Apr 201628

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

Apr 201628

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

Market Minute LogoThe number of homes sold increased in the Delaware Valley/Lehigh Valley region of New Jersey in March 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.

NJSuburbs MMMarch2016 chart

According to March data, the number of units sold increased in the Delaware Valley/Lehigh Valley region compared to March 2015. In Gloucester County, the number of homes sold rose by 24 percent, while Burlington County saw an increase of 20 percent. Mercer County experienced an 18 percent increase in the number of homes sold, followed by a 4 percent increase in Camden County.

Median sale prices varied in the Delaware Valley/Lehigh Valley region in March, with Gloucester County experiencing a 4 percent increase and Camden County seeing no year-over-year change. Burlington and Mercer counties saw declines of 8 percent and 13 percent, respectively.

Active inventory levels were low in the region in March compared to year-ago levels, with Burlington County seeing a 9 percent decrease. In Camden, Gloucester and Mercer counties active inventory fell by 6 percent.

The days on market (DOM) average remained steady in the region with homes selling in a little more than three months or less on average. Camden County saw a days on market (DOM) average of 83 days, and Burlington County experienced a DOM average of 91 days. In Mercer County, the days on market average was 95 days, while the DOM average was 96 days in Gloucester County.

“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends 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.

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, Inc.