The number of homes sold increased in many parts of 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. 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 May data, the number of units sold increased in many parts of the Delaware Valley/Lehigh Valley region compared to May 2014. Gloucester County saw a jump of 25 percent, followed by Burlington County with a 22 percent increase. In Camden County, the number of homes sold increased by 16 percent, while Mercer County saw a 1 percent decrease.

Median sale prices increased in much of the region last month, with Burlington County experiencing a 15 percent increase. Camden County saw an increase in median sale price with a 6 percent boost, followed by Gloucester County with a 1 percent increase. Mercer County experienced no change in median sale price compared to last year.

Active inventory levels remained low in the Delaware Valley/Lehigh Valley region in May compared to year-ago levels. Burlington and Camden counties each saw a 10 percent decrease in inventory, followed by Gloucester County with an 8 percent decrease. There was no change in active inventory in Mercer County.

The days on market (DOM) average remained steady in the region with homes selling in about three months on average. Camden County saw a days on market (DOM) average of 79 days, and Mercer County experienced a DOM of 83 days. Burlington County experienced a DOM of 87 days and Gloucester County saw a DOM of 97 days.

“Across the Mid-Atlantic and Northeast, real estate did well during the month of May including in the Delaware Valley/Lehigh Valley region where we saw improvements in median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The markets this year have been much healthier overall and we saw higher than predicted retail sales, a year-over-year boost in customer confidence, and a slight uptick in new jobs. We’re confident these positive trends will continue through 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 users can subscribe to free updates for the reports in which they’re interested.