Here’s the Cherry Hill Real Estate market update for July 2008. Pended units for July were down 6 and Sold units were down 6 compared to July 2007; listed units were up 6 versus 2007. This has led to a current inventory of 620 units. Cherry Hill has been averaging 57 units sold per month which means there is currently 10 months worth of inventory in Cherry Hill. This outperforms the overall Camden County market, which has 12 months worth of inventory. Year to date listed units are down 186 (a 16.3% decrease), pended units are down 171 (a 38.4% decrease) and sold units are down 180 (a 44.7% decrease). See how this compares to the Camden County Market.
Over the last 3 years the average number of units pended and sold in July was approximately 93 & 102 respectively. This July, there were 74 units pended and 74 sold. The average Days on Market for the year in Cherry Hill is 79. 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 7/2007-7/2008 numbers for listed, pended and sold units.
Below is a chart that shows the average list price and average sold price for Cherry Hill from 7/2007-7/2008. The average sold price is down 1.2% from July 2007 ($277,235) to July 2008 ($274,001).
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 8/16/2008.
Comments(0)