Jun 201623

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

Jun 201623

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

Market Minute LogoThe number of homes sold increased in the Delaware Valley/Lehigh Valley region of New Jersey in May 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 MM May2016

According to May data, the number of units sold increased in the Delaware Valley/Lehigh Valley region compared to May 2015. In Camden County, the number of homes sold rose by 21 percent, while Mercer County saw an increase of 19 percent. Gloucester County experienced a 10 percent increase in the number of homes sold, followed by Burlington County with a 6 percent increase.

Median sale prices fell in most of the Delaware Valley/Lehigh Valley region in May, with Mercer County seeing no change compared to last year. Burlington County experienced a 3 percent dip, followed by Camden County’s 5 percent decrease. In Gloucester County, the median sale price fell by 6 percent.

Active inventory levels were low in the region in May compared to year-ago levels, with Burlington County seeing a 16 percent decrease. In both Gloucester and Mercer counties, active inventory declined by 12 percent, and it fell by 10 percent in Camden County.

The days on market (DOM) average remained steady in the region with homes selling in less than three months on average. Mercer County saw a days on market (DOM) average of 67 days, and Camden County experienced a DOM average of 71 days. In Gloucester County, the days on market average was 73 days, while the DOM average was 82 days in Burlington County.

“May was a good month for the real estate industry overall this year, as well as in the Delaware Valley/Lehigh Valley region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the summer.”

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.