The Standard and Poor's/Case Shiller national home price index reported that the price of U.S. single-family homes declined 2.5% in the fourth quarter of 2009 when compared to the fourth quarter of 2008. This was a significant improvement when compared to the previous three quarters of 2009. This research includes comparisons of western South Jersey fourth quarter real estate average home price numbers of 2009 versus the Standard and Poor's/Case Shiller national home price index. The Trend Multiple Listing Service's Economic and Marketwatch Report provided the housing market statistics of the four counties representing western South Jersey, specifically the fourth quarter of 2009 and fourth quarter of 2008. Now lets determine if there was any percentage change:
• Burlington County - The average sales price of homes, which sold in the fourth quarter of 2009, was $241,700. The average sales price of homes, which sold in the fourth quarter of 2008, was $250,700. This was a decline of 3.6% ($-9,000). When compared to the Standard and Poor's/Case Shiller national home price index, Burlington County performed worse by 1.1 percentage points.
• Camden County - The average sales price of homes, which were sold in the fourth quarter of 2009, was $191,600. The average sales price of homes, which were sold in the fourth quarter of 2008, was $199,100. This was a decline of 3.8% ($-7,500). When compared to the Standard and Poor's/Case Shiller national home price index, Camden County performed worse by 1.3 percentage points.
• Gloucester County - The average sales price of homes, which were sold in the fourth quarter of 2009, was $206,700. The average sales price of homes, which were sold in the fourth quarter of 2008, was $234,100. This was a decline of 11.7% ($27,400). When compared to the Standard and Poor's/Case Shiller national home price index, Gloucester County performed worse by 9.2 percentage points.
• Salem County - The average sales price of homes, which were sold in the fourth quarter of 2009, was $150,600. The average sales price of homes, which were sold in the fourth quarter of 2008, was $177,700. This was a decline of 15.3% ($-27,100). When compared to the Standard and Poor's/Case Shiller national home price index, Salem County actually performed worse by 15.3 percentage points.
In summary, all four counties - Burlington, Camden, Gloucester, and Salem - had average home sales price declines in the fourth quarter of 2009 when compared to the fourth quarter of 2008. In addition, the home sales price decline was more significant in all four counties when compared to the Standard and Poor's/Case Shiller national home price index. Since May of 2008, when I first analying the data between the Standard and Poor’s/Case Shiller national home price index and Western South New Jersey, never have all four counties performed worse than the index, all in the same quarter. Burlington County had the lowest percentage decline (only 0.2 percentage points better than Camden County) in the four county comparison when measured against the Standard and Poor's/Case Shiller national home price index. Salem County had the highest percentage decline in the four county comparison when measured against the Standard and Poor's/Case Shiller national home price index. The following stats reveal that real estate is ALWAYS LOCAL.
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