Here is the Camden County Real Estate update through February 2008.
The market in Camden County looks very similar to what is happening in Burlington County. At the end of February, there were 4,945 homes for sale. This is almost a 9% increase from this time in 2007. 282 homes went under contract last month which is almost a 50% drop from '07 (554 homes). The homes that are selling are doing so in under 3 months on average, about 83 days. This isn't that much different from last year when it took 77 days for homes to sell.
How about prices? As I've said before, pricing in Camden County has remained rather stable. The median price for Feb '08 was $184,000. This is only slightly off from last year which was $187,000. Prices have dropped since the peak of the market, but as you can see over the past year prices aren't moving as much.
Bottom line, as a buyer you'll have plenty of homes to choose from, but don't expect to keep seeing large price reductions as we've seen in the past. If you're selling, obviously there is a lot of competition out there. You really need to make your home stand out from the rest and make sure you have a very aggressive marketing plan in place.
Any questions, please don't hesitate to contact me:
Ravi Shah, REALTOR®
South Jersey Real Estate Blog
Information based on Trend MLS through Feb 2008
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