The number of homes sold in the Delaware Valley/Lehigh Valley region of New Jersey increased in February 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 February data, the number of units sold increased in the Delaware Valley/Lehigh Valley region compared to February 2014. Gloucester County experienced a 19 percent jump, followed by Camden County with a 16 percent increase. Mercer County saw the number of homes sold increase by 10 percent, while Burlington County experienced a 7 percent rise.
Median sale prices varied in the region last month, with Mercer County experiencing a 21 percent increase. Median sale price increased by 4 percent in Burlington County and decreased by 3 percent in Camden County. Gloucester County experienced a 5 percent decrease.
Active inventory levels remained low in the Delaware Valley/Lehigh Valley region in February compared to year-ago levels. Gloucester County saw an 8 percent decrease, while Camden County experienced a 7 percent decline followed by Burlington County with a 6 percent drop. Active inventory decreased by 2 percent 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 89 days, and Mercer County experienced a DOM of 97 days. Burlington and Gloucester counties had DOMs of 104 days and 116 days, respectively.
“During the month of February, we saw some improvements being made 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 improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this spring.”
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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