What happened to the spring bounce?
This area's annual selling peaks hit during the spring months. Usually there is a noticeable increase in settled units between January and June. While there is a bit of an uptick in buyer activity and pending sales, the number of actual settled units per month is staying pretty flat so far in Burlington County. Looking at the past couple of months there seems to be a pretty large disconnect in pending sales (homes going under contract) and settled units. While the pending contracts did follow a seasonal rise, albeit much lower than most other years, the settled units haven't increased in kind. June typically had the highest number of settled units of any month during a year, with the exception of in 2009 where the settlements tended to occur almost equally June through August. We aren't showing much of an increase in settle units through May 2011, so we will have to see how the summer months play out. Hopefully for the home sellers, the settlements are delayed and not falling through.
Burlington County Pending Sales
Burlington County Settled Units
Burlington County Housing Market Statistics
There are currently 4,416 active residential listings in Burlington County. The last 12 month sales average has been 254 units sold per month. As of this morning Burlington County has an inventory accumulation of 17 months. The average sales price for Burlington County homes over the 12 months is $249,586.
The home sales pace and number of homes on the market will continue to make it challenging for many to get their homes sold. In many communities there is a very large disconnect between the price homes are selling for and many asking prices. If you own a home and need to sell it, be competitive with recent sales. It doesn't matter what your neighbors are "asking" for their homes in the Burlington County real estate market. What does matter, is the price are the homes are actually selling for. Buyers coming in to the market today are very well aware of comparable sales in the area. Setting your price too high will only hinder your chances of selling in an already challenging market.