The Long & Foster Market Minute

Focus On: Gloucester County Housing Market July 2018

Units Sold
444
Active Inventory
1,823
Median Sale Price
$184,250
Days On Market
68
Up 9%
Vs. Year Ago
Down -16%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 1%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 444 sold this month in Gloucester County Real Estate versus 542 last month, a decrease of 18%. This month's total units sold was higher than at this time last year, an increase of 9% versus July 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 358 units or 16%. The total number of active inventory this July was 1,823 compared to 2,181 in July 2017. This month's total of 1,823 is lower than the previous month's total supply of available inventory of 1,857, a decrease of 2%.

Median Sale Price
Last July, the median sale price for Gloucester County Homes was $198,000. This July, the median sale price was $184,250, a decrease of 7% or $13,750 compared to last year. The current median sold price is 3% lower than in June.

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


New Listings
621
Current Contracts
424
Sold Vs. List Price
98.1%
Months of Supply
4.1
Up 7%
Vs. Year Ago
Up 15%
Vs. Year Ago
No Change
Vs. Year Ago
Down -23%
Vs. Year Ago

Months of Supply
In July, there was 4.1 months of supply available in Gloucester County, compared to 5.4 in July 2017. That is a decrease of 24% 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 621 homes newly listed for sale in Gloucester County compared to 579 in July 2017, an increase of 7%. There were 424 current contracts pending sale this July compared to 369 a year ago. The number of current contracts is 15% higher than last July.

Sale Price to List Price Ratio
In July, the average sale price in Gloucester County was 98.1% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 68, higher than the average last year, which was 67, an increase of 1%.

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 TReND 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 TReND or Long & Foster Real Estate, Inc.