Residential Market Report: Gloucester County - YTD September 2007 (edit/delete)
Note: This market report is based on information from TReND for the period 1/1 through 12/15 for 2007 and 2006. (All calculations are approximate and rounded up.)
Market Report - Gloucester County - Residential Home Sales
Year-to-Date Residential Home Sales Under $300's
2007: 3148 80.7% of prior year 2445 (77.7% of total sold) (307 rentals)
2006: 3606 92.5% of prior year 2839 (78.7% of total sold) (253 rentals)
2005: 3900 3221 (82.6% of total sold) (210 rentals)
From the data we see that the statistics support anecdotal reports of continued slowing of sales compared to last year, while homes available for sale have increased in proportion to homes sold. The percentage drop of over 11% from last year (and 5% from 2005 to last year) for homes currently sold to date tends to be higher in the areas that have more homes in the higher price ranges.
The proportion of Homes under $300K remained almost the same over last year, which is lower than in 2005.
Median sold prices in the county have increased from $218,000 to $225,000 (the average sold price has gradually decreased from a high of $250,900 during the 2nd quarter '07 to $242,900), while pending median home prices are now $220,000. The median Days On Market (DOM) increased to 57 (from 44 the prior year), with the average DOM going from 63 to 71. The percentage of actual price to asking price decreased from 96% to 94%. The market therefore appears to be continuing it's adjusting to more historical sales cycle norms.
Personal experience provides observation of homes that are properly priced and staged for showing still selling, though taking longer than during the recent sellers market.
A continuing and interesting trend is the gradual increase of residential rentals over prior years. 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 more investors "coming on line" with their rental property investments, or some combination of both.
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