Jul 201627

Number of Homes Sold Increased in the Delaware Valley/Lehigh Valley Region for June 2016

Jul 201627

Number of Homes Sold Increased in the Delaware Valley/Lehigh Valley Region for June 2016

Market Minute LogoThe number of homes sold increased in the Delaware Valley/Lehigh Valley region of New Jersey in June when compared to year-ago figures, according to The Long & Foster Market Minute reports. The region includes Burlington, Camden, Gloucester and Mercer counties. The Long & Foster Market Minute reports are based on data provided by TREND multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.NJSuburbsMM June2016 Chart

According to June data, the number of units sold increased in the Delaware Valley/Lehigh Valley region compared to June 2015. In Gloucester County, the number of homes sold rose by 16 percent, while Burlington County saw an increase of 14 percent. Camden County experienced an 11 percent increase in the number of homes sold, followed by Mercer County with a 9 percent increase.

Median sale prices rose in most of the Delaware Valley/Lehigh Valley region in June, with Burlington County seeing a 7 percent increase compared to last year. Gloucester County experienced a 5 percent increase, followed by Camden County with a 3 percent increase. In Mercer County, the median sale price fell by 3 percent.

Active inventory levels were low in the region in June compared to year-ago levels, with Burlington County seeing a 17 percent decrease. In Gloucester County, active inventory declined by 12 percent, and it fell by 11 percent in both Camden and Mercer counties.

The days on market (DOM) average remained steady in the region with homes selling in about two and half months or less on average. Mercer County saw a days on market (DOM) average of 59 days, and Camden County experienced a DOM average of 68 days. In Burlington County, the days on market average was 69 days, while the DOM average was 77 days in Gloucester County.

“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the fall.”

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 you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by TREND, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TREND or Long & Foster Real Estate.