The Standard and Poor's/Case Shiller national home price index reported that the price of U.S. single-family homes declined 19.1% in the first quarter of 2009 when compared to the fourth quarter of 2008. This research includes comparisons of western South Jersey first quarter real estate average home price numbers of 2009 versus the Standard and Poor's/Case Shiller national home price index. The Trend Multiple Listing Service's Economic and Marketwatch Report provided the housing market statistics of the four counties representing western South Jersey, specifically the first quarter of 2009 and first quarter of 2008. Now lets determine if there was any percentage change:
• Burlington County - The average sales price of homes, which sold in the first quarter of 2009, was $234,900. The average sales price of homes, which sold in the first quarter of 2008, was $255,200. This was a decline of 7.95% ($-20,300). When compared to the Standard and Poor's/Case Shiller national home price index, Burlington County actually performed better by 11.15 percentage points.
• Camden County - The average sales price of homes, which were sold in the first quarter of 2009, was $188,300. The average sales price of homes, which were sold in the first quarter of 2008, was $200,700. This was a decline of 6.2% ($-12,400). When compared to the Standard and Poor's/Case Shiller national home price index, Camden County actually performed better by 12.9 percentage points.
• Gloucester County - The average sales price of homes, which were sold in the first quarter of 2009, was $211,000. The average sales price of homes, which were sold in the first quarter of 2008, was $226,300. This was a decline of 6.8% ($-15,300). When compared to the Standard and Poor's/Case Shiller national home price index, Gloucester County actually performed better by 12.3 percentage points.
• Salem County - The average sales price of homes, which were sold in the first quarter of 2009, was $157,200. The average sales price of homes, which were sold in the first quarter of 2008, was $199,000. This was a decline of 21% ($-41,800). When compared to the Standard and Poor's/Case Shiller national home price index, Salem County actually performed worse by 1.9 percentage points.
In summary, all four counties - Burlington, Camden, Gloucester, and Salem - had average home sales price declines in the first quarter of 2009 when compared to the first quarter of 2008. However, the home sales price decline was significantly less for three counties, Burlington, Camden and Gloucester counties, when compared to the Standard and Poor's/Case Shiller national home price index. Salem County was the only county that performed worse than the Standard and Poor’s/Case Shiller national home price index. Camden County had the lowest percentage decline in the four county comparison when measured against the Standard and Poor's/Case Shiller national home price index. Salem County had the highest percentage decline in the four county comparison when measured against the Standard and Poor's/Case Shiller national home price index. The following stats reveal that real estate is ALWAYS LOCAL.
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