Well, the 3rd quarter is in the books. So how is the real estate market doing right now in Burlington County? Below is a couple of charts that should summarize all the available data.
First is the median price over the past two years.
Compared to 2006, prices have dropped about 10%. Compared to 2007, prices are down about 6%.
The next graph shows the amount of homes sold over the past two years. As many are aware, we are way off from two years ago in 2006. However, when you compare 2007 to 2008, sales are only down 5.5% for September which isn't too bad after the 21% drop from 2006 to 2007. You have to believe that this is a good sign considering how bad you hear about the market nationally.
So overall prices and home sales have continued to drop, but at a much slower rate then what we've seen in the past. Also, compared to national news, Burlington County is fairing much better. This continues to be a buyers market as interest rates continue to stay at low levels.
Data deemed reliable but not gauranteed. Information from Prudential Fox & Roach AgentMetrics from 10/13/08
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