In January 2024, the real estate market in Gloucester Township, NJ, exhibited notable shifts compared to the same period in 2023.
**Active Listings and Days on Market:**
- The number of active listings remained constant at 130 properties.
- The average days on market (CDOM) was 35, indicating a relatively steady pace in property turnover.
**Average List Price Comparison:**
- The average list price experienced a substantial increase from $300,735 in January 2023 to $340,747 in January 2024, suggesting a significant uptick in property values.
**Current Price and Average Months of Inventory:**
- The current average price rose to $340,747, signaling a positive trend in property valuation.
- Months of inventory decreased from 5 to 3, indicating a heightened demand and a more competitive market. However it should be noted that there is much less inventory presently
**Original Price and Sale Price to List Price Ratio:**
The sale price to list price ratio rose to 101.40%, indicating that, on average, properties sold for more than their listed price.
**Sales and New Listings:**
- Sales activity saw an increase from 38 transactions in January 2023 to 46 in January 2024, indicating heightened buyer interest.
- The number of new listings decreased from 68 to 56, suggesting a potential tightening of the market and increased competition among sellers.
In summary, Gloucester Township's real estate market in January 2024 experienced positive trends, including increased property values, reduced inventory, and heightened buyer-seller engagement. These indicators point towards a competitive and dynamic market environment.
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