The Gloucester County real estate market saw an increase of 27% in the number of homes sold for October 2013 compared to October 2012. For 2013, there were a total of 236 residential units sold, which is slightly down from September's total homes sold of 241 units. A slow down in sales is expected this time of year in this area, with the majority of homes usually selling in the spring and summer months.
This month's active inventory of 2090 units is down by 7% compared to October 2012. Compared to September 2013, the active listings are down by 1%.
The median sales price for Gloucester County saw a very slight increase from last year, with the median price at $183,750 for Oct. 2012 compared to $184,950 in Oct. 2013.
The days on market for residential listings average to 105 days this year as well as in Oct. 2012.
There were a total of 422 new listings coming onto the market in October which is 17% higher than the number of new listings in 2012. The number of homes under contract (which means the sale is pending) was 195, which is down 18% from last year which had 237 homes pending settlement.
A very nice improvement in months supply for Gloucester County over the last couple of years. In 2012, there was a 12 month supply of homes based on the rate homes were sold. In 2013, it was down to 8.9 months, a 26% decrease. In this area, the winter months tend to have less buyers which leads to homes sitting a bit longer and inventory accumulating, with more homes being sold in the spring and summer months.