I am continually asked the question... "So what is really happening in the Gloucester County Real Estate Market? Are Buyers buying homes, and are Sellers selling? Is it even worth trying to put my house up for sale right now?" The market is ever changing, and with the following information we can see what is going on now.

For Gloucester County, New Jersey residents the months of June, July and August of 2007 saw 1,983 homes listed for sale with 872 homes put under contract for sale. Of these, and prior homes that were put under contract, 1,019 settled with an average market time of 72 days. The average sold price was $253,444.

In June, July and August of 2006 Gloucester County had 1,865 homes listed for sale and 1,012 were put under contract to sell. Some of these as well as prior pended properties were sold to yield a total that settled during these months of 1,146 with an average market time of 58 days. The average sold price was $244,467.

The year to date number of homes sold in Gloucester County were 2,306 in 2007 and 2,548 in 2006.

It is clear from this information that the market is slower this year. With a higher number of homes being listed this year, but less going under contract it's obvious that the days on the market will be longer. This fall many market analysts expect that market to show steady growth, interest rates are expected to be reduced, and sellers have settled in a price range that gives them an equitable profit without making the buyers feel that the prices are still inflated. You can see that the average sales price has risen by more than 3%. This is showing a modest amount of appreciation for sellers and helping buyers to gain more confidence... follow my blog to see what happens.

Throughout New Jersey, 2007 is so far a more competitive year for sellers, and different strategies need to be considered and implemented to entice buyers to even consider your home over others that are also available. Also, more choices are out there, so buyers are taking a little longer to make a decision. For some strategies to help your home sell quickly in any market conditions feel free to contact me.

Diane Testa

Re/Max Affiliates

Office 856-589-4848

Cell 856-229-5533