Home Market Trends: Burlington County, October 2017

Since February foreclosure sales have been between 110 and 131 each month and were 19% of all October sales. Non-foreclosure sales were up 23% from last October and foreclosures were up 66%. The median sold price was up 0.9% from last October. New Bank Owned listings in October were 118 new listings, up from 109 last month, and up 98 from last October.

Inventory

Inventory decreased by 114 listings during October, and is 7.1% below last year's inventory. The Months Supply of Inventory dropped to 4.9 months, and is down from 5.9 months a year ago. The number of new listings was up by 66 listings from last October, but new Bank Owned listings were up 11 from last October so foreclosure sales will continue to have an impact on the Burlington housing market for the foreseeable future.

Settled Listings

Sales were 28.3% above last October and are up 14.4% year-to-date in 2017, but foreclosure sales, which were up 66% from last October, accounted for much of the increase. The Property Marketing Period of October's sales was 43 days, down from 67 days last October.

Median Price

The median sold price was up 0.9% compared to last October but is down 2.5% year-to-date. The median sold price of non-foreclosure sales was up 1% from last October and is at $222,500 year-to-date, up from $222,000 in 2016.

Settled Price / Original Price

The sold price to original list price in October was at 96.3% and is 96.1% year-to-date. The sold price to list price ratio was at 98.3% up from 97.6% last October.

Average Showing Appointments Per Listing by Price Range

Due to systems issues with ShowingTime all appointments in October were down from the previous year and month.