SEES INCREASE IN SALES, TIGHTENING INVENTORY IN DECEMBER
CHANTILLY, Va., Jan. 20, 2012-The residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to December of last year, according to The Long & Foster Market Minute® reports. In December, sales increased in some areas of the region and active inventory tightened in the New Jersey counties surrounding Philadelphia.
According to December data, sales increased in some areas of the region, with year-over-year increases in Camden and Gloucester counties of 9 percent and 21 percent, respectively.
In December, active inventory in the Delaware Valley/Lehigh Valley region continued to tighten compared to year-ago levels. Gloucester County saw the largest decrease in inventory with a 13 percent decrease. Camden and Mercer counties, according to data, each decreased by 10 percent. Burlington County inventory decreased by 11 percent year-over-year.
December data shows that all of the Delaware Valley/Lehigh Valley region experienced decreases in median sale price compared to the same month last year. Sellers in December received approximately between 93 percent to 95 percent of their asking price, on average, an indicator of movement toward a more balanced market between buyers and sellers.
Across the region, homes are selling in approximately four to five months, on average.MercerCountyhad the fewest days on market (DOM) with an average of 119 days.
“As we start to see glimpses of improvement across the Delaware Valley/Lehigh Valley region, it’s important for consumers to have as much information as possible to make well-informed decisions pertaining to their homeownership goals,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“The positive trends that we are seeing here in the Delaware Valley/Lehigh Valley region such as increases in the number of homes sold in some areas and quickly-selling homes, could signal to consumers who may have been on the fence that now is an ideal time buy or sell real estate. Historically-low interest rates and reasonably-priced homes are creating real estate options for consumers that we have not seen for generations,” he added.