The nation wide real estate market slow down did have an impact on Burlington County along with most other counties we service in South Jersey. In 2007, Burlington County experienced a decline in number of residential properties sold, an increase in days on market, and a decline in median sales price compared to 2006.
2007 Real Estate Market Activity as per TrendMLS:
Number of Properties Sold: 5,427
Median Sold Price: $240,000
Median Days on Market: 59
Average Sold Price received from Original Listing Price: 94.37%
2006 Real Estate Market Activity as per TrendMLS:
Number of Properties Sold: 6,417
Median Sold Price: $242,500
Median Days on Market: 45
Average Sold Price received from Original Listing Price: 96.07%
2007 vs 2006 Burlington County Single Family and Condo Sales Breakdown:
2007 Single Family Sales:
- Number of Units Sold: 4477
- Median Sold Price: $261,500
- Average Sold Price received from Original Listing Price: 94%
2006 Single Family Sales:
- Number of Units Sold: 5329
- Median Sold Price: $260,000
- Average Sold Price received from Original Listing Price: 95%
2007 Condominium Sales:
- Number of Units Sold: 953
- Median Sold Price: $178,000
- Average Sold Price received from Original Listing Price: 95%
2006 Condominium Sales:
- Number of Units Sold: 1088
- Median Sold Price: $185,000
- Average Sold Price received from Original Listing Price: 97%
*All information obtained from Trend MLS and deemed reliable but not guaranteed.
In the year over year comparison for Burlington County real estate sales, both single family homes and condos experienced a decline in number of units sold. Condo sales, however, were impacted negatively in median sales price as opposed to the slight increase for single family homes.
For additional information and housing market comparisons to prior years, visit my Burlington County housing market report.