The trend we saw in the 4th quarter of 2005 has continued into January 2006. Inventory (homes listed) increased and sales decreased in Burlington County this month. Here are the figures for Jan 2005 and Jan 2006 as stated in Trend MLS.
Jan. 2006 Burlington County homes listed: 1037
Jan. 2005 Burlington County homes listed: 759
This give us a 36.6% increase in listings for Jan. 2006 compared to Jan. 2005. The figures for homes sold are as follows:
Jan. 2006 Burlington County homes sold: 369
Jan. 2005 Burlington County homes sold: 475
This gives us a 22% decrease in market activity in Jan 2006 compared to Jan 2005. The current inventory as of February 10, 2006 is 2417 available homes in Burlington County.
Based on the current inventory (as of today) and our 12 full month average of homes sold, we have an inventory accumulation of 4.2 months which is up from 3.4 months at the beginning of January.
Although the spring market should boost Burlington County homes sales, we are definately seeing a market shift away from the seller's market we experienced for the last couple of years. I highly recommend any home seller entering the market to evaluate the current market trends in their local area. These figures represent all of Burlington County and each township will have different statistics.
Any thoughts, opinions, concerns, I'd like to hear them!