Ravi Shah

Delran Real Estate Report for Year End 2007

2007 surely was an interesting year in Delran. While we saw prices drop in certain areas of town, for the most part, home prices in Delran remained rather stable. In fact, if you look at the average price for the entire year, it actually moved up! That's right, I said up. In 2006 the average price was about $282k compared to $288k in 2007. This just goes to show that Real Estate truly is local and a broad statement of "prices are dropping" may not always be true.

Even though prices remained stable, the amount of people out there buying sure did drop. We saw a decrease of about 30% in the number of homes sold this past year. In 2007, 159 homes sold compared to 228 homes in 2006. With a decrease in the amount of buyers, homes were also on the market longer, but not by much. Homes that did sell in 2007 sold in an average of 75 days, about 2 1/2 months. This is compared to 58 days in 2006, just under 2 months.

What will 2008 bring? Only time will tell. Interest rates are very low right now, so for those who qualify, loans are a little more affordable then last year. I'm curious if prices will remain stable in Delran or will we see more homeowners drop prices to make their home stand out from the competition. I believe one of the reasons home prices have remained stable is because Delran has gained in popularity with potential home buyers. When compared to area towns like Moorestown, Mt. Laurel & Marlton, home prices in Delran are much more attractive.

Thinking of buying or selling? Not sure if now is the right time for you? Please contact me, a REALTOR® who lives in town, and let's discuss your goals and work out a plan to meet your needs. You can also learn a little more about Delran at South Jersey Real Estate Blog.

Ravi Shah, REALTOR^®
South Jersey Real Estate Blog : Delran Real Estate
Prudential Fox & Roach
O: (856) 222-0077 x153
C: (609) 760-7852

Based on information from Trend MLS for 1/1/07 to 12/31/07

Welcome to my video tour of The Lakes at Larchmont.  The Lakes is a condo & townhome community located in Mount Laurel, NJ.
Built around 1987, The Lakes is home to about 440 condo's and 350 townhomes.  Please click below to view the tour. 

To learn more about The Lakes at Larchmont, please visit my post on South Jersey Real Estate Blog

Ravi Shah, REALTOR^®
South Jersey Real Estate Blog
Prudential Fox & Roach
O: (856) 222-0077 x153
C: (609) 760-7852

Here is a quick tour of the Summerhill development, located in Delran NJ.  
This provides a high level overview of what the develoment looks like and what the general style of the homes are like. 

To learn more about Summerhill, please visit my post on South Jersey Real Estate Blog