The Long & Foster Market Minute

Focus On: Gloucester County Housing Market July 2018

Units Sold
30
Active Inventory
158
Median Sale Price
$270,300
Days On Market
167
Down -29%
Vs. Year Ago
Down -13%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 30 sold this month in Gloucester County Real Estate versus 33 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 29% versus July 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 23 units or 13%. The total number of active inventory this July was 158 compared to 181 in July 2017. This month's total of 158 is lower than the previous month's total supply of available inventory of 161, a decrease of 2%.

Median Sale Price
Last July, the median sale price for Gloucester County Homes was $244,200. This July, the median sale price was $270,300, an increase of 11% or $26,100 compared to last year. The current median sold price is 3% higher 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
41
Current Contracts
28
Sold Vs. List Price
99.4%
Months of Supply
5.3
Up 14%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 1.6%
Vs. Year Ago
Up 22%
Vs. Year Ago

Months of Supply
In July, there was 5.3 months of supply available in Gloucester County, compared to 4.3 in July 2017. That is an increase of 22% 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 41 homes newly listed for sale in Gloucester County compared to 36 in July 2017, an increase of 14%. There were 28 current contracts pending sale this July compared to 34 a year ago. The number of current contracts is 18% lower than last July.

Sale Price to List Price Ratio
In July, the average sale price in Gloucester County was 99.4% of the average list price, which is 1.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 167, higher than the average last year, which was 74. This increase was impacted by the limited number of sales.

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.