Delran Living

Delran Real Estate Report

The following is some information in regards to the real estate market here in Delran.  The data is through 3rd quarter 2008 (September) for all residential homes.  This includes single family, condo's and townhomes.  

The chart below shows the median sold prices over the past two years by month.  While there have been ups and downs, overall, the median price has remained stable over time as shown by the trend line.  Over this time period the median price is around $275k.

  (click to enlarge) 

The folowing chart shows the amount of homes that have sold per month over the past two years.  Again, you'll see ups and downs based on the seasons and what has happend in the mortgage industry.  Overall the trend line is pointing down but there were higher then normal spikes this past summer.

(click to enlarge)

As of September, there were 157 homes for sale which is the lowest it's been since the spring market but is still pretty high for Delran.  We saw a peak of 178 in April which was the highest it's been in some time.  Homes that are selling do so in an average of 3 months.  Bottom line, for those trying to sell right now, pricing is key.  There are many homes out there for buyers to choose from, so pricing, marketing and condition are major points to focus on.  

If you want to learn more about real estate in South Jersey, please visit the South Jersey Real Estate Blog, or you can search homes for sale at South Jersey Homes. 

Data deemed reliable but not gauranteed.  Information from Prudential Fox & Roach AgentMetrics from 10/29/08

      

Delran Real Estate Market Update: Q1 2008

Delran Real Estate Market Update for Q1 2008

How is the real estate market here in Delran?  Well, after a relatively stable 2007, it looks like 2008 is off to a rocky start. 

Median Price (Single Family Homes)

For most of 2007, the median price of homes sold in Delran was relatively flat.  In fact we even saw a short upward trend around late summer of last year.  As you can see from the chart, the first quarter of 2008 looks like the market took a cliff dive.  What is interesting to see though is that the median price of homes for sale continues to increase.  I would have thought by now we would have seen asking prices level off, but looks like that is not the case. 

Supply & Demand (Single Family Homes)   

Looking at the supply and demand of homes in Delran will give you a little more insight into the price trends as well.  Generally, prices drop when supply is greater then demand.  Well, supply is much greater then demand right now!  By the end of March 2008, there were 109 homes for sale which appears to be the highest it's been in 2 years.  On the flip side, the demand is at an all time low as only 6 homes have sold the past two months (3 in Mar, 3 in Feb).  That's right - only 3 homes in each of the past two months.  In addition, only 8 homes went under contract in March.  How long is it taking for these homes to sell?  On average 3.5 to 4 months.

It's a Buyers Market

If you're trying to sell your home right now in Delran - it's going to come down to price and marketing.  With over a hundred homes for sale and only a handful selling each month, you really need to set yourself apart from the competition.  You need to price your home aggressively and make sure it gets the widest marketing exposure you can get it.  It's a buyers market out there - and potential buyers know it.

If you have any questions about the current real estate market...please don't hesitate to call or email

Ravi Shah, REALTOR^®
South Jersey Real Estate Blog
Prudential Fox & Roach
O: (856) 222-0077 x153
C: (609) 760-7852

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Information based on Prudential Fox & Roach AgentMetrics reports
Information deemed reliable but not guaranteed