In 2005 the median sales price for Cherry Hill single family homes increased by 15.6%. The median sales price for condos in Cherry Hill increased by 13.5%. Cherry Hill showed a slight decline in buyer activity in 2005 compared to the number of residential units sold in 2004. The median sales prices are as follows:

Cherry Hill Single Family Median Sales Price 2005: $288,000
Cherry Hill Single Family Median Sales Price 2004: $249,000

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Over the past couple years home sellers have experienced what we call a seller’s market, which is low inventory compared to demand for housing. However, the 4th quarter sales statistics showed that inventory increased and demand decreased, resulting in a shift in the market. That means the market is shifting from being a seller’s market into a more balanced market, and for the higher priced homes it is already in favor of buyers.

I’m bring this up because quite a few home sellers are starting to question why their homes are sitting on the market. Here are some of the questions and statements made by sellers to agents currently:

1)Why hasn’t my home sold?
2)What market shift?
3)I know what homes in my neighborhood have been selling for
4)My house is better
5)That article wasn’t talking about my town
6)This is just a seasonal thing

I’m going to try to address each of these statements so you can have a better understanding of how to approach selling your home in 2006.

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The residential real estate market in Delran, NJ experienced an increase in the median sales price for single family homes in 2005 by 18.7%. The median sales price for condos in Delran increased by 16.6%. To see the market statistics for the past 5 years in Delran visit the Delran Market Conditions page.

Delran Single Family Median 2005: $285,000
Delran Single Family Median 2004: $240,000

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I’ve added a new section to my blog that will feature other real estate related sites. I decided to add this section so any readers can easily find other sites serving this industry for additional information or to assist with their relocation.

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Seattle’s Rain City Guide is a real estate blog serving Seattle, Washington. The team of authors includes real estate agents, a mortgage consultant, attorney, economist, and even a programmer / web developer. The topics covered range from the real estate market activity, to tech talk on the local MLS database, and even some personal announcements (congrats on the beautiful baby!)

Anybody considering relocating to the Seattle area should pay a visit to this site, they’d be happy to assist you. Even if you aren’t relocating, the site is very informative and certainly provides some interesting articles and conversations you can participate in. It seems one of the agents on their team is familiar with the real estate practices here in NJ, which would certainly help your relocation go smoothly. You can obtain their contact information by using the "Contributor" link on their site.

I was searching "the net" this evening and stumbled on another real estate blog serving the Seattle area. The post I started reading discussed the business model of some companies that specialize in lead generation from the internet.

That article reminded me of another article I read on Realty Times in regards to Referral and Lead Generating companies.

What I found humerous is that right as I finished reading the articles I checked my email and this is an email I had received from a company that I know nothing about..

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The Moorestown Median Sales price in 2005 increased by 27% for single family homes. The condominium median sales price increase by 5% over the 2004 median.

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Whether you are in a Buyer’s Market or Seller’s Market is currently dependant on price range you are selling or buying within. I am starting the market trend analysis for Camden County with the figures based on information from Trend MLS for January 2005 to December 2005. The current inventory is as of today 1/16/05. Be sure to read my other post so you see how I, for the sake of simplicity, am determining the market.

Homes listed at $1 million +:
There were 76 residential properties listed, with 20 properties sold. The average number of homes sold per month was 2. The current number of available homes for sale as of today is 33, which gives an inventory of 16.5 months.

• Strong Buyer’s Market

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This story was submitted by a Green Tree, PA Real Estate Agent . Keep this in mind if you plan to hold an open house.

Wow, it was a gorgeous day in April–which is rare in Pittsburgh. I was a new agent with only 4 months under my belt, and I was due to have my first baby in 3 more months. I was holding an Open House for the top agent in my office. I went prepared - the weather was nice and there were lots of other houses open in the area. I put up the signs, the balloons and I opened the front door. The owner was already gone. Just as I walked in, the listing agent called my cell. "Oh, Heather…by the way, their dog is there. Don’t worry. He’s just an old Cocker Spaniel. He usually just sits in the entryway."

OK, fine. And he did sit in the entryway…for a while. People started pouring in the house. We’ll call it controlled chaos. There were 2 couples in the baement, 2 on the 1st floor and 2 upstairs. Then it happened. One couple was coming in the house, another was just leaving. They paused to be polite to each other, and out went the dog.

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Any home buyer or home seller entering the real estate market should take the time to understand the market you are entering. I will provide a county overview each month so potential home buyers and sellers can get a general idea of the market activity throughout each county. Since it is an overview, and the figures displayed represent ALL municipalities within the county, keep in mind that there will be variations from town to town. Depending on the number of available homes and the number of buyers purchasing in a specific town, the area specific market data may be significantly different. I highly recommend any home buyer or home seller do the research needed to determine how to proceed with the purchase or sale of a home in a specific town.

So, how do we determine if it’s a seller’s market, balanced market, or buyer’s market? I use a pretty simple formula based on supply and demand. Since the data in any given month can be extremely volatile, I use a 12 month average for properties sold. As the monthly sales increase or decrease, so will our averages accordingly. Using 12 full months of data also takes into consideration the seasonal shifts. In this area, we usually see an increase in market activity in March through August, and a decrease in market activity in September through February.
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