The 2nd quarter is almost over so it got me to wondering about how things are going around here. I’ll give you the full quarterly update early in July but here are the numbers from 1/1/18-6/13/18:
Since the first day of the new year:
-805 properties have been listed
-444 received offers and went under contract
-371 have closed
-the average sold price in the county yr-to-date has been $120,129
-there has been an average of 65 settlements per month
-there remains a 10 month inventory of residential homes
The lowest sale?
–394 N Hook Road in Pennsville, a 2 Bedroom home with living room, dining room, kitchen & front porch. Detached garage. Situated on a bit over 3/4 acres, sold for $6,700, only 53 days-on-market
–79 Jericho Road in Quinton, a great old farmhouse situated on 187.62 of rolling countryside in rural Salem County. Out buildings for hay storage, livestock, equipment. Updated farmhouse with newer windows, heat, septic & well. Some fenced pasture, ponds, and plenty of room to roam. Farm preserved with a 3 acre severable lot. Sold for $550,000, 148 days-on-market
So, what does this all mean?
Quite simply — progress……the statistics have improved!
Is it now a Seller’s Market???
“A Seller’s Market is one where the demand from buyers exceeds the supply of homes for sale. Pricing trends higher and is more attractive for sellers. The opposite of a seller’s market is a buyer’s market, where the inventory of homes for sale exceeds the demand from buyers and prices trend downwards.
A seller’s market is usually determined by the absorption rate of homes in a particular area. When the absorption rate is higher than 20%, homes are selling quickly and months of supply is low, favoring home sellers.”
(definition from Findwell.com)
So, yes……the days-on-market are definitely shorter — statistically — however there is still 10 months of inventory in Salem County at this time. The average sold prices have not stabilized and certainly have not begun to increase. In my humble opinion, it IS still a buyer’s market but not to the extent that we have experienced in the past. It is shifting into a more favorable time for sellers, after a very, very long and difficult market.
My advice to buyers is this: Do not delay in making an offer on a property that you like. We are experiencing multiple bids and shorter marketing times. Do not be complacent in your home search. Negotiate fairly.
My advice to sellers is this: Price fairly, do the best that you can to repair broken items, declutter, clean & spruce up. Negotiate fairly.
Everything will work out. 🙂
If you’re wondering about your property and how it would fit into today’s market, don’t hesitate to call, text, email or send a message through Facebook. I or someone on my team will be here to help! 856-628-2710 or firstname.lastname@example.org