Residential Market Report: Gloucester County - YTD September 2007

Note: This market report is based on information from TReND for the period 1/1 through 9/13 for 2007 and 2006.  (All calculations are approximate and rounded up.)

Market Report - Gloucester County - Residential Home Sales
 
Year-to-Date Residential Home Sales     Under $300's
2007:  2366  88.5% of prior year           1825 (77% of total sold)        (216 rentals)
2006:  2674  94.0% of prior year           2093 (78% of total sold)        (190 rentals) 
2005:  2846                                            2348 (83% of total sold)       (153 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 11% from last year (and 5% 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 almost the same over last year, which is lower than in 2005.
Surprisingly, median sold prices have increased from $215,000 to $225,000 (the average sold price has continued to increase to $249,800), while pending median home prices are $229,900.  The median Days On Market (DOM) increased from 41 to 56, with the average DOM going from 72 to 79.  The percentage of actual price to asking price decreased from 97% to 95%.  The market therefore appears to be adjusting to more historical sales cycle norms. 

Personal experience provides observation of homes that are properly priced and staged for showing still selling well, though taking longer than during the recent sellers market. 
  
An 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.
 
 
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