The number of homes sold in the Delaware Valley/Lehigh Valley region of New Jersey varied when 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 January data, the number of units sold increased in parts of the Delaware Valley/Lehigh Valley region compared to January 2014. Camden County experienced a 7 percent jump, followed closely by Burlington County with a 5 percent increase. Gloucester County saw the number of homes sold decrease by 5 percent, while Mercer County experienced an 8 percent drop.
In much of the region last month median sale prices were on the decline, though Gloucester County experienced a 4 percent increase. Median sale price decreased by 2 percent in Burlington County and by 6 percent in Camden County. Mercer County experienced a 7 percent decrease.
Active inventory levels remained low in most of the Delaware Valley/Lehigh Valley region in January compared to year-ago levels. Gloucester County saw a 12 percent decrease, while Burlington County experienced an 8 percent decline followed by Camden County with a 7 percent drop. Active inventory did not change in Mercer County, compared to the same month last year.
The days on market (DOM) average remained steady in the region with homes selling in about three to four months on average. Camden County saw a days on market (DOM) average of 87 days, and Burlington County experienced a DOM of 96 days. Mercer and Gloucester counties had DOMs of 97 days and 102 days, respectively.
“In January, we saw some positive trends happening in the Mid-Atlantic and Northeast real estate market, including in the Delaware Valley/Lehigh Valley region, with areas seeing rising numbers of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These are some good developments in the world of real estate, and we’re expecting to see a healthy spring market 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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