The residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to January of last year, according to The Long & Foster Market Minute® reports. In January, the number of units sold increased throughout most of the region and median sale price rose in several areas as well. The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of homes sold increased in most of the Delaware Valley/Lehigh Valley area in January, including by a significant 29 percent in Gloucester County. Burlington County saw the number of units sold increase by 8 percent, while Camden saw a 3 percent increase. Mercer County saw the only decrease at 10 percent.
According to January data, median sale price increased in most of the Delaware Valley/Lehigh Valley region. Camden County experienced a 16 percent increase, while Burlington County saw a 12 percent increase. Mercer County saw an 8 percent increase in median sale price, and Gloucester County saw the only decrease at 9 percent.
Inventory continued to decline in the entire Delaware Valley/Lehigh Valley region in January. Mercer County experienced a 16 percent decline in inventory, while Camden County experienced a 15 percent decline. Gloucester County experienced an 8 percent decrease in active inventory compared to January of last year, and Burlington County saw a 6 percent decrease.
Homes in the region are selling in about three to four months on average. Mercer County had the lowest days on market (DOM) with an average of 88 days, while Gloucester County saw a DOM of 93 days. Burlington County experienced a DOM of 101 days, while Camden County’s DOM was 103 days.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re seeing encouraging trends along the East Coast, including in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Positive signs include continued increases in the number of homes sold, rising median sale prices and low days on the market in most areas. With many people holding off on home searches in the cold weather, we anticipate a robust spring market.”
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 users can subscribe to free updates for the reports in which they’re interested.