Home Market Trends: Gloucester County, October 2017

Sales were up 18.9% compared to October 2016 and are up 15.6% year-to-date. Prices were down 0.3% compared to last October. Foreclosure sales were 19.6% of October's sales, down from 22% in September and 21% in October 2016.

Inventory

Gloucester had a 2.8% decrease in the number of homes for sale during October and is just 3.7% below the 2016 level compared to an 11% shortfall throughout the region. The Months Supply of Inventory is at 5.9 months, down from 6.9 months a year ago.

Settled Listings

Sales were up 18.9% compared to last October and are up 15.6% year-to-date. Foreclosure sales were up 12% from October 2016 and comprised 19.6% of all sales in October and normal sales were up 20.4% from October 2016. The Property Marketing Period was 56 days, down from 76 last October.

Median Price

The median sold price in October was down 0.3% from last October and is down 4.9% year-to-date. When the foreclosure sales are removed, the non-foreclosure sales had a median sales price of $185,000 compared $190,000 last October, a 2.6% decrease.

Settled Price / Original Price

The sold price to original list price ratio of 96.3% was slightly above the normal range of 93-95%. In October the sold price to list price ratio was at 98.0% compared to 98.1% last year.

Average Showing Appointments Per Listing by Price Range

Due to systems issues with ShowingTime all appointments in October were down from the previous year and month.