Southern New Jersey Overlook

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 - Camden County - Residential Home Sales
 
Year-to-Date Residential Home Sales     Under $300's
2007:  5725  84.5% of prior year           4800 (83.8% of total sold)       (629 rentals)
2006:  6773  83.7% of prior year           5473 (80.8% of total sold)       (503 rentals) 
2005:  8095                                           7337 (90.6% of total sold)       (452 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 over 15% from last year (and over 16% 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 approximately the same over last year, which is significantly lower than in 2005.

Surprisingly, YTD median sold prices have increased slightly from $194,500 to $196,000 (average price also continued to increase to $226,600), while the median Days On Market (DOM) increased from 40 to 51, with the average DOM going from 65 to 67.  The percentage of actual price to asking price decreased from 96% to 94.5%.  The market therefore appears to be it's continuing adjustment 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 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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