Market Trends: Burlington County, March 2018

Foreclosure sales were up 12% on a year over year basis and were 22% of all March sales. Non-foreclosure sales were about the same as last March. The median sold price was up 6.2% from last March. New Bank Owned listings in March were at 136, down 7.5% from last March, but still at a high level.

Inventory decreased by 43 listings during March, a month when inventory typically increases, and is 16.5% below last year's inventory. The Months Supply of Inventory decreased to 4.1 months, and is down from 4.9 months a year ago. The number of new listings were down 14% from last March, with new Bank Owned listings down 7.5% from last March.

Sales were 2.0% above last March and are up 6.8% year-to-date in 2018, but foreclosure sales, which were up 12% from last March and are up 19% for 2018, accounted for much of the increase. The Property Marketing Period of March's sales was 45 days, down from 60 days last March.

The median sold price was up 6.2% compared to last March and is up 2.5% year-to-date. The median sold price of non-foreclosure sales was up 3.4% from last March and is at $213,125 year-to-date compared to $206,000 last year.

The sold price to original list price in March was at 96.6% and is 96.1% year-to-date. The sold price to list price ratio was at 98.1% up from 97.5% last March.

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