The number of homes sold increased in much of the Delaware Valley/Lehigh Valley region of New Jersey in July 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
According to July data, the number of units sold increased in much of the Delaware Valley/Lehigh Valley region compared to July 2014. Camden County saw a jump of 18 percent, followed by Burlington County with an 11 percent increase. In Mercer County, the number of homes sold increased by 6 percent, while Gloucester County saw a 1 percent decrease.
Median sale prices varied throughout the Delaware Valley/Lehigh Valley region, with increases of 5 percent and 3 percent reported in Burlington and Camden counties, respectively. In Mercer County, the median sale price decreased by 7 percent, and in Gloucester county it dropped by 10 percent.
Active inventory levels were low in the region in July compared to year-ago levels, with Camden County seeing an 11 percent decrease and both Burlington and Gloucester counties experiencing 10 percent drops. In Mercer County, active inventory decreased by 9 percent.
The days on market (DOM) average remained steady in the region with homes selling in about two and a half months or less on average. Mercer County saw a days on market (DOM) average of 57 days, and Gloucester County experienced a DOM of 68 days. Camden County experienced a DOM of 69 days and Burlington County saw a DOM of 71 days.
“The United States’ economy has been having a good summer, and the positivity we’ve been seeing in previous months continued in July. The real estate industry also reflected these trends, which was evident in the increase in the number of houses sold in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We feel confident that we’ll continue to see improvements in the market, and look forward to what the end of summer and start of fall will bring.”
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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