Burlington County

The Burlington County real estate market currently has 4,326 residential units for sale.  Burlington County has averaged 247 sales per month over the last 12 months, giving Burlington County and inventory accumulation of 17 months.   The average original listing price for homes for sale in Burlington County was $274,092 however the average sold price was $244,819.

Preliminary year over year comparison:

July 2010 Listings: 819
July 2011 Listings: 656

July 2010 Pending / Under Contract: 288
July 2011 Pending / Under Contract:  243

July 2010 Settled/Sold: 265
July 2011 Settled/Sold: 315

Camden County

The Camden County real estate market currently has 4,433 residential properties for sale.   Camden County has averaged 231 sales per month over the last 12 months giving Camden County an inventory accumulation of 19 months.  The average original list price for homes for sale in Camden County was $219,718 and the average sold price was $195,273.

Preliminary year over year comparison:

July 2010 Listings: 809
July 2011 Listings: 666

July 2010 Pending / Under Contract: 285
July 2011 Pending / Under Contract: 226

July 2010 Settled/Sold: 280
July 2011 Settled/Sold: 280

Gloucester County

The Gloucester County real estate market currently has 2,652 residential properties for sale.  Gloucester County has averaged 149 sales per month for the last 12 months, giving Gloucester County an inventory accumulation of 17 months.  The average original list price for homes for sale in Gloucester County was $230,023  and the average sold price was $206,680.

Preliminary year over year comparison:

July 2010 Listings: 475
July 2011 Listings:  422

July 2010 Pending / Under Contract: 173
July 2011 Pending / Under Contract:  167

July 2010 Settled/Sold:  147
July 2011 Settled/Sold: 188

]]> http://www.roxanneardary.com/blog/south-jersey-real-estate-market-update-071/feed/ 1 http://www.roxanneardary.com/blog/south-jersey-ytd-market-snapsho-0710/ http://www.roxanneardary.com/blog/south-jersey-ytd-market-snapsho-0710/#comments Thu, 19 Aug 2010 12:31:56 +0000 Roxanne http://www.roxanneardary.com/?p=738 The figures have been released for July’s year to date transactions by Trend MLS.   I’ll be including the 5 counties handled by Trend (Burlington, Camden, Gloucester, Mercer and Salem).  The data is from January 1st, through July 31 and includes a 3 year comparison within the same time frame for Single Family home sales listed through Trend MLS.  The figures may be subject to errors and omissions and do not include independant sales.    See the definitions of the categories at the end of the post.

Burlington County:

Settled Units:

• 2008:  2,148
• 2009:  1,803  (2008/2009 change: -16.06%)
• 2010:  1.972  (2009/2010 change: 9.37%)

Average Settled Price:

• 2008: $287,000
• 2009: $257,000 (2008/2009 change: -10.45%)
• 20010: $267,000 (2008/2009 change:  3.89%)

Median Settled Price:

• 2008:  $250,00
• 2009:  $226,000  (2008/2009 change: -9.60%)
• 2010:  $230,000  (2009/2010 change:  1.77%)

Average Percentage Settled Price was of Original Listing Price:

• 2008:  92.02%
• 2009:  90.08 %  (2008/2009 change: -2.11%)
• 2010:  91.01% (2009/2010 change:  1.03%)

Camden County:

Settled Units:

• 2008:  2,419
• 2009:  2,066  (2008/2009 change: -14.59%)
• 2010:  2,162  (2009/2010 change:  4.65%)

Average Settled Price:

• 2008: $215,000
• 2009: $202,000 (2008/2009 change: -6.05%)
• 20010: $200,000 (2008/2009 change:  -0.99%)

Median Settled Price:

• 2008:  $198,000
• 2009:  $183,000  (2008/2009 change: -7.58%)
• 2010:  $180,000  (2009/2010 change:  -1.64%)

Average Percentage Settled Price was of Original Listing Price:

• 2008:  92.43%
• 2009:  89.74 %  (2008/2009 change: -2.91%)
• 2010:  90.77% (2009/2010 change:  1.15%)

Gloucester County:

Settled Units:

• 2008:  1,341
• 2009:  1,124  (2008/2009 change: -16.18%)
• 2010:  1,197  (2009/2010 change: 6.49%)

Average Settled Price:

• 2008: $241,000
• 2009: $226,000 (2008/2009 change: -6.22%)
• 20010: $217,000 (2008/2009 change:  -3.98%)

Median Settled Price:

• 2008:  $221,00
• 2009:  $205,000  (2008/2009 change: -7.24%)
• 2010:  $199,000  (2009/2010 change:  -2.93%)

Average Percentage Settled Price was of Original Listing Price:

• 2008:  92.72%
• 2009:  90.27 %  (2008/2009 change: -2.64%)
• 2010:  91.67% (2009/2010 change:  1.55%)

Mercer County:

Settled Units:

• 2008:  1,541
• 2009:  1,313  (2008/2009 change: -14.80%)
• 2010:  1,484  (2009/2010 change: 13.02%)

Average Settled Price:

• 2008: $393,000
• 2009: $334,000 (2008/2009 change: -15.01%)
• 20010: $323,000 (2008/2009 change: - 3.29%)

Median Settled Price:

• 2008:  $297,00
• 2009:  $257,000  (2008/2009 change: -13.47%)
• 2010:  $249,000  (2009/2010 change:  – 3.11%)

Average Percentage Settled Price was of Original Listing Price:

• 2008:  91.48%
• 2009:  89.14 %  (2008/2009 change: -2.56%)
• 2010:  90.72% (2009/2010 change:  1.77%)

Salem County:

Settled Units:

• 2008:  249
• 2009:  244  (2008/2009 change: -2.01%)
• 2010:  260  (2009/2010 change: 6.56%)

Average Settled Price:

• 2008: $195,000
• 2009: $172,000 (2008/2009 change: -11.79%)
• 20010: $159,000 (2008/2009 change:  -7.56%)

Median Settled Price:

• 2008:  $182,000
• 2009:  $161,000  (2008/2009 change: -11.54%)
• 2010:  $155,000  (2009/2010 change:  -3.73%)

Average Percentage Settled Price was of Original Listing Price:

• 2008:  90.73%
• 2009:  86.29 %  (2008/2009 change: -4.89%)
• 2010:  87.80% (2009/2010 change:  1.75%)

Definitions:

• Settled Units:   The number of single-family listings settled year-to-date (YTD) through the specified month and year.
• Average Settled Price:   The average price that single-family listings have settled for year-to-date (YTD) through the specified month and year. Determined by dividing the Total Settled Volume by the number of Settled Units.
• Median Settled Price:   The median price that single-family listings have settled for year-to-date (YTD) through the specified month and year. Determined by arranging all Settled Units year-to-date (YTD) in numerical order by price and then selecting the middle value.
• Average Percentage Settled Price was of Original Listing Price:   The average percentage of the Original Price that single-family listings have settled for year to-
  date (YTD) through the specified month and year. This number is determined by calculating the Settled Price/Original Price for every listing, summing them and then dividing by the number of settled listings. TREND excludes listings if the Settled Price is greater than 150 percent or less than 50 percent of the Original Price. This ensures the percentage is more representative of listings in the market area.

Notes on Statistics

• All statistics are from TREND’s monthly Residential Activity Reports. While each original version of the Residential Act ivity Report is subsequently updated each of the next two months, any changes will not be reflected in this report. Due to the fluid nature of MLS data, insignificant statistical variations may occur with regard to sales activity between the various TREND reports.
• Mobile homes and condominiums are excluded from these statistics.
• This report includes information on listings and transactions facilitated through TREND and does not reflect the total number of listings and transactions of a given market area.
• All monetary statistics are rounded to the nearest $10.

First, how they were ranked:

“Data used to determine these rankings—which incorporate townships with populations of 8,000 residents and above in Burlington, Camden and Gloucester counties—include the examination of average residential property values, average property taxes paid, crime rates reported per 1,000 people and school quality based on testing and overall high school proficiency (SAT scores, number of college-bound graduates, etc.).   Though our main list looks only at towns with larger resident bodies, we’ve also conducted a subset ranking of the area’s Top 10 Small Towns (population 7,000 or below). Read on and see where your hometown falls.’

Top 25 Towns (All Counties)
1. Haddonfield
2. Moorestown
3. Voorhees
4. Medford
5. Marlton
6. Cinnaminson
7. Woolwich Township
8. Harrison
9. Lumberton
10. Burlington Township
11. Mount Laurel
12. Southampton
13. Cherry Hill
14. Bordentown
15. Delran
16. Monroe
17. New Hanover
18. Mantua
19. Haddon Township
20. Westampton
21. Pitman
22. Washington Township
23. Audubon
24. Collingswood
25. Maple Shade
Data used for the ranking was gleaned from the New Jersey Department of Education, the state’s Division of Local Government Services and the New Jersey State Police Uniform Crime Report.

Top 10 Small Towns
1. Chesterfield
2. Wenonah
3. Tabernacle
4. Medford Lakes
5. Gibbsboro
6. Springfield
7. South Harrison
8. Shamong
9. Eastampton
10. North Hanover Township

Top 10 Burlington County Towns
1. Moorestown
2. Medford
3. Marlton
4. Cinnaminson
5. Lumberton
6. Burlington Township
7. Mount Laurel
8. Southampton
9. Bordentown
10. Delran

Top 10 Camden County Towns
1. Haddonfield
2. Voorhees
3. Cherry Hill
4. Haddon Township
5. Audubon
6. Collingswood
7. Waterford
8. Bellmawr
9. Gloucester Township
10. Gloucester City

Top 10 Gloucester County Towns
1. Woolwich
2. Harrison
3. Monroe
4. Mantua
5. Pitman
6. Washington Township
7. West Deptford Township
8. Franklin Township
9. Glassboro
10. Deptford

The following South Jersey communities are sorted by county, then town.  More detailed information can be obtained by following the links or requesting information in the form below.

Active Adult Communities in Burlington County

• Village Grande -  Bordentown
• Siena – Cinnaminson
• Sweetwater – Cinnaminson
• Four Seasons at Mapleton – Columbus (Mansfield Township)
• Homestead at Mansfield – Columbus (Mansfield Township)
• Newtons Landing – Delanco
• The Point at Newtons Landing – Delanco    
• Ashley Crossing – Delran
• Silver Park – Edgewater Park
• Village Greenes -  Marlton (Evesham Township)
• Legacy Oaks - Marlton (Evesham Township)
• Greenbriar Horizons – Florence
• Legacy at Meadowcroft – Florence
• Glenn at Mason’s Creek – Hainesport
• Wyngate – Medford
• Renaissance Club – Mt. Laurel
• Holiday Village – Mount Laurel
• Holiday Village East – Mount Laurel
• Hearthstone – Pemberton
• Leisuretowne – Southampton
• Allenwood Mobile Estates – Tabernacle
• Fernbrooke – Westampton
  Click for more information on the Burlington County communities.

55 and Over Communities in Camden County

• New Freedom Village – Berlin Borough
• Montebello (West Berlin) Berlin Township
• The Plaza Grande at Garden State Park – Cherry Hill
• Villagio – Cherry Hill
• Heritage Village – Gibbsboro
• Highland Estates – (Clementon) Gloucester Township
• Shenandoah Village   (Sicklerville) Gloucester Township 
• Four Seasons At Forest Meadows  (Sicklerville) Gloucester Township
• Villas at Broad Acres- Gloucester Township
• The Maples – Pennsauken
• Maple Commons – Pennsauken
• Centennial Mill – Voorhees
• Braddock Preserve – Winslow Township
• Elmtowne – (Hammonton) Winslow Township
• Hearthstone
• The Norways – (Sicklerville) – Winslow Township
• Renaisssance at Woodlands – Winslow Township
  Click for more info on Camden County communities

Active Adult 55+ Communities in Gloucester County

• Silver Lake – Clayton Borough
• Villages at Aberdeen – Clayton Borough
• Heritage – Deptford Township
• Lakebridge – Deptford Township
• Bridlewood – Deptford Township
• Northgate Heritage Deptford Township
• Gatherings at E. Greenwich – E. Greenwich Township
• The Vineyards at Silver – Elk Township (Glassboro)
• The Village Grande at Camelot – Glassboro Borough
• Reserves at Lake Oberst – Glassboro Borough
• Spicer Estates (Mullica Hill) Harrison Township
• Cedar Grove – Mantua Township
• Country Gardens – (Sewell) Mantua Township
• Spring Valley – Mantua Township
• Summerfields – (Williamstown) Monroe Township
• Holiday Village -(Williamstown)Monroe Township
• Sunny Estates – Monroe Township
• Parke Place – Williamstown
• The Maples – (Sewell) Williamstown
• Heatherwood – (Sewell) Williamstown
• Riverwinds – West Deptford Township
• Reserves at Riverwinds – West Deptford Township
• Pelican Place at Riverwinds -  (Thorofare) West Deptford Township
• Village Grande at Kingswoods – West Deptford Township
• Four Seasons at Weatherby – Woolwich Township
  Click for more info on Gloucester County communities

Visit the above links or fill out the following form if you would like more detailed information on any South Jersey active adult communities.

Burlington County:

Settled Units:

• 2007: 4,221
• 2008:  3,285 (2007/2008 change: -22.17%)
• 2009:  3,139 (2008/2009 change: -4.44%)

Average Settled Price:

• 2007: $303,000
• 2008: $284,000 (2007/2008 change: -6.27%)
• 2009: $257,000 (2008/2009 change: -9.51%)

Median Settled Price:

• 2007: $263,000
• 2008: $246,000 (2007/2008 change: -6.46%)
• 2009: $224,000 (2008/2009 change: -8.94%)

Average Percentage Settled Price was of Original Listing Price:

• 2007: 94.23%
• 2008: 91.67% (2007/2008 change: -2.72%)
• 2009: 90.56% (2008/2009 change: -1.21%)

Camden County:

Settled Units:

• 2007: 5,019
• 2008: 3,722 (2007/2008 change: -25.84%)
• 2009: 3,594 (2008/2009 change: -3.44%)

Average Settled Price:

• 2007: $224,000
• 2008: $214,000 (2007/2008 change: -4.46%)
• 2009: $200,000 (2008/2009 change: -6.54%)

Median Settled Price:

• 2007: $202,000
• 2008: $195,000 (2007/2008 change: -3.47%)
• 2009: $185,000 (2008/2009 change: -5.13%)

Average Percentage Settled Price was of Original Listing Price:

• 2007: 94.44%
• 2008: 92.07% (2007/2008 change: -2.51%)
• 2009: 90.49% (2008/2009 change: -1.72%)

Gloucester County:

Settled Units:

• 2007: 2,757
• 2008: 2,053 (2007/2008 change: -25.54%)
• 2009: 1,999 (2008/2009 change: -2.63%)

Average Settled Price:

• 2007: $255,000
• 2008: $242,000 (2007/2008 change: -5.10%)
• 2009: $223,000 (2008/2009 change: -7.85%)

Median Settled Price:

• 2007: $235,000
• 2008: $223,000 (2007/2008 change: -5.11%)
• 2009: $201,000 (2008/2009 change: -9.87%)

Average Percentage Settled Price was of Original Listing Price:

• 2007: 94.19%
• 2008: 92.21% (2007/2008 change: -2.10%)
• 2009: 90.66% (2008/2009 change: -1.68%)

Mercer County:

Settled Units:

• 2007: 3,114
• 2008: 2,365 (2007/2008 change: -24.05%)
• 2009: 2,315 (2008/2009 change: -2.11%)

Average Settled Price:

• 2007: $370,,000
• 2008: $382,000 (2007/2008 change: +3.24%)
• 2009: $333,000 (2008/2009 change: -12.83%)

Median Settled Price:

• 2007: $287,000
• 2008: $289,000 (2007/2008 change: +0.70%)
• 2009: $257,000 (2008/2009 change: -11.07%)

Average Percentage Settled Price was of Original Listing Price:

• 2007: 93.21%
• 2008: 91.44% (2007/2008 change: -1.90%)
• 2009: 89.78% (2008/2009 change: -1.82%)

Salem County:

Settled Units:

• 2007: 583
• 2008: 384 (2007/2008 change: -34.13%)
• 2009: 422 (2008/2009 change: +9.90%)

Average Settled Price:

• 2007: $191,000
• 2008: $189,000 (2007/2008 change: -1.05%)
• 2009: $167,000 (2008/2009 change: -11.64%)

Median Settled Price:

• 2007: $172,000
• 2008: $175,000 (2007/2008 change: +1.74%)
• 2009: $159,000 (2008/2009 change: -9.14%)

Average Percentage Settled Price was of Original Listing Price:

• 2007: 92.15%
• 2008: 90.57% (2007/2008 change: -1.71%)
• 2009: 86.89% (2008/2009 change: -4.06%)

Burlington County Single Family Home Sales:

Settled Units:

2007: 582
2008: 454 (2007/2008 change: -21.99%)
2009: 350 (2008/2009 change: -22.91%)

Average Settled Price:

2007: $302,000
2008: $270,000 (2007/2008 change: -10.60%)
2009: $254,000 (2008/2009 change: -5.93%)

Median Settled Price:

2007: $259,000
2008: $230,000 (2007/2008 change: -11.20%)
2009: $220,000 (2008/2009 change: -4.35%)

Average Percentage Settled Price was of Original Listing Price:

2007: 93.68%
2008: 91.99% (2007/2008 change: -1.80%)
2009: 88.56% (2008/2009 change: -3.73%)

Camden County Single Family Home Sales:

Settled Units:

2007: 724
2008: 538 (2007/2008 change: -25.69%)
2009: 395 (2008/2009 change: -26.58%)

Average Settled Price:

2007: $214,000
2008: $205,000 (2007/2008 change: -4.21%)
2009: $183,000 (2008/2009 change: -10.73%)

Median Settled Price:

2007: $192,000
2008: $190,000 (2007/2008 change: -1.04%)
2009: $170,000 (2008/2009 change: -10.53%)

Average Percentage Settled Price was of Original Listing Price:

2007: 94.13%
2008: 91.46% (2007/2008 change: -2.84%)
2009: 88.35% (2008/2009 change: -3.40%)

Gloucester County Single Family Home Sales:

Settled Units:

2007: 416
2008: 278 (2007/2008 change: -33.17%)
2009: 248 (2008/2009 change: -10.79%)

Average Settled Price:

2007: $244,000
2008: $235,000 (2007/2008 change: -3.69%)
2009: $218,000 (2008/2009 change: -7.23%)

Median Settled Price:

2007: $229,000
2008: $215,000 (2007/2008 change: -6.11%)
2009: $200,000 (2008/2009 change: -6.98%)

Average Percentage Settled Price was of Original Listing Price:

2007: 94.11%
2008: 92.57% (2007/2008 change: -1.64%)
2009: 89.22% (2008/2009 change: -3.62%)

Mercer County Single Family Home Sales:

Settled Units:

2007: 433
2008: 311 (2007/2008 change: -28.18%)
2009: 219 (2008/2009 change: -29.58%)

Average Settled Price:

2007: $306,000
2008: $383,000 (2007/2008 change: +25.16%)
2009: $304,000 (2008/2009 change: -20.63%)

Median Settled Price:

2007: $255,000
2008: $280,000 (2007/2008 change: +9.80%)
2009: $245,000 (2008/2009 change: -12.50%)

Average Percentage Settled Price was of Original Listing Price:

2007: 92.18%
2008: 89.85% (2007/2008 change: -2.53%)
2009: 87.67% (2008/2009 change: -2.43%)

Salem County Single Family Home Sales:

Settled Units:

2007: 83
2008: 58 (2007/2008 change: -30.12%)
2009: 36 (2008/2009 change: -37.93%)

Average Settled Price:

2007: $166,000
2008: $204,000 (2007/2008 change: +22.89%)
2009: $148,000 (2008/2009 change: -27.45%)

Median Settled Price:

2007: $142,000
2008: $182,000 (2007/2008 change: +28.17%)
2009: $130,000 (2008/2009 change: -28.57%)

Average Percentage Settled Price was of Original Listing Price:

2007: 93.82%
2008: 90.91% (2007/2008 change: -3.10%)
2009: 83.29% (2008/2009 change: -8.38%)

Burlington County Home Sales:

Current active listings: 3,745
February new listings: 724
Homes sold per month – 12 month average : 336
February units pending settlement: 245
February units sold: 215
Inventory accumulation: 11 months
Days on Market – 12 month average: 93
Average sold price YTD: $244,007

Camden County Home Sales:

Current active listings: 3,878
February new listings: 748
February units pending settlement: 285
February units sold: 246
Homes sold per month – 12 month average : 321
Inventory accumulation: 12 months
Days on Market – 12 month average: 84
Average sold price YTD: $185,736

Gloucester County Home Sales:

Current active listings: 2,376
February new listings:  488
February units pending settlement:  142
February units sold:  143
Homes sold per month – 12 month average :  200
Inventory accumulation: 11 months
Days on Market – 12 month average:  93
Average sold price YTD: $213,214

Mercer County Home Sales:

Current active listings: 2286
February new listings:  515
February units pending settlement:  196
February units sold: 126
Homes sold per month – 12 month average :  233
Inventory accumulation:  9 months
Days on Market – 12 month average:  87
Average sold price YTD:  $300,308

Salem County Home Sales:

Current active listings: 607
February new listings:  88
February units pending settlement:  44
February units sold:  18
Homes sold per month – 12 month average :  31
Inventory accumulation: 19 months
Days on Market – 12 month average:  102
Average sold price YTD:  $155,822

Trend MLS disclaimer: Information Deemed Reliable but Not Guaranteed. 

Gov. Jon S. Corzine is proposing a $29.8 billion state budget for the upcoming fiscal year that includes tax hikes of more than $1 billion, including the suspension of most homeowners’ ability to deduct property taxes from their income taxes.

Corzine said the deep recession requires difficult choices, including ending property tax rebates for households with incomes over $75,000 and more than a half-dozen increases in taxes. He said the budget’s $7 billion structural deficit is addressed mostly through $4 billion in spending cuts and $2.2 billion in federal stimulus aid.

“Make no mistake: Because of where the world is right now, we must move in directions we might not otherwise choose,” Corzine said.

The tax changes include raising the tax rate on incomes over $500,000, taxing lottery winnings over $10,000, extending a 4 percent surcharge on corporate taxes, increasing cigarette taxes 12.5 cents a pack and boosting taxes on liquor and wine by 25 percent.

Most surprising was Corzine’s proposal to suspend, except for seniors, taxpayers’ ability next year to deduct their property taxes from their income taxes. The one-year move would cost taxpayers an estimated $400 million, the administration says. 

Businesses will face an increase in payroll taxes:

Payroll taxes would be increased on businesses, despite deposits by the state and federal governments into the depleted unemployment fund. New Jersey will put in $150 million, not the $270 million announced last month. Corzine said it would take a deposit of $500 million or more to avoid a payroll tax increase but that the money being put in will help limit the increase.

State workers will have to contend with one of two scenarios:  

Corzine said he wants to reduce personnel costs by $400 million by freezing state workers’ wages and furloughs throughout fiscal 2010. The alternative, he said, would be to lay off as many as 7,000 workers. College employees’ salaries would also be frozen.

A number of other tax hikes on various goods were also mentioned. In regards to the homeowner’s rebate cuts NorthJersey.com’s article posted this analysis:

Although many budget details had leaked in advance, the lost tax write-off caught many off guard. Corzine would remove the property tax deduction on income taxes for all but senior citizens, and eliminate property tax rebates for non-senior households making more than $75,000 a year. Non-senior households earning $50,000 to $75,000 would see their rebate check from last year slashed by a third. Last year’s program offered staggered rebates for households making up to $150,000.

That could translate into a double whammy for non-senior homeowners earning $75,000 to $150,000. They lose their rebate and hundreds of dollars from the deduction.

A homeowner earning $95,000, for example, would not only lose a $1,000-plus rebate. Scrapping the property tax deduction would take away another $350 or so, according to state figures.

“The loss of the deduction would make homeownership even harder for New Jersey residents who are struggling to make ends meet during this recession,” said Senate Minority Leader Tom Kean Jr., R-Union.

The revenue raised by eliminating the property tax deduction would help pay for the preserved rebates, Corzine said, adding that he wants to restore rebates to higher income families “as soon as the recovery of state revenues allows.”

If it passes would the unintended consequences be actually forcing stuggling homeowners into selling their homes (increasing inventory even more) or foreclosure which would then result in even less revenue generated for the state?  These changes would also impact future home buyers ability to afford to purchase a home and as a result home sellers would be forced to reduce home prices further to make up for the additional tax expense for the state. 

What are your thoughts on Corzine’s budget proposal? 

Burlington County Single Family Home Sales:

Settled Units:

• 2007: 254
• 2008: 233 (2007/2008 change: -8.27%)
• 2009: 162 (2008/2009 change: -30.47%)

Average Settled Price:

• 2007: $330,000
• 2008: $275,000 (2007/2008 change: -16.67%)
• 2009: $257,000 (2008/2009 change: -6.55%)

Median Settled Price:

• 2007: $265,000
• 2008: $234,000 (2007/2008 change: -11.70%)
• 2009: $225,000 (2008/2009 change: -3.85%)

Average Percentage Settled Price was of Original Listing Price:

• 2007: 93.04%
• 2008: 91.26% (2007/2008 change: -1.91%)
• 2009: 88.69% (2008/2009 change: -2.82%)

Camden County Single Family Home Sales:

Settled Units:

• 2007: 353
• 2008: 272 (2007/2008 change: -22.95%)
• 2009: 159 (2008/2009 change: -41.54%)

Average Settled Price:

• 2007: $223,000
• 2008: $200,000 (2007/2008 change: -10.31%)
• 2009: $182,000 (2008/2009 change: -9.00%)

Median Settled Price:

• 2007: $192,000
• 2008: $191,000 (2007/2008 change: -0.52%)
• 2009: $175,000 (2008/2009 change: -8.38%)

Average Percentage Settled Price was of Original Listing Price:

• 2007: 93.96%
• 2008: 91.55% (2007/2008 change: -2.56%)
• 2009: 87.91% (2008/2009 change: -3.98%)

Gloucester County Single Family Home Sales:

Settled Units:

• 2007: 195
• 2008: 140 (2007/2008 change: -28.21%)
• 2009: 120 (2008/2009 change: -14.29%)

Average Settled Price:

• 2007: $247,000
• 2008: $222,000 (2007/2008 change: -10.12%)
• 2009: $215,000 (2008/2009 change: -3.15%)

Median Settled Price:

• 2007: $229,000
• 2008: $205,000 (2007/2008 change: -10.48%)
• 2009: $195,000 (2008/2009 change: -4.88%)

Average Percentage Settled Price was of Original Listing Price:

• 2007: 93.63%
• 2008: 92.05% (2007/2008 change: -1.69%)
• 2009: 89.09% (2008/2009 change: -3.22%)

Mercer County Single Family Home Sales:

Settled Units:

• 2007: 216
• 2008: 166 (2007/2008 change: -23.15%)
• 2009: 103 (2008/2009 change: -37.95%)

Average Settled Price:

• 2007: $294,000
• 2008: $401,000 (2007/2008 change: +36.39%)
• 2009: $323,000 (2008/2009 change: -19.45%)

Median Settled Price:

• 2007: $265,000
• 2008: $298,000 (2007/2008 change: +12.45%)
• 2009: $250,000 (2008/2009 change: -16.11%)

Average Percentage Settled Price was of Original Listing Price:

• 2007: 92.44%
• 2008: 89.90% (2007/2008 change: -2.75%)
• 2009: 89.74% (2008/2009 change: -0.18%)

Salem County Single Family Home Sales:

Settled Units:

• 2007: 43
• 2008: 30 (2007/2008 change: -30.23%)
• 2009: 16 (2008/2009 change: -46.67%)

Average Settled Price:

• 2007: $172,000
• 2008: $198,000 (2007/2008 change: +15.12%)
• 2009: $146,000 (2008/2009 change: -26.26%)

Median Settled Price:

• 2007: $154,000
• 2008: $182,000 (2007/2008 change: +18.18%)
• 2009: $135,000 (2008/2009 change: -25.82%)

Average Percentage Settled Price was of Original Listing Price:

• 2007: 93.30%
• 2008: 90.52% (2007/2008 change: -2.98%)
• 2009: 83.08% (2008/2009 change: -8.22%)

Homebuyers: First-time homebuyers who purchase this calendar year get an $8,000 tax credit which does not have to be repaid like a similar measure last year. This phases out for people making more than $75,000 individually or $150,000 jointly. “First-time homebuyer” is defined as someone who has not owned a home for the past three years. Cost: $6.63 billion. 

2/05/09  Wednesday evening the Senate unanimously approved by voice vote to add the Isakson Amendment to the stimulus package.  The Isakson amendment would allow home buyers a tax credit of up to $15,000 on home’s purchased within the next year. From the article:

“We do have a history in this country with housing and it goes back to the crash of 1974, which actually in terms of inventory and price declines was comparable to what’s happening now,” Mr. Isakson said at a news conference.

“Within one year of the inception of that tax credit, two-thirds of the available inventory that was on the market was gone. The market moved back to a balanced inventory, values stabilized and things became very healthy. The only reason I know all of that is I was selling houses in 1974, that’s what I was doing to feed my family and make a living.”

The tax credit would give buyers 10 percent of the price of a primary residence bought within one year, up to $15,000, and is intended to stabilize plummeting home prices, which caused a wave of foreclosures and led to the near collapse of the financial system as Wall Street firms wrote down billions in mortgage-backed assets.

The Senate is hoping for the final vote on the Stimulus package to happen Thursday.  The problem they have to contend with is the cost.  President Obama had set a limit of $900 billion for the total package, and it is believed that with this addition along with others, the package well exceeds that figure.  Now they will be deciding which aspects of the stimulus package will be cut for it to proceed.