I received a phone call yesterday from someone inquiring about the real estate market in Moorestown, NJ. One of the questions that was asked was if I had historical data on pricing and my response was...of course! Those that know me, know that I like to play with numbers! Now I had to go to a couple of different sources but I was able to pull together data from 2004. I decided to put this up as a post as I'm sure other people may have the same question.
So here goes...(John, I hope this is the data you were looking for)
| 2004 | 2005 | % Delta | 2006 | % Delta | 2007 | % Delta | |
| Average Price | 484,426 | 539,784 | 11.4% | 568,028 | 5.2% | 546,390 | -3.8% |
| Y/E Median Price | 377,475 | 467,500 | 23.8% | 485,000 | 3.7% | 477,500 | -1.5% |
| Homes Sold | 296 | 305 | 3.0% | 221 | -27.5% | 237 | 7.2% |
| Average DOM | 60 | 66 | 10.0% | 74 | 12.1% | 90 | 21.6% |
For those who may not be familiar with some of the terminology:
The average price is the sum of prices of all homes sold in a certain area in a certain period, divided by the number of properties sold in the same area in that period.
The median price is the threshold which divides the market into two equal halves, in reference to pricing. One half of all homes in the market were sold at a price above the median home price, while the other half were sold below that price.
Average DOM refers to days on market. This is the amount of days that the homes that sold were active on the market.
I'm sure different people who look at this data could interpret it 100 different ways, so please look it over and if you want to discuss it further, please don't hesitate to contact me:
Ravi Shah, REALTOR®
South Jersey Real Estate Blog
Prudential Fox & Roach
O: (856) 222-0077 x153
C: (609) 760-7852
Average Price, Homes Sold & DOM based on Trend MLS on 3/14/08
Median Price based on Prudential Fox & Roach HomeExpert Report
Information Deemed Reliable but Not Guaranteed
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