Camden County Quick Market Stats
In March there were 3745 homes for sale in the county. March of last year we had 3784 homes for sale in the county. This means that the amount of months it will take to sell off these homes, without adding more homes to the market, is approximately 11.5 months, whereas in March 2009 it was 12 months to sell all of the homes.
In March 2010, 309 homes were sold for a mdeian price of $180,000; which was 90.6% of the asking list price. Same month in 2009 there were only 256 homes that were sold for a median price $166,000; which was only 88.7% of the asking list price. Year-To-Date figures for 2010 ending in March showed a total of 692 homes sold for a median price of $173,000 that was 89.54% of the homes’ median asking price Year-To-Date for 2009 ending in March showed only 660 homes sold for a median price of $168,000 and was only 88.44% of the homes’ mdeian asking price.
This shows that now is a good time to look to sell your home. Buyers are getting past the memory of having overpaid in the last few years and are not forcing prices down too much to counter those previous years. The current inventory of homes (is a calculation of total number of homes on the market divided by the average number of homes sold per month) is decreasing and the excess inventory is being sold off, as shown by the higher numbers of homes that were sold this year versus last year.
And the interest rates are not out of reach for the average first time home buyer. Remember, the key factor for anyone that is looking to buy a homes is the price of money (interest rate) as opposed to the price of the home. As important as the price of the home may be to a home buyer, more important to them should be the price of money. The price of the home is what they will pay one time…the price of money is what they will be paying each month with their mortgage payment.
© 2009 Freddie Mac. Averages are for conforming mortgages with 20% down.
Loan Type Avg. Rate Fees & Points Margin
30YR FRM 5.03% 0.7 N/A
15YR FRM 4.40% 0.6 N/A
5YR ARM 4.11% 0.7 2.73
1YR ARM 4.09% 0.5 2.71
If you want to find out if this is the right time to sell you homes, give me a call to scheduel a no cost, no obligation Comparative Market Analysis or go to http://www.sellmysnjhome.com and complete the form.
Terry Iwaniw | Create Your Badge
Stumble It!