Home Market Trends: Burlington County, November 2017

Foreclosure sales dropped to 107 this month but were still 19% of all November sales. Non-foreclosure sales were up 16% from last November and foreclosures were up 47%. The median sold price was down 0.3% from last November. New Bank Owned listings in November were 147 new listings, up from 118 last month, and up from 127 last November.

Inventory decreased by 131 listings during November, and is 8.2% below last year's inventory. The Months Supply of Inventory dropped to 4.6 months, and is down from 5.7 months a year ago. The number of new listings was up by 64 listings from last November, but new Bank Owned listings were up 29 from last November so foreclosure sales will continue to have an impact on the Burlington housing market for the foreseeable future.

Sales were 18.6% above last November and are up 15.1% year-to-date in 2017, but foreclosure sales, which were up 47% from last November, accounted for much of the increase. The Property Marketing Period of November's sales was 42 days, down from 67 days last November.

The median sold price was down 0.3% compared to last November and is down 4.0% year-to-date. The median sold price of non-foreclosure sales was up 5.5% from last November and is at $220,000 year-to-date, the same as in 2016.

The sold price to original list price in November was at 95.7% and is 96.1% year-to-date. The sold price to list price ratio was at 97.9% up from 97.7% last November.

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