The number of homes sold increased in the Delaware Valley/Lehigh Valley region of New Jersey in June 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 June data, the number of units sold increased throughout the Delaware Valley/Lehigh Valley region compared to June 2014. Burlington County saw a jump of 18 percent, followed by Camden County with a 17 percent increase. In Gloucester County, the number of homes sold increased by 15 percent, while Mercer County saw a 14 percent increase.
Active inventory levels were low in the region in June compared to year-ago levels, with Camden County seeing a 10 percent decrease and both Burlington and Gloucester counties experiencing 8 percent drops. In Mercer County, active inventory decreased by 5 percent.
Though Mercer County saw a 9 percent increase in median sale price over last year, other areas experienced decreases of 1 percent to 8 percent.
The days on market (DOM) average remained steady in the region with homes selling in about two and a half months on average. Camden County saw a days on market (DOM) average of 72 days, and Burlington County experienced a DOM of 76 days. Mercer County experienced a DOM of 78 days and Gloucester County saw a DOM of 79 days.
“The United States’ economy has been doing well this year, and as of June, consumer confidence has remained up 16 percent over last year. This positivity has shown in the real estate market, including in the Delaware Valley/Lehigh Valley region, where we saw an increase in the number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many industry experts are predicting rising interest rates in the fall, and I’m optimistic that the second half of 2015 will bring more improvements.”
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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