Here’s the Cherry Hill Real Estate market update for May 2008. Pended units for May were down 48 and Sold units were down 48 compared to May 2007; listed units were down 72 versus 2007. This has led to a current inventory of 633 units. Cherry Hill has been averaging 64 units sold per month which means there is currently 9 months worth of inventory in Cherry Hill. This outpaces the overall Camden County market, which has 11 months worth of inventory. Year to date listed units are down 148 (an 18% decrease), pended units are down 153 (a 49.5% decrease) and sold units are down 148 (a 60.7% decrease). See how this compares to the Camden County Market.
Over the last 3 years the average number of units pended and sold in May was approximately 112 & 101 respectively. This May, there were 65 units pended and 61 sold. The average Days on Market for the year in Cherry Hill is 86. These numbers indicate a market that is adding inventory faster than it can be absorbed. 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? 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.
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