Cherry Hill Real Estate Market Update YTD June 2008

Here’s the Cherry Hill Real Estate market update for June 2008. Pended units for June were down 17 and Sold units were down 26 compared to June 2007; listed units were down 47 versus 2007. This has led to a current inventory of 635 units. Cherry Hill has been averaging 57 units sold per month which means there is currently 11 months worth of inventory in Cherry Hill. This matches the overall Camden County market, which has 11 months worth of inventory. Year to date listed units are down 192 (a 19.8% decrease), pended units are down 165 (a 44.5% decrease) and sold units are down 174 (a 52.9% decrease). See how this compares to the Camden County Market.

Over the last 3 years the average number of units pended and sold in June was approximately 95 & 124 respectively. This June, there were 57 units pended and 85 sold. The average Days on Market for the year in Cherry Hill is 82. These numbers indicate a market that is adding inventory faster than it can be absorbed. If you see real estate as a long term investment, now is a great time to buy or “move-up” because the numbers are working in your favor.

What does all this mean? If you are thinking of buying or selling right now it’s important that you seek the advice of a full time professional realtor who can best advise you as to how to take advantage of this market.

The chart below provides you with the 6/2007-6/2008 numbers for listed, pended and sold units.

Below is a chart that shows the average list price and average sold price for Cherry Hill from 6/2007-6/2008. The average sold price is flat from June 2007 ($285,113) to June 2008 ($285,562).

If you are thinking of selling or buying in the near future, please don't hesitate to contact me directly at 856-222-5829. Or you June always visit me on line for tons of useful tips and ideas at no cost or obligation to you. I look forward to helping you reach your Real Estate goals.

*Market statistics as of 7/14/2008.