After every quarter, we like to provide our clients and friends with a market recap, so that they’ll better be able to make informed decisions on their property. So today we’re breaking down all the facts and crunching all the numbers from the first quarter to show you the trends we see, and determine if it is a good time to buy or sell in the next quarter.
In Gloucester County this past quarter, we saw a selling boom, which looks like it very well may continue into the next quarter. The number of home sales in February saw a 77% increase as opposed to sales in January, and home sales in February were up 125% than what they were in 2015. The current sales price, as it stands, is 4% higher than it was a year ago, so more houses are being sold for more money. In addition, March saw a 16% decrease in the amount of foreclosures filed in Gloucester County, which is 18% less than what it was a year ago. For Gloucester County, it appears as though selling is on the upswing, a trend that you certainly can take advantage of heading into the next quarter.
In Salem County, however, it appears as though we see the opposite. The number of home sales in February were 13% lower than that in January, but it is 125% higher than it was a year ago. The market is head-over-heals better than a year ago, but not as strong as the beginning of the year. The median sales price for a home saw a decrease of 5% in February as opposed to what it was a year ago, and foreclosures in March had a 7% increase over the amount of foreclosures in February. Despite these numbers, the amount of foreclosures has decreased 31% in the county since the past year. Salem County may be the place to buy in the next quarter, so long as the current trends stay the course.
At the end of the quarter, it appears as though the market is more favorable towards sellers in Gloucester, and more favorable towards buyers in Salem. If you feel as though now is the time to buy or sell (in either county) feel free to give us a call, and we’ll set you up with one of our professional agents to get the job done.
That wraps up our quarterly review for Quarter 1, be sure to check back in July for our next quarterly review!