Market Trends: Burlington County, February 2018
For the first time in over 4 years, foreclosure sales declined on a year over year basis but were still 28% of all February sales. Non-foreclosure sales were up 8% from last February and foreclosures were down 3.3%. The median sold price was up 8.3% from last February. New Bank Owned listings in February were 120 new listings, up from 119 last month, and up from 113 last February.
Inventory increased by 70 listings during February, and is 13.0% below last year's inventory. The Months Supply of Inventory increased to 4.1 months, and is down from 4.8 months a year ago. The number of new listings were up 4% from last February, new Bank Owned listings were up 7 from last February and remain at a high level.
Sales were 4.3% above last February and are up 8.2% year-to-date in 2018, but foreclosure sales, which were down 3.3% from last February but are up 20% for 2018, accounted for much of the increase. The Property Marketing Period of February's sales was 56 days, down from 69 days last February.
The median sold price was up 8.3% compared to last February and is up 3.2% year-to-date. The median sold price of non-foreclosure sales was up 13.7% from last February and is at $210,000 year-to-date compared to $200,000 last year.
The sold price to original list price in February was at 96.1% and is 95.6% year-to-date. The sold price to list price ratio was at 97.7% up from 97.4% last February.
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