Burlington County Real Estate Year End Market Report

2008 has finally come to end and for many it was a bumpy ride.  With the volatility in the stock market and changing mortgage landscape, many home buyers and sellers struggled to keep up with the housing market.  Despite what you hear in the media on a national level, locally we have maintained a relatively stable market.

Here are some 2008 market statistics for Burlington County so you can see for yourself:

The median price in Burlington County for the month of December is flat when compared to 2007.  You see seasonal adjustments but for the most part, the median price has hovered in the $230k ballpark.  Yes, these numbers are down compared to the past few years, but many would be glad to see that we've stabilized.  

I believe the same can be said for the amount of homes that have sold.  As you can see from the trend line, home sales have remained flat once you take into account seasonal changes.  I see this as a welcome sign as many areas around the nation are still seeing downward declines.  

Some other stats to consider:
Average Days on Market has remained stable at just over 3 months.  What this means is that for homes that are priced correctly, they sell in about 3 months.  
The amount of homes that are for sale at year end dropped to just over 4,400.  This may seem like a lot, but consider that during the summer, this number was up over 5,400.  So supply has dropped down which points to another positive sign going forward.  

All in all, based on 2008 performance in Burlington County, we can only hope that the toughest times are behind us.  One would hope that we continue to see stable performance with an upswing as time moves on.  If you have questions about buying or selling in today's market, don't hesitate to contact us.  We'd be happy to discuss your situation and how to achieve your goals in our current climate.      

Data deemed reliable but not guaranteed.  Information from Prudential Fox & Roach AgentMetrics from 1/13/09