The Long & Foster Market Minute

Focus On: Gloucester County Housing Market February 2020

Units Sold
279
Active Inventory
870
Median Sale Price
$196,350
Days On Market
65
Down -9%
Vs. Year Ago
Down -46%
Vs. Year Ago
Up 18%
Vs. Year Ago
Down -16%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 279 sold this month in Gloucester County Real Estate versus 282 last month, a decrease of 1%. This month's total units sold was lower than at this time last year, a decrease of 9% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 748 units or 46%. The total number of active inventory this February was 870 compared to 1,618 in February 2019. This month's total of 870 is lower than the previous month's total supply of available inventory of 1,014, a decrease of 14%.

Median Sale Price
Last February, the median sale price for Gloucester County Homes was $166,000. This February, the median sale price was $196,350, an increase of 18% or $30,350 compared to last year. The current median sold price is 4% higher than in January.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
481
Current Contracts
460
Sold Vs. List Price
98.4%
Months of Supply
3.1
Down -1%
Vs. Year Ago
Up 27%
Vs. Year Ago
Up 1.2%
Vs. Year Ago
Down -41%
Vs. Year Ago

Months of Supply
In February, there was 3.1 months of supply available in Gloucester County, compared to 5.3 in February 2019. That is a decrease of 41% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 481 homes newly listed for sale in Gloucester County compared to 485 in February 2019, a decrease of 1%. There were 460 current contracts pending sale this February compared to 361 a year ago. The number of current contracts is 27% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Gloucester County was 98.4% of the average list price, which is 1.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 65, lower than the average last year, which was 77, a decrease of 16%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.