventory levels remained very low in the Delaware Valley/Lehigh Valley region in December compared to year-ago levels. Camden County saw a 10 percent decrease, while both Burlington and Gloucester counties experienced 8 percent declines. Active inventory fell by 2 percent in Mercer County.
The days on market (DOM) average remained steady in the region with homes selling in about three to four months on average. Mercer County saw a days on market (DOM) average of 88 days, and Burlington County experienced a DOM of 99 days. Camden and Gloucester counties had DOMs of 102 days and 106 days, respectively.
“December brought modest improvements to the Mid-Atlantic and Northeast real estate market, including in the Delaware Valley/Lehigh Valley area, with many areas enjoying rising numbers of homes sold and growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These developments are positive for the real estate market and leave us positioned for growth in 2015.”
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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