Gloucester Twp NJ Housing Market Stats
4/24/23 - 4/30/23
As the month of April came to a close, it's time to take a look at how the Gloucester Township NJ real estate market performed this past week compared to the same time period in the previous year. In this article, we will examine various metrics such as sold dollar volume, new listings, active list price, units sold, and average days on the market to gain insight into the state of the market.
Sold Dollar Volume
One of the key indicators of the health of the real estate market is the sold dollar volume. For the week of April 24-30, 2023, the sold dollar volume was $4,699,000. In comparison, during the same time period in 2022, the sold dollar volume was $5,169,622. This represents a decrease of approximately 9% in sold dollar volume from last year.
New Listings in Gloucester Township NJ
Another important metric to look at is the number of new listings that came on the market during this time period. In the present time period, there were 13 new listings. This number is not directly comparable to last year's as we don't have the exact number of new listings for that week, but we can see how it compares to the current week.
Active List Price
The average active list price for the week of April 24-30, 2023, was $348,338. This is a decrease of approximately 3% from the average active list price during the same time period in 2022. This could be an indication of a more competitive market as sellers are adjusting their prices to attract buyers.
The number of units sold is another important metric that gives us insight into the state of the market. During this week in 2023, 14 units were sold. In comparison, during the same week in 2022, 18 units were sold. This represents a decrease of approximately 22% in the number of units sold from last year.
Average Days on Market
Finally, let's look at the average days on the market, which is the amount of time it takes for a property to sell from the day it is listed until the day it goes under contract. The average days on the market for this time period in 2023 was 20 days. This is a significant increase from the average days on the market during the same time period in 2022, which was only 10 days.
In conclusion, the week of April 24-30, 2023, was a slower week in the real estate market compared to the same time period in 2022. Sold dollar volume decreased by 9%, and the number of units sold decreased by 22%. However, the average active list price decreased by only 3%, indicating that the market is still relatively stable. Additionally, the average days on the market increased significantly from 10 days to 20 days, which could be an indication of a more balanced market where buyers have more options and time to make decisions.
FAQs in Gloucester Twp NJ
1. What is sold dollar volume?
Sold dollar volume refers to the total dollar amount of all properties sold during a specific time period.
2. Why is the number of new listings important?
The number of new listings can give us insight into the level of activity in the real estate market and the number of properties available for sale.
3. What is the active list price?
The active list price is the current asking price for a property that is currently listed for sale.
4. Why is the average days on market important?
The average days on market can give us insight into how quickly properties are selling and how competitive the market is.
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