Here’s your May Burlington County Real Estate market update. For May, listed units were down 247 units compared to May 2007, or a 24.3% decrease. Pended units for May were down 106, or a 24.5% decrease. Sold units were down 68 compared to May 2007, a 15.9% decrease. This has led to a current inventory of 4234 units. Burlington County has been averaging 375 units sold per month which means there is currently 11 months worth of inventory in Burlington County. Year to date listed units are down 11.6%, pended units are down 28.2% and sold units are down 32.9% versus 2007.
Over the last 3 years the average number of units pended and sold in May was approximately 664 & 600 respectively. This May, there were 433 units pended and 427 sold. The average Days on Market for the year is 91. These numbers indicate a market that is adding inventory faster than it can be absorbed, as has been the trend since the start of this year. If you see real estate as a long term investment, now is a great time to buy or “move-up” because the numbers are working in your favor.
What does all this mean? It means that Burlington County is a market to watch closely. In other words, if you are thinking of buying or selling right now it’s important that you seek the advice of a full time professional realtor who can best advise you as to how to take advantage of this market.
The chart below provides you with the 5/2007-5/2008 numbers for listed, pended and sold units.
If you are thinking of selling or buying in the near future, please don't hesitate to contact me directly at 856-222-5829. Or you may always visit me on line for tons of useful tips and ideas at no cost or obligation to you. I look forward to helping you reach your Real Estate goals.
*Market statistics as of 6/19/2008.
Comments(0)