Residential Market Report: Camden County - YTD September 2007

Note: This market report is based on information from TReND for the period 1/1 through 9/13 for 2007 and 2006.  (All calculations are approximate and rounded up.)

Market Report - Camden County - Residential Home Sales
 
Year-to-Date Residential Home Sales     Under $300's
2007:  4386  89.9% of prior year           3623 (83% of total sold)       (456 rentals)
2006:  4879  85.9% of prior year           4060 (83% of total sold)       (360 rentals) 
2005:  5678                                           4847 (85% of total sold)       (334 rentals)
 
From the data we see that the statistics support anecdotal reports of slowing of sales compared to last year, while homes available for sale have increased in proportion to homes sold.    The percentage drop of over 10% from last year (and over 14% from 2005 to last year) for homes currently sold to date tends to be higher in the areas that have more homes in the higher price ranges.  

The proportion of Homes under $300K remained approximately the same over last year, which is lower than in 2005.

Surprisingly, median sold prices have increased from $195,000 to $198,000 (average price also continued to increase to $223,900), while the median Days On Market (DOM) increased from 37 to 51, with the average DOM going from 69 to 75.  The percentage of actual price to asking price decreased from 96.3% to 94.8%.  The market therefore appears to be adjusting to more historical sales cycle norms. 

Personal experience provides observation of homes that are properly priced and staged for showing still selling well, though taking longer than during the recent sellers market. 
  
An interesting trend is the increase of residential rentals over prior years.  More analysis needs to be conducted to see if this increase is a result of people renting their homes instead of selling while they wait for the market to swing back, or perhaps more investors "coming on line" with their rental property investments, or some combination of both.
 
 
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