Burlington County Real Estate Market Update YTD July 2008

Here’s your July Burlington County Real Estate market update. For July, listed units were down 171 units compared to July 2007, or a 18.3% decrease. Pended units for July were down 134, a 37.5% decrease. Sold units were down 138 compared to July 2007, a 33.7% decrease. This has led to a current inventory of 4315 units. Burlington County has been averaging 356 units sold per month which means there is currently 12 months worth of inventory in Burlington County. Year to date listed units are down 13.7%, pended units are down 28.4% and sold units are down 31.1% versus 2007.

Over the last 3 years the average number of units pended and sold in July was approximately 566 & 630 respectively. This July, there were 357 units pended and 409 sold. The average Days on Market for the year is 89. These numbers indicate a market that is adding inventory faster than it can be absorbed, as has been the trend since the start of this year. 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? It means that Burlington County is a market to watch closely. In other words, 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 7/2007-7/2008 numbers for listed, pended and sold units.

I’ve included a chart that shows the average list price and average sold price for Burlington County from 7/2007-7/2008. The average sold price is down 7.9% from July 2007 ($296,909) to July 2008 ($273,381).

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 may 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 8/15/2008.