Home Market Trends: Gloucester County, November 2017

Sales were up 17.4% compared to November 2016 and are up 16.0% year-to-date. Prices were down 2.9% compared to last November. Foreclosure sales were 22.3% of November's sales, up from 19.1% in November 2016.

Gloucester had a 2.5% decrease in the number of homes for sale during November and is just 4.7% below the 2016 level compared to an 12% shortfall throughout the region. The Months Supply of Inventory is at 5.7 months, down from 6.8 months a year ago.

Sales were up 17.4% compared to last November and are up 16.0% year-to-date. Foreclosure sales were up 37% from November 2016 and comprised 22.3% of all sales in November and normal sales were up 15.7% from November 2016. The Property Marketing Period was 54 days, down from 67 last November.

The median sold price in November was down 2.9% from last November and is down 4.8% year-to-date. When the foreclosure sales are removed, the non-foreclosure sales had a median sales price of $204,000 compared $199,500 last November, a 2.3% increase.

The sold price to original list price ratio of 94.9% was within the normal range of 93-95%. In November the sold price to list price ratio was at 98.0% compared to 98.3% last year.

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