The following information on the housing inventory in Burlington County will go over the current number of homes on the market, including the inventory accumulation figures, and then a breakdown by price range. All figures were obtained from Trend MLS this morning.
Burlington County Real Estate Listings and Monthly Sales Activity:
Number of active listings within Burlington County: 3793
Average number of homes sold per month (12 month average): 412
Inventory Accumulation: 9 months
Homes listed up to $200,000
Number of active listings: 885
Average number of homes sold per month (12 month average): 136
Inventory Accumulation: 6 months
Homes listed between $201,000 - $300,000
Number of active listings: 1,293
Average number of homes sold per month (12 month average): 148
Inventory Accumulation: 8 months
Homes listed between $301,000 - $400,000
Number of current active listings: 708
Average number of homes sold per month (12 month average): 65
Inventory Accumulation: 10 months
Homes listed between $401,000 - $500,000
Number of active listings: 351
Average number of homes sold per month (12 month average): 34
Inventory Accumulation: 19 months
Homes listed between $501,000 - $600,000
Number of active listings: 201
Average number of homes sold per month (12 month average): 14
Inventory Accumulation: 14 months
Homes listed between $601,000 - $700,000
Number of active listings: 107
Average number of homes sold per month (12 month average): 9
Inventory Accumulation: 11 months
Homes listed between $701,000 - $800,000
Number of active listings: 85
Average number of homes sold per month (12 month average): 4
Inventory Accumulation: 21 months
Homes listed between $801,000 - $900,000
Number of active listings: 40
Average number of homes sold per month (12 month average): 2
Inventory Accumulation: 20 months
Homes listed between $901,000 - $1,000,000
Number of active listings: 42
Average number of homes sold per month (12 month average): 2
Inventory Accumulation: 21 months
Homes listed between $1 Million - $1.5 Million
Number of active listings: 57
Average number of homes sold per month (12 month average): 2
Inventory Accumulation: 28 months
Homes listed between $1.5 Million - $2 Million
Number of active listings: 13
Average number of homes sold per month (12 month average): 1
Inventory Accumulation: 13 months
*Information deemed reliable but not guarenteed, subject to errors and omissions.
**Inventory Accumulation = The number of months it will take to sell the current housing inventory. (Current Inventory Units / Average Monthly Sales )
As you can see from the figures posted above, the higher the priced home the slower the sales and the greater amount of time it will take to find a buyer for your property. Homes priced up to $300,000 have had the most buyer activity over the past year. A significant difference is seen in buying activity between the $300K and under market vs the $301k and above. Home sellers above $300K and in the upper ranges must have extremely competitive pricing and must be willing to negotiate with buyers in order to get their home sold.
Home buyers in today's market, regardless of price range, are looking for the "best bang for the buck". Home buyers have the advantage in this market as there are plenty of properties to choose from. If you are a home seller and are unwilling to be competitive and negotiable in price or in terms, you can expect your home to sit with very little activity, if any.