The Long & Foster Market Minute

Focus On: Gloucester County Housing Market November 2017

Units Sold
29
Active Inventory
158
Median Sale Price
$264,900
Days On Market
79
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 26%
Vs. Year Ago
Down -33%
Vs. Year Ago
Up 23%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
There was an increase in total units sold in November, with 29 sold this month in Gloucester County Real Estate versus 26 last month, an increase of 12%. This month's total units sold was higher than at this time last year, an increase of 26% versus November 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 79 units or 33%. The total number of active inventory this November was 158 compared to 237 in November 2016. This month's total of 158 is lower than the previous month's total supply of available inventory of 165, a decrease of 4%.

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Median Sale Price
Last November, the median sale price for Gloucester County Homes was $215,000. This November, the median sale price was $264,900, an increase of 23% or $49,900 compared to last year. The current median sold price is 12% higher than in October.

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

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New Listings
37
Current Contracts
23
Sold Vs. List Price
98.2%
Months of Supply
5.4
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -3%
Vs. Year Ago
No Change
Vs. Year Ago
Up 3.7%
Vs. Year Ago
Down -47%
Vs. Year Ago

Months of Supply
In November, there was 5.4 months of supply available in Gloucester County, compared to 10.3 in November 2016. That is a decrease of 47% 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.

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New Listings & Current Contracts
This month there were 37 homes newly listed for sale in Gloucester County compared to 38 in November 2016, a decrease of 3%. There were 23 current contracts pending sale this November, consistent with the volume a year ago. The number of current contracts is 32% lower than last month.

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Sale Price to List Price Ratio
In November, the average sale price in Gloucester County was 98.2% of the average list price, which is 3.5% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 79, lower than the average last year, which was 176. This decrease was impacted by the limited number of sales.

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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 CBRAR 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 CBRAR or Long & Foster Real Estate, Inc.