The Standard and Poor's/Case Shiller national home price index reported that the price of U.S. single-family homes declined 3.2% in the first quarter of 2010 when compared to the first quarter of 2009. This research includes comparisons of western South Jersey first quarter real estate average home price numbers of 2010 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 2010 and first quarter of 2009. Now lets determine if there was any percentage change:
• Burlington County - The average sales price of homes, which sold in the first quarter of 2010, was $243,800. The average sales price of homes, which sold in the first quarter of 2009, was $234,900. This was an increase of 3.7% ($+8,900). When compared to the Standard and Poor's/Case Shiller national home price index, Burlington County performed better by 6.9 percentage points.
• Camden County - The average sales price of homes, which were sold in the first quarter of 2010, was $190,400. The average sales price of homes, which were sold in the first quarter of 2009, was $188,300. This was an increase of 1.1% ($+2,100). When compared to the Standard and Poor's/Case Shiller national home price index, Camden County actually performed better by 4.3 percentage points.
• Gloucester County - The average sales price of homes, which were sold in the first quarter of 2010, was $205,100. The average sales price of homes, which were sold in the first quarter of 2009, was $211,000. This was a decline of 2.8% ($-5,900). When compared to the Standard and Poor's/Case Shiller national home price index, Gloucester County performed slightly better by 0.4 percentage points.
• Salem County - The average sales price of homes, which were sold in the first quarter of 2010, was $155,500. The average sales price of homes, which were sold in the first quarter of 2009, was $157,200. This was a decline of 1.1% ($-1,700). When compared to the Standard and Poor's/Case Shiller national home price index, Salem County performed better by 4.3 percentage points.
In summary, two counties - Gloucester, and Salem - had average home sales price declines in the first quarter of 2010 when compared to the first quarter of 2009. However, two counties in Western South New Jersey – Burlington and Camden counties – had average sales price increases in the first quarter of 2010 when compared to the first quarter of 2009. All four counties performed better when compared to the Standard and Poor's/Case Shiller national home price index. When comparing the four counties against one another, Burlington County had the highest percentage increase in average price in the first quarter of 2010 compared to the first quarter of 2009. Gloucester County performed the worst with a 2.8% decline in average price compared to the first quarter of 2010 compared to the first quarter of 2009. The following stats reveal that real estate is ALWAYS LOCAL.
Comments(0)