Note: This market report is based on information from TReND for the period 1/1 through 10/22 for 2006 and 2005. (All calculations are approximate and rounded up.)
Market Report - Burlington County - Residential Home Sales
Year-to-Date Residential Home Sales Under $300's
2006: 4346 83.5% of prior year 2693 (62% of total sold) (511 rentals)
2005: 5205 3449 (66% of total sold) (409 rentals)
Market Report - Camden County - Residential Home Sales
Year-to-Date Residential Home Sales Under $300's
2006: 4934 84% of prior year 4061 (82% of total sold) (414 rentals)
2005: 5864 4947 (84% of total sold) (387 rentals)
Market Report - Gloucester County - Residential Home Sales
Year-to-Date Residential Home Sales Under $300's
2006: 2679 89.5% of prior year 2039 (76% of total sold) (211 rentals)
2005: 2993 2411 (81% of total sold) (171 rentals)
From the data we see that the statistics support anecdotal reports of slowing of sales compared to last year, while homes available for sale have increased in proportion to homes sold. The percentage drop of 10 to 17% from last year for homes currently sold to date tends to be higher in the areas that have more homes in the higher price ranges.
Homes under $300K represent a slightly lower percentage of the total sales for this year over last. Either it's a result of prices climbing over last year and/or proportionally more higher priced homes becoming available for sale.
While 2006 has slowed over 2005 (the highest sales year in history), it is still the 3rd highest year for overall sales in history according to NAR market reports.
An interesting trend is the increase of residential rentals over last year. More analysis needs to be conducted to see if this increase is a result of people renting their homes instead of selling while they wait for the market to swing back, or perhaps its because of the many investors who purchased homes last year now "coming on line" with their rental property investments, or some combination of both.
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