Home Market Trends: Burlington County, December 2017

Foreclosure sales continue at a high rate and were at 109 this month, 19% of all December sales. Non-foreclosure sales were up 6.3% from last December and foreclosures were up 31%. The median sold price was up 8.2% from last December. New Bank Owned listings in December were 141 new listings, down from 148 last month, and up from 125 last December.

Inventory decreased by 271 listings during December, and is 9.8% below last year's inventory. The Months Supply of Inventory dropped to 4.1 months8, and is down from 5.3 months a year ago. The number of new listings was unchanged from last December, new Bank Owned listings were down 7 from last December but remain at a high level.

Sales were 10.0% above last December and are up 15.1% year-to-date in 2017, but foreclosure sales, which were up 31% from last December and up 41% for 2017, accounted for much of the increase. The Property Marketing Period of December's sales was 47 days, down from 53 days last December.

The median sold price was up 8.2% compared to last December but is down 2.3% year-to-date. The median sold price of non-foreclosure sales was up 2.4% from last December and is at $220,000 year-to-date, the same as in 2016.

The sold price to original list price in December was at 95.4% and is 96.0% year-to-date. The sold price to list price ratio was at 97.9% up from 97.3% last December.