Market Trends: Gloucester County, January 2018

Sales were up 8.3% compared to January 2017 and prices were up 2.3% compared to last January. Foreclosure sales were 34% of January's sales, up from 29% in January 2017.

Gloucester had a 1.8% decrease in the number of homes for sale during January and is slightly above the 2017 level compared to an 13% shortfall throughout the region. The Months Supply of Inventory is at 5.3 months, down from 6.0 months a year ago.

Sales were up 8.3% compared to last January, but foreclosure sales were up 26% from January 2017 and comprised 34% of all sales in January. Normal sales were up 1.7% from January 2017. The Property Marketing Period was 61 days, down from 64 last January.

The median sold price in January was up 2.3% from last January. When the foreclosure sales are removed, the non-foreclosure sales had a median sales price of $201,000 compared $190,000 last January, a 5.8% increase.

The sold price to original list price ratio of 94.5% was within the normal range of 93-95%. In January the sold price to list price ratio was at 97.6% compared to 97.0% last year.