The Long & Foster Market Minute

Focus On: Gloucester County Housing Market February 2019

Units Sold
29
Active Inventory
179
Median Sale Price
$228,000
Days On Market
77
Up 7%
Vs. Year Ago
Down -21%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -25%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 29 sold this month in Gloucester County Real Estate versus 24 last month, an increase of 21%. This month's total units sold was higher than at this time last year, an increase of 7% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 49 units or 21%. The total number of active inventory this February was 179 compared to 228 in February 2018. This month's total of 179 is higher than the previous month's total supply of available inventory of 174, an increase of 3%.

Median Sale Price
Last February, the median sale price for Gloucester County Homes was $219,900. This February, the median sale price was $228,000, an increase of 4% or $8,100 compared to last year. The current median sold price is 9% 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
59
Current Contracts
46
Sold Vs. List Price
100.4%
Months of Supply
6.2
Down -13%
Vs. Year Ago
Up 5%
Vs. Year Ago
Up 3.8%
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In February, there was 6.2 months of supply available in Gloucester County, compared to 8.4 in February 2018. That is a decrease of 27% 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 59 homes newly listed for sale in Gloucester County compared to 68 in February 2018, a decrease of 13%. There were 46 current contracts pending sale this February compared to 44 a year ago. The number of current contracts is 5% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Gloucester County was 100.4% of the average list price, which is 3.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 77, lower than the average last year, which was 102, a decrease of 25%.

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 REIN 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 REIN or Long & Foster Real Estate, Inc.