Here’s your October Burlington County Real Estate market update. For October, listed units were down 302 units compared to October 2007, or a 43% decrease. Pended units for October were down 102, a 46% decrease. Sold units were down 44 compared to October 2007, a 13% decrease. This has led to a current inventory of 3978 units. Burlington County has been averaging 366 units sold per month which means there is currently 10 months worth of inventory in Burlington County. Year to date listed units are down 17%, pended units are down 27% and sold units are down 28% versus 2007.
Over the last 3 years the average number of units pended and sold in October was approximately 483 & 475 respectively. This October, there were 274 units pended and 343 sold. The average Days on Market for the year is 89.
What does all this mean? It means that Burlington County is a market to watch closely. In other words, if you are thinking of buying or selling right now it’s important that you seek the advice of a full time professional realtor who can best advise you as to how to take advantage of this market. If you see real estate as a long term investment, now is a great time to buy or “move-up” because the numbers are working in your favor.
The chart below provides you with the 10/2007-10/2008 numbers for listed, pended and sold units.
I’ve included a chart that shows the average list price and average sold price for Burlington County from 10/2007-10/2008. The average sold price is up 3% from October 2007 ($259,561) to October 2008 ($267,555).
If you are thinking of selling or buying in the near future, please don't hesitate to contact me directly at 856-222-5829. Or you may always visit me on line for tons of useful tips and ideas at no cost or obligation to you. I look forward to helping you reach your Real Estate goals.
*Market statistics as of 11/17/2008.