Market Trends: Gloucester County, March 2018
Sales were down 1.4% compared to March 2017 but are up 6.2% YTD. Prices were down 2.8% compared to last March. Foreclosure sales were 24% of March's sales, up from 21% in March 2017.
Gloucester didn't change the number of homes for sale during March and is slightly below the 2017 level compared to a 15% shortfall throughout the region. The Months Supply of Inventory is at 5.3 months, down from 5.5 months a year ago.
Sales were down 1.4% compared to last March but are up 6.2% year-to-date. Foreclosure sales were up 14% from March 2017 and comprised 24% of all sales in March while normal sales were down 8% from March 2017. The Property Marketing Period was 56 days, down from 72 last March.
The median sold price in March was down 2.8% from last March but is up 0.6% year-to-date. When the foreclosure sales are removed, the non-foreclosure sales had a median sales price of $195,800 compared $199,000 last March, an 1.6% decrease.
The sold price to original list price ratio of 95.6% was above the normal range of 93-95%. In March the sold price to list price ratio was at 98.3% compared to 98.1% last year.