Burlington County Real Estate Market Update - 2Q 08
Supply and Demand
If you read through my Camden County update, then the chart below should look very familiar. Burlington County had been fairing pretty well until the summer hit. As you can see, the number of homes for sale jumped way up and has been hovering just over 5,500. This is the highest it has been in two years. The number of homes selling continues to be at 500 or less on a given month. Looking at percentages, only 6% - 9% of homes are selling and the ones that do sell, generally do so in about three months.
Price
As I've said before, when supply is up and demand is down, down goes prices as well. Below is the median price over the past two years and I believe the trend line says it all. While you typically see seasonal adjustments over the summer, this summer is down compared to the past two summers about 4%.
Bottom line - if you're trying to sell your home right now - you need to be in the top 10% of over 5,500 other homes. There is much to choose from for Buyers out there and they know it. Homes must show well, be available to be shown and must be priced accordingly!
Ravi Shah, REALTOR®
South Jersey Real Estate Blog
Prudential Fox & Roach
O: (856) 222-0077 x153
C: (609) 760-7852
Information based on Prudential Fox & Roach AgentMetrics reports on 7/22/08
Information deemed reliable but not guaranteed
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