The Standard and Poor's/Case Shiller national home price index reported that the price of U.S. single-family homes declined 8.9% in the third quarter of 2009 when compared to the third quarter of 2008. This research includes comparisons of western South Jersey third 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 third quarter of 2009 and third quarter of 2008. Now lets determine if there was any percentage change:
• Burlington County - The average sales price of homes, which sold in the third quarter of 2009, was $249,300. The average sales price of homes, which sold in the third quarter of 2008, was $273,200. This was a decline of 8.8% ($-23,900). When compared to the Standard and Poor's/Case Shiller national home price index, Burlington County performed slightly better by 0.1 percentage points.
• Camden County - The average sales price of homes, which were sold in the third quarter of 2009, was $210,200. The average sales price of homes, which were sold in the third quarter of 2008, was $218,700. This was a decline of 3.9% ($-8,500). When compared to the Standard and Poor's/Case Shiller national home price index, Camden County actually performed better by 5 percentage points.
• Gloucester County - The average sales price of homes, which were sold in the third quarter of 2009, was $218,100. The average sales price of homes, which were sold in the third quarter of 2008, was $238,900. This was a decline of 8.7% ($20,800). When compared to the Standard and Poor's/Case Shiller national home price index, Gloucester County performed slightly better by 0.2 percentage points.
• Salem County - The average sales price of homes, which were sold in the third quarter of 2009, was $179,900. The average sales price of homes, which were sold in the third quarter of 2008, was $188,600. This was a decline of 4.6% ($-8,700). When compared to the Standard and Poor's/Case Shiller national home price index, Salem County actually performed better by approximately 4.3 percentage points.
In summary, all four counties - Burlington, Camden, Gloucester, and Salem - had average home sales price declines in the third quarter of 2009 when compared to the third quarter of 2008. However, the home sales price decline was significantly less for two counties in Western South New Jersey, Salem and Camden Counties, when compared to the Standard and Poor's/Case Shiller national home price index. Burlington and Gloucester County were almost identical and were only marginally better in the third quarter of 2009 then 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. Burlington 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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