Burlington County Real Estate Market Update
Looks like 2008 is off to a slower start then what we saw in 2007:
As the chart indicates above, the number of homes for sale is up about 9% from last year. A slight increase but not that dramatic in my opinion. The figure that really sticks out however is that the number of homes that went under contract in February. Feb '08 saw 242 homes placed under contract vs. 473 homes in '07. That's almost a 50% drop! Wow!
The median price for Burlington County has also shown a decline from last year of about 5.6% to $218,000. The homes that are selling go in about 3 months (97 days) which is a 22% from 79 days in Feb '07.
Camden County Real Estate Update
The market in Camden County looks very similar to what is happening in Burlington County. At the end of February, there were 4,945 homes for sale. This is almost a 9% increase from this time in 2007. 282 homes went under contract last month which is almost a 50% drop from '07 (554 homes). The homes that are selling are doing so in under 3 months on average, about 83 days. This isn't that much different from last year when it took 77 days for homes to sell.
How about prices? As I've said before, pricing in Camden County has remained rather stable. The median price for Feb '08 was $184,000. This is only slightly off from last year which was $187,000. Prices have dropped since the peak of the market, but as you can see over the past year prices aren't moving as much.
So what does this all mean? If you trying to sell your home right now, you really need to make it stand out from the rest. Pricing & marketing are key right now more then ever before. If you're in the market for a home, you'll probably be able to find the home you want at a very favorable price.
Any questions, please don't hesitate to contact me:
Ravi Shah, REALTOR®
South Jersey Real Estate Blog
Prudential Fox & Roach
O: (856) 222-0077 x153
C: (609) 760-7852
Data based on Prudential Fox & Roach HomeExpert Reports
Information Deemed Reliable but Not Guaranteed
