2005 brought good news for home sellers. The Burlington County Median Sales price for single family homes increased by 12% and condos increased by 17%. Here are the figures for 2005.
2005 Single Family Homes Median Sales Price: $246,500 with 6354 sold
Homes with 0-2 bedrooms median sales price: $175,000 - 898 sold
Homes with 3 bedrooms median sales price: $225,000 - 2857 sold
Homes with 4+ bedrooms median sales price: $349,000 - 2599 sold
2005 Condos Median Sales Price: $172,900 - with 1213 sold
Condos with 0-2 bedrooms median sales price: $162,000 - 922 sold
Condos with 3 bedrooms median sales price: $238,000 - 284 sold
Condos with 4+ bedrooms median sales price: $250,000 - 7 sold
2004 Single Family Homes Median Sales Price: $219,900 with 6355 sold
2004 Condos Median Sales Price: $147,500 with 1301 sold
The market statistics displayed are based on the report provided by Trend MLS.
These figures, of course, are only recognized gains for those who had sold during 2005 and remain just "paper profits" for current homeowners. If the market trend that occurred during the 4th quarter of 2005 continues throughout 2006, the dramatic increase in price of residential homes may stabilize.
I've updated the Burlington County Market Conditions report for those interested, it will take me a bit to get each municipality completed though since there are 40 of them in Burlington County alone. If you would like me to make your town a priority just post a comment here and Ill be happy to do that for you.