Market Trends: Gloucester County, May 2018

Sales were up 6.8% compared to May 2017 and are up 7.6% year-to-date. Prices were flat compared to last May but are up 0.9% year-to-date. Foreclosure sales were 21% of May's sales, up from 20% in May 2017.

The number of homes for sale during May decreased by 1.1% and is 7.6% below the 2017 level compared to a 12% shortfall throughout the region. The Months Supply of Inventory is at 5.2 months, down from 5.8 months a year ago.

Sales were up 6.8% compared to last May and are up 7.6% year-to-date. Foreclosure sales were up 15% from May 2017 and comprised 21% of all sales in May while normal sales were up 5.0% from May 2017. The Property Marketing Period was 37 days, down from 42 last May.

The median sold price in May was the same as last May and is up 0.9% year-to-date. When the foreclosure sales are removed, the non-foreclosure sales had a median sales price of $195,000 compared $195,375 last May, a 0.2% decrease.

The sold price to original list price ratio of 96.6% was above the normal range of 93-95%. In May the sold price to list price ratio was at 98.7% compared to 98.2% last year.