The real estate market inventory firgures for each county within South Jersey are provided by Trend MLS as of this morning.  The inventory accumulation figures are based of the previous 12 month’s average sales divided into the current number of active listings.  The data provided is for residential listings only, and does not include commercial or multi-family sales data.  Data provided for Burlington County, Gloucester County, Camden County, Mercer County, and Salem County

Burlington County

Number of Listings:  4,183

Average number of sales per month:  380

Housing Inventory Accumulation:  11 months

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Lumberton Luxury Home for Sale -  1 Brynnes Court, Lumberton 08048

4 Bedrooms
3.5 Bathrooms
3 Car Garage
Full Finished Basement
2.7 Acres
New:  Gorgeous Paver Patio and Driveway
New: 1300 sq. ft. fiberglass deck
Over 3600 sq. ft home
Additional Details

Asking:  $759,000

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The community of Laurel Creek in Mount Laurel, NJ is conveniently located just off of Rt. 38.  and provides easy access to Routes 295, 38, 206, 541 and the Jersey Turnpike.  Laurel Creek offers a wide variety of options for housing for those looking for condominiums or townhouses. 

Laurel Creek Condos for Sale

The Laurel Creek condominiums current active listings range in asking price from $175,000 for a 2 bedroom 2 bath condo up to $239,900 for a fully updated and upgraded 2 bedroom 2 and a half bath unit. Among those available you can also find units with a sunroom or a loft and also a choice between one or two stories.  Association fee is around $150.00 per month which includes exterior building maintenance, common area maintenance, lawn care, and snow removal.  Taxes range between $2,800 and $4,000 per year.

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The real estate activity in Westampton, NJ was much slower for March 2008 compared to March 2007.  There were 16 new listings in 2008 compared to 25 in 2007, which does help slow the pace of inventory accumulation since sales dramatically dropped.  The number of homes sold in 2007 was 13 for the month of March and in 2008 there were only 4 sales.  The number of homes going under contract also slowed with 8 properties contracted in 2008 compared to 16 properties which went under contract in 2007.

The median sales price for the properties sold in Westampton for the first quarter of the year was $282,500 based off of 11 properties sold year to date.  Sellers obtained, on average, 94% of their asking price.  The total number of properties listed Jan - March in 2008 was 57 compared to 81 in 2007 and 12 properties sold in 2008 compared to 25 properties sold in 2007.  Properties going under contract saw a decline as well in the year over year comparison: 35 contracted in 2007 vs. 15 contracted in 2008. 

The following information on the housing inventory in Burlington County will go over the current number of homes on the market, including the inventory accumulation figures, and then a breakdown by price range.  All figures were obtained from Trend MLS this morning.

Burlington County Real Estate Listings and Monthly Sales Activity:

Number of active listings within Burlington County: 3793
Average number of homes sold per month (12 month average): 412
Inventory Accumulation:  9 months

Homes listed up to $200,000

Number of active listings: 885
Average number of homes sold per month (12 month average): 136
Inventory Accumulation:  6 months

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The 4th quarter Burlington County housing market activity in 2007 as compared to the 4th quarter in the previous four years shows a slow down in pending sales and homes sold, with a longer amount of time on the market. 

Burlington County 4th Quarter New Property Listings:

• 2007: 2,268
• 2006: 2,359
• 2005: 2,202
• 2004: 1,968
• 2003: 1,806

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The number of homes sold within Gloucester County did decline in 2007, however the county overall experienced an increase in median sales price.  The number of listings increased compared to 2006, and the number of days on the market for sold properties increased as well.

2007 Gloucester County Housing Market Activity as per Trend MLS:

Number of Properties Sold: 3,206

Median Sold Price:  $224,000

Median Days on Market: 57

Average Sold Price received from Original Listing Price:  94.28%

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Camden County experienced a slow down in housing sales in 2007 compared to the 2006 year end results.  The median sales price slightly increased for the county overall but the increase was minimal.  A significant increase in the median sales price was seen within the condo market.  The number of listings and the number of days on the market for sold properties also increased.

2007 Camden County Real Estate Market Activity as per Trend MLS:

Number of Properties Sold: 5,917

Median Sold Price:  $195,00

Median Days on Market: 52

Average Sold Price received from Original Listing Price:  94.38%

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The nation wide real estate market slow down did have an impact on South Jersey along with most other counties we service in Burlington County.  In 2007, Burlington County experienced a decline in number of residential properties sold, an increase in days on market, and a decline in median sales price compared to 2006. 

2007 Real Estate Market Activity as per TrendMLS:

Number of Properties Sold: 5,427

Median Sold Price:  $240,000

Median Days on Market: 59

Average Sold Price received from Original Listing Price:  94.37%

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Lance Miller, director of policy and planning for the New Jersey Board of Public Utilities, outlined the board’s plan to reduce energy consumption in the state by 20 percent by 2020. This will theoretically be achieved by legislating better building and appliance standards, relying less on coal-based power imported from nearby states, and using more renewable energy sources, such as wind power.

John Crandall, senior vice president of development with the Mack-Cali Realty Corp., offered another assessment. He presented sobering statistics on just how un-green New Jersey’s commercial real estate landscape really is. 

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