Delran Real Estate Market Update: Q1 2008
How is the real estate market here in Delran? Well, after a relatively stable 2007, it looks like 2008 is off to a rocky start.
Median Price (Single Family Homes)
For most of 2007, the median price of homes sold in Delran was relatively flat. In fact we even saw a short upward trend around late summer of last year. As you can see from the chart, the first quarter of 2008 looks like the market took a cliff dive. What is interesting to see though is that the median price of homes for sale continues to increase. I would have thought by now we would have seen asking prices level off, but looks like that is not the case.
Supply & Demand (Single Family Homes)
Looking at the supply and demand of homes in Delran will give you a little more insight into the price trends as well. Generally, prices drop when supply is greater then demand. Well, supply is much greater then demand right now! By the end of March 2008, there were 109 homes for sale which appears to be the highest it's been in 2 years. On the flip side, the demand is at an all time low as only 6 homes have sold the past two months (3 in Mar, 3 in Feb). That's right - only 3 homes in each of the past two months. In addition, only 8 homes went under contract in March. How long is it taking for these homes to sell? On average 3.5 to 4 months.
It's a Buyers Market
If you're trying to sell your home right now in Delran - it's going to come down to price and marketing. With over a hundred homes for sale and only a handful selling each month, you really need to set yourself apart from the competition. You need to price your home aggressively and make sure it gets the widest marketing exposure you can get it. It's a buyers market out there - and potential buyers know it.
If you have any questions about the current real estate market...please don't hesitate to call or email
Ravi Shah, REALTOR®
South Jersey Real Estate Blog / Delran Real Estate
Prudential Fox & Roach
O: (856) 222-0077 x153
C: (609) 760-7852
Information based on Prudential Fox & Roach AgentMetrics reports
Information deemed reliable but not guaranteed
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