March Real Estate Market Update

South Jersey March 2022 Real Estate Market Update

You will not believe this housing market news!

This is Scott Kompa from EXP realty with your first look at the real estate market numbers for March 2022.

First, let's take a look at Gloucester County.  From February 2021 to February  2022 the number of sales were down from 320 to 226

The average selling price went from 246000 to 275000 which is a 12% increase in year-over-year pricing.

Average Days on market dropped from 54 to 37 days. 

The listing price to sold price for February was 100%

In Gloucester county, fewer homes have sold, but the market is still a strong sellers market because of the small amount of homes for sale.

Now lets take a look at Salem County. In February 2021 to February 2022 the sales were about the same with 69 homes sold to 70 homes sold.

Average selling price went from 200000 to 225000 which is a 13% increase in a year.

Average Days on market went up from 41 to 54 days.

The listing price to sold price in February was 100%

In Salem county NJ the market is still a great sellers market, as homes are still selling.  The homes are finally being priced near the selling price of the homes. 

Now lets take a look at Camden County. In February 2021 to February 2022 the sales were down with 501 homes sold to 414 homes sold.

Average selling price went from 251000 to 277000 which is a 10% increase in a year.

Average Days on market stayed about the same from 32 to 31 days.

The listing price to sold price in February was 101%

Now lets take a look at Burlington County. In February 2021 to February 2022 the sales were down with 472 homes sold to 434 homes sold.

Average selling price went from 296000 to 334000 which is a 13% increase in a year.

Average Days on market went down from 39 to 31 days.

The listing price to sold price in February was 100%

 

For new activity in 2022, we are seeing more homes get listed for sale and the inventory levels are slowly rising.  There are still a lot of buyers looking for homes so it will take time to have a normal market. 

We are still experiencing bidding wars on homes if they are priced correctly.   Now, these aren’t the bidding wars of a few months ago.  Instead of 10 or more offers on each property, we are seeing on average between 4-5 offers on each listing for sale.  The sellers market is not quite over as we still have a strong market. Interest rates have jumped from 3% to around 4% and this is affecting the ability of the buyer to purchase homes.  So, If you are thinking of selling this is the time to take advantage of the market.  But, you have to remember to price your property at the right price. When you price it at the right price, people will fall in love with it and then bid higher to make sure they get the sales contract on it.   If you price it too high, you will not get any offers and you will help other homes sell as your home will sit on the market.

If you have any real estate questions on your particular township, or if you are interested in the value of your home…

You can call, text, email or visit my website at scottkompa.com

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