Current Inventory (number of homes on the market):  3484
Average Days on Market for sold properties:  125
Average Monthly Sales: 346
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 10 months

Real Estate market statistics by town in Burlington County:

Beverly City: 

Current Inventory (number of homes on the market):  26
Average Days on Market for sold properties over last 12 months:  113
Average Monthly Sales: 2
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 13 months

Bordentown City:

Current Inventory (number of homes on the market):  32
Average Days on Market for sold properties over last 12 months:  82
Average Monthly Sales: 3
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 10 months

Bordentown Township:

Current Inventory (number of homes on the market):  69
Average Days on Market for sold properties over last 12 months:  95
Average Monthly Sales: 8
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 8 months

Burlington City:

Current Inventory (number of homes on the market):  88
Average Days on Market for sold properties over last 12 months:  98
Average Monthly Sales: 8
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 11 months

Burlington Township:

Current Inventory (number of homes on the market):  136
Average Days on Market for sold properties over last 12 months:  90
Average Monthly Sales: 8
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 17 months

Chesterfield Township:

Current Inventory (number of homes on the market):  59
Average Days on Market for sold properties over last 12 months:  61
Average Monthly Sales: 4
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 14 months

Cinnaminson Township:

Current Inventory (number of homes on the market):  103
Average Days on Market for sold properties over last 12 months:  90
Average Monthly Sales: 8
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

Delanco Township:

Chesterfield Township:

Current Inventory (number of homes on the market):  59
Average Days on Market for sold properties over last 12 months:  61
Average Monthly Sales: 4
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 14 months

Delanco Township:

Current Inventory (number of homes on the market):  46
Average Days on Market for sold properties over last 12 months:  61
Average Monthly Sales: 4
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 11 months

Delran Township:

Current Inventory (number of homes on the market):  95
Average Days on Market for sold properties over last 12 months:  93
Average Monthly Sales: 12
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 7 months

Eastampton Township:

Current Inventory (number of homes on the market):  35
Average Days on Market for sold properties over last 12 months:  118
Average Monthly Sales: 3
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 11 months

Evesham Township:

Current Inventory (number of homes on the market):  335
Average Days on Market for sold properties over last 12 months:  79
Average Monthly Sales: 45
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 7 months

Florence Township:

Current Inventory (number of homes on the market):  112
Average Days on Market for sold properties over last 12 months:  98
Average Monthly Sales: 11
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 10 months

Hainesport Township:

Current Inventory (number of homes on the market):  38
Average Days on Market for sold properties over last 12 months:  111
Average Monthly Sales: 4
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 9 months

Lumberton Township:

Current Inventory (number of homes on the market):  85
Average Days on Market for sold properties over last 12 months:  84
Average Monthly Sales: 8
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 10 months

Mansfield Township:

Current Inventory (number of homes on the market):  86
Average Days on Market for sold properties over last 12 months:  119
Average Monthly Sales: 7
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

 Maple Shade Township:

Current Inventory (number of homes on the market):  85
Average Days on Market for sold properties over last 12 months:  86
Average Monthly Sales: 10
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 8 months

Medford Lakes:

Current Inventory (number of homes on the market):  229
Average Days on Market for sold properties over last 12 months:  107
Average Monthly Sales: 18
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

 Medford Township:

Current Inventory (number of homes on the market):  46
Average Days on Market for sold properties over last 12 months:  61
Average Monthly Sales: 4
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 11 months

 Moorestown Township:

Current Inventory (number of homes on the market):  175
Average Days on Market for sold properties over last 12 months:  103
Average Monthly Sales: 15
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 11 months

Mount Holly:

Current Inventory (number of homes on the market):  95
Average Days on Market for sold properties over last 12 months:  91
Average Monthly Sales: 7
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 13 months

Mount Laurel Township:

Current Inventory (number of homes on the market):  366
Average Days on Market for sold properties over last 12 months:  77
Average Monthly Sales: 46
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 7 months

Palmyra:

Current Inventory (number of homes on the market):  73
Average Days on Market for sold properties over last 12 months:  72
Average Monthly Sales: 6
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

Pemberton Boro:

Current Inventory (number of homes on the market):  18
Average Days on Market for sold properties over last 12 months:  72
Average Monthly Sales: 1
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 18 months

Pemberton Township:

Current Inventory (number of homes on the market):  218
Average Days on Market for sold properties over last 12 months:  92
Average Monthly Sales: 22
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 9 months

Riverside Township:

Current Inventory (number of homes on the market):  74
Average Days on Market for sold properties over last 12 months:  83
Average Monthly Sales: 5
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 14 months

Riverton Township:

Current Inventory (number of homes on the market):  20
Average Days on Market for sold properties over last 12 months:  128
Average Monthly Sales: 2
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 10 months

Shamong Township:

Current Inventory (number of homes on the market):  44
Average Days on Market for sold properties over last 12 months:  93
Average Monthly Sales: 3
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 14 months

Southampton Township:

Current Inventory (number of homes on the market):  131
Average Days on Market for sold properties over last 12 months:  106
Average Monthly Sales: 10
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 13 months

Springfield Township:

Current Inventory (number of homes on the market):  25
Average Days on Market for sold properties over last 12 months:  129
Average Monthly Sales: 2
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

Tabernacle Township:

Current Inventory (number of homes on the market):  60
Average Days on Market for sold properties over last 12 months:  114
Average Monthly Sales: 3
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 20 months

Westampton Township:

Current Inventory (number of homes on the market):  88
Average Days on Market for sold properties over last 12 months:  100
Average Monthly Sales: 6
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 14 months

Willingboro Township:

Current Inventory (number of homes on the market):  306
Average Days on Market for sold properties over last 12 months:  89
Average Monthly Sales: 25
Inventory Accumulation: (Current Inventory Units / Average Monthly Sales): 12 months

**Trend Disclaimer: Data may be revised at a later date, and may be subject to errors and omissions

The reason I’m writting this post is because of repeated frustrating experiences home owners have with contractors.  Dealing with the  unprofessional or unethical (or both) contractors is an absolute nightmare for both the home owner and potential home buyer. 

What many home sellers and buyers don’t realize is that contractors they hire can jeapordize the sale of a home. 

When under contract, a home owner is obligated to make all agreed upon repairs prior to settlement, including those required by the township, lenders, etc.  We also operate under a "time of the essence" clause, which obligates the home seller to complete everything within the time frame contractually agreed upon.  If the repairs aren’t completed it could cause the sale to fall through and the buyer to walk from the transaction, the township to fail the c/o, the lender to deny financing, credits given to the buyer, or money held in escrow until the repairs are completed which could affect the seller’s next home purchase.  Regardless of whether you are the home seller who is having to deal with the complications of unprofessional contractors, or the home buyer who has made their plans to move into the home and their plans delayed, it’s a messy and complicated situation for all.

When you are in the middle of a real estate transaction, or even if your are planning to do a few home remodeling projects and improvements, be sure the contractor you hire is reputable,  professional, has other home owners in the area for refrences you can contact, and don’t forget to check up on them at your local Better Business Bureau. 

For those that cannot find contractors that are highly recommended by your friends, neighbors, or family, the Fedral Trade Commission has a full list of tips and advice for hiring a contractor.  Interview potential contractors, keep those tips in mind and make sure they conduct their business professionally. Do they return your calls promptly? Arrive at the appointment on time?  Are competive in pricing? Are they licensed and insured? Will they give you a written estimate and warranty of product AND workmanship? Make sure they do NOT require a large deposit upfront. (Yes, I’ve even had a client that found a contractor – I’m not sure how – and decided to pay for the job in full upfront, never to see the contractor again.)

So protect yourself, your investment, and your real estate transaction by doing the required research to make sure you are hiring a reliable, professional, contractor.

–Roxanne

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.

1)Why hasn’t my home sold?
We are going to assume your house is being marketed in all the advertising mediums available to your agent. I recommend starting with a current market analysis to see what homes have recently sold for in your neighborhood. When I say current, I mean within the last 2 months, not last summer when homes sales reached their peak in 2005. Your neighbor may have sold their home, which was identical to yours, and received multiple offers last spring/summer driving up the price. However, since the demand (number of buyers) has decreased, chances are you will not experience the same scenario.

You need to be competitive in your pricing. Take a look at what is currently available on the market in your area. If you need to sell, you will need to beat your competition’s price. That’s right, I said competition. If a buyer is interested in your neighborhood and there are multiple similar properties available all priced at say $299,000 and your home is one of them, or priced above them, you drastically reduce your odds of receiving an offer. Your best bet in this scenario is pricing below your competition. Create a price gap between you and the other similar homes so that you increase your chances of showings and receiving an offer.

2)What Market Shift?
There have been numerous articles and press releases published in regards to the market slow down. I’ve posted the 4th quarter sales data for this area which shows the drop in sales and the increased inventory. I highly recommend any home seller who has their home on the market, or soon to be placing their home on the market, to evaluate their area’s current market activity and the trend that is taking place. Statistics are available for each municipality. In some areas the slow down may not be as noticeable, especially those areas where the average sales price is well below $300,000. However, those areas that are close to the $300k mark, or going over it, the inventory accumulation has already moved to a balanced market, if not into what we consider a buyer’s market. In a buyer’s market we see the average number of days on the market increase, price reductions, and over priced homes just sitting. I highly recommend any home seller requesting the statistics for their area every thirty days so you can adjust your marketing or price accordingly. For those home sellers in South Jersey, the statistics are available after the 10th of the following month (usually).

3)I Know What Homes in my Neighborhood Have Been Selling For
As with any investment, there is no guarentee. If you have ever invested in stocks, bonds, mutual funds, etc. they all have a disclaimer that reads something like:

The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost.

There is no difference in real estate. The historical "norm" is not what we have experienced the past couple years with the double digit housing inflation. Depending on the area ,the "norm" could be 3%, 5%, or even 7% a year. However, the 12%, 18%, and 27% increases seen in some areas cannot and will not continue forever. Housing prices can and will stabalize, and in some areas will take a downturn if the demand for housing consitantly decreases and inventory consistantly increases.

I will reword the disclaimer so it applies to real estate:

The housing sales data shown represents past performance, which does not guarentee future results

Keep this in mind as you enter the real estate market in 2006.

4)My House is Better
You may think your home is better than it’s competition because of the various upgrades and amenities. However, a potential buyer may not have the same tastes in home decor, or place the same level of importance that you have on amenities within the home. So, a potential buyer may not be willing to spend $15,000 more on your property for upgrades they don’t care for or have a need for.

If the home sales in your neighborhood have slowed, keep your competition in mind. If a buyer realizes they "get more for the money" by purchasing your home instead of the home down the street for the same price, your chances increase for receiving an acceptable offer.

5)That Article Wasn’t Talking About My Town
While that may be true, if you intend to place your home on the market my advice is to stay on top of the sales trend in your area. If you place your home on the market over and above the current market values, there is a good chance your home will sit for a long period of time. The longer the property sits on the market, the more inclined potential buyers are to think there is something wrong with it. If the homes sales have slowed in your area, and price reductions are taking place, you need to be aware of the market activity and price your home accordingly.

6)This is Just a Seasonal Thing
As I have mentioned before, South Jersey experiences the seasonal decline September through February, and the seasonal incline March through August. So, yes, this time of year usually experiences a slow down in homes sales. But… all signs point to a much slower year in 2006 than what we experienced in 2005 and probably 2004 as well. That means sellers will need to be more competitive in their pricing, more negotiable in their terms, and to keep a careful eye on local market trends.

If you have any questions or concerns post a comment. I’d like to hear your thoughts.

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.

Now, I don’t know if the dog is supposed to be outside or not. But I’m guessing that he should be in the house before I leave. The Open House is over at 4:00 and it’s about 3:15. I decide that the potential buyers will have to fend for themselves in the house. The dog is sitting in the front yard. My heels sink into the mud as I slowly approach him. Another couple is leaving. They see the pregnant girl trying to coax the dog to come to her. They decide to help. The dog runs to the back of the house.

 

Now all the potential buyers can see what is happening. "Look at that poor pregnant agent trying to get that dog!" They come to help. We have all stepped in mud. I finally got a hold of the collar while the buyers cornered him. I get him into the garage and the dog is safe.

The house that is for sale, however, has slipped everybody’s mind. I try to re-focus. I ask the buyers if they have any questions. They just want me to rest. Did any of these potential buyers purchase that home? No. Would they if there was no dog fiasco? I have no idea.

The lesson learned is this… If you are trying to sell your house, remove all possible distractions. These buyers will forever remember the dog that got out of that house. Not the house.

Heather Downey
Howard Hanna Green Tree
412-919-6155 ext 226
412-418-HANA
www.WhatDidThatSellFor.com

Thank you Heather for your contribution! Anybody else have an open house horror story they’d like to share?

Before Showings Begin – Prepare Your Home

Prep Step 1: Clean!

Before you let a potential buyer step foot in your home, make sure the entire home has been cleaned from top to bottom. Everything in the home should be spotless, including appliances. All windows and skylights should be crystal clear. Be sure to clean vents and mirrors too. If you do not have time to do it yourself, hire a cleaning service.

Prep Step 2: Eliminate Odors

If you have pets or are a smoker, your home could have odors that you do not notice but a potential buyer would. Try to keep pets confined to an area that is not part of the main living areas. If you are a smoker, smoke outdoors and not in the home because the scent lingers. If it is possible that your carpets, furniture and curtains are retaining odors that may be offensive to others, be sure to have professional cleaners handle this as well. Offensive odors can be the cause of homes sitting on the market for a long period of time.

Prep Step 3: Remove Clutter

Pack away the table top items, ornaments, pictures and figurines. You want clean, clear surfaces for your kitchen counter tops, bathroom counter tops, and on your furniture. Depersonalize your home so a potential buyer can envision their belongings in each of the rooms, instead of spending time looking at the family photos. You also want to remove any furniture that may crowd a room. You want an open airy feeling in the home.

Prep Step 4: Evaluate the Condition

If your walls and carpets look dingy, stained, or outdated you want to freshen the appearance. Have the walls repainted and purchase new carpets. This is a relatively inexpensive way to give your home a face lift and is usually a big selling point for buyers.

Prep Step 5: Curb Appeal

Make sure your home looks appealing to the buyers as they pull up to your home. Make sure the lawn is mowed, hedges trimmed, and leaves are raked. Clean the gutters of debris. Buyers WILL notice the leaves and branches hanging out from your gutters. Freshen the exterior paint if there are areas where the paint is peeling or unsightly. You want your home to look inviting. Remember, a buyer’s first impression is a lasting one. If they do not like the appearance of the home as they pull up, they may never walk through the door.