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 - Burlington County - Residential Home Sales
 
Year-to-Date Residential Home Sales     Under $300's
2007:  5187  83.2% of prior year           3586 (66.1% of total sold)       (718 rentals)
2006:  6236  85.2% of prior year           4228 (67.8% of total sold)       (614 rentals) 
2005:  7317                                            5177 (70.8% of total sold)       (494 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 16% from last year (and over 14% 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 lower than in 2005.

YTD Median sold prices have slightly decreased from $245,000 to $242,900 (the average sold price has decreased from a high of $291,000 during the summer to $287,000), while pending median home prices are $239,000.  The median Days On Market (DOM) increased from 44 to 58, with the average DOM going from 70 to 74.  The percentage of actual price to asking price slightly decreased from 96.2% to 94.5%.  The market therefore appears to be continuing it's adjustment to more historical sales cycle norms. 

Personal experience provides observation of homes that are properly priced and staged for showing are 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.
 
 
Click here for previous market related articles providing local and national market statistics and resources.

 
 
 
Visit my web site for real estate services and support: LawrenceYerkes.com
  
and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).   
 
Copyright 2007 by Lawrence Yerkes. All Rights Reserved.