Jan. 6, 2025

Gloucester Township NJ Real Estate: Comparison and Review | 2023-2024

  Gloucester Township NJ Home 

Gloucester Township NJ Real Estate Market Review: 2023 vs. 2024

From Dave Sulvetta, eXp Realty – Local Knowledge, Proven Results

Are you curious about how the real estate market in Gloucester Township, NJ, performed in 2024 compared to 2023? Here’s a breakdown of the numbers that matter most for buyers and sellers.

Market Highlights

  1.  Number of Properties Sold:

    • 2023: 685 homes closed.
    • 2024: 721 homes closed.
    • That’s an increase of 36 homes sold, showcasing a more active market in 2024. 💥

  2. Average Sold Price:

    • 2023: $300,520
    • 2024: $338,576
    • This represents a significant 12.6% increase🚀  in property values, making 2024 an excellent year for sellers to maximize their returns.  💵

  3. Original Listing Price Growth:  📈

    • 2023: $291,989
    • 2024: $334,213
    • A 14.4% rise in original listing prices shows increased seller confidence and stronger demand in the market.

  4. Days on Market (DOM):

    • 2023: 29.5 days
    • 2024: 30.1 days
    • Homes took slightly longer to sell in 2024, reflecting a balanced pace for buyers and sellers.

  5. Expired Listings: Gloucester Twp NJ is in demand! 👍

    • 2023: 117 homes expired without selling.
    • 2024: 97 homes expired, which means 20 fewer homes went unsold, a promising trend for sellers.

  6. Distressed Properties:

    • 2023: 29 distressed or bank-owned properties.
    • 2024: 18 distressed properties.
    • This decline of 11 fewer distressed sales indicates a healthier local market.

  7. Financing Trends:

    • Conventional loans dominated in 2024, with 42 more homes purchased using conventional financing compared to other payment methods.

  8. Senior Community Sales:

    • 2023: 18 homes sold in senior communities.
    • 2024: 16 homes sold.

  9. Types of Homes Sold in 2024:

    • Detached Homes: 499
    • Townhomes: 178
    • Twins: 12
    • Condos: 24
    • Other/Manufactured Homes: 10

What This Means for Buyers and Sellers

For sellers, 2024 was an exceptional year to capitalize on higher property values and fewer expired listings. Buyers faced a competitive market with rising prices but could still take advantage of conventional financing options.

Gloucester Township’s real estate market is thriving and balanced, with strong demand for detached homes and a steady decline in distressed sales, reflecting overall market health.

Thinking about buying or selling in Gloucester Township, NJ? I’m Dave Sulvetta, your local real estate expert. Let’s connect to discuss how these market trends impact your goals!

📞 Call me today!
🌐 Visit my website for more insights!

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Dec. 30, 2024

Gloucester Twp NJ Real Estate 12/22-12/28

Weekly Market Update Gloucester Township NJ Real Estate 🌟 (Dec 22 - Dec 28, 2024)

🎯 Gloucester Township Real Estate Snapshot

  • Active Listings: 65 homes are currently on the market, with an average price of $363,701.
    💰 Total Market Value: $23,640,571.

  • Under Contract: 2 homes are pending sale with an average price of $275,000.

  • Coming Soon: 4 new properties were added to the "Coming Soon" category last week. 🚀

  • Pending Sales: 1 home is pending with an average price of $199,000.

  • Closed Sales:

    • 9 homes sold this week at an average price of $343,322.
    • 💸 Combined Sales Value: $3,089,897.
    • 📐 Average Price Per Sq Ft: $177.56.
    • 🕒 Days on Market (DOM): Just 16.7 days—a festive pace! 🎄
    • 📉 Sellers received 0.41% below asking price on average.

  • Expired Listings: 1 home expired without selling.

  • Bank-Owned Sales: 1 bank-owned property closed last week.

🎯 Financing Trends:

  • 5 homes financed with conventional mortgages.
  • 3 FHA-backed purchases.
  • 1 cash buyer transaction. 💵

🏠 Property Features:

  • 5 homes had basements—a key feature for storage or extra space enthusiasts.
  • 6 homes boasted garages—a must-have for New Jersey winters.

🚫 New Construction: No newly built homes sold this week.

Key Takeaways 💡

📈 The market remains active as 2024 wraps up, with quick sales and competitive pricing. The average DOM at just 16.7 days shows strong buyer demand. While prices slightly dipped below asking, the Gloucester Township NJ real estate market is holding steady.

🌟 Pro Tip: If you're a seller, consider the fast-moving pace of the market. Buyers—be prepared to act quickly, especially for homes with basements or garages!

🎯 Gloucester Township Real Estate Snapshot

  • Active Listings: 65 homes are currently on the market, with an average price of $363,701.
    💰 Total Market Value: $23,640,571.

  • Under Contract: 2 homes are pending sale with an average price of $275,000.

  • Coming Soon: 4 new properties were added to the "Coming Soon" category last week. 🚀

  • Pending Sales: 1 home is pending with an average price of $199,000.

  • Closed Sales:

    • 9 homes sold this week at an average price of $343,322.
    • 💸 Combined Sales Value: $3,089,897.
    • 📐 Average Price Per Sq Ft: $177.56.
    • 🕒 Days on Market (DOM): Just 16.7 days—a festive pace! 🎄
    • 📉 Sellers received 0.41% below asking price on average.

  • Expired Listings: 1 home expired without selling.

  • Bank-Owned Sales: 1 bank-owned property closed last week.

🎯 Financing Trends:

  • 5 homes financed with conventional mortgages.
  • 3 FHA-backed purchases.
  • 1 cash buyer transaction. 💵

🏠 Property Features:

  • 5 homes had basements—a key feature for storage or extra space enthusiasts.
  • 6 homes boasted garages—a must-have for New Jersey winters.

🚫 New Construction: No newly built homes sold this week.

Key Takeaways 💡

📈 The market remains active as 2024 wraps up, with quick sales and competitive pricing. The average DOM at just 16.7 days shows strong buyer demand. While prices slightly dipped below asking, the Gloucester Township NJ real estate market is holding steady.

🌟 Pro Tip: If you're a seller, consider the fast-moving pace of the market. Buyers—be prepared to act quickly, especially for homes with basements or garages!

Contact Dave Sulvetta ☎️ 856.889.8163

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Dec. 17, 2024

Gloucester Township NJ Real Estate Dec 8-14 2024

   Gloucester Township Real Estate Market Update: A Hot Holiday Market! 🏡🔥

Dive into the latest Gloucester Township NJ real estate market trends! Discover insights on active listings, pending sales, closed deals, and more. Is it a buyer's or seller's market? Let's find out!

Gloucester Township Real Estate Market Heating Up!

What a week it's been in the Gloucester Township real estate market! Even with the seasonal slowdown, the market is till healthy! I've got all the details for you.

Let's dive right in and see what's been going on!

 A Quick Glance at the Numbers Key Figures for the Week of December 8th - 14th:

Active Listings: 78 Average Listing Price: $360,678 Total Value of Active Listings: $28,132,859 Homes Under Contract: 5 Average Price of Homes Under Contract: $351,400 Pending Homes: 7 Average Pending Price: $323,756 Homes Sold: 12 Average Sold Price: $332,708 Total Sales Volume: $3,992,500 Average Price per Square Foot: $204.37 Average Days on Market: 28 A Seller's Market, Indeed!

Sellers in Gloucester Township are having a field day! With an average of 4.13% over asking price, it's clear that buyers are eager to snatch up properties. And with days on market averaging just 28 days, homes aren't sitting on the market for too long.

What's Driving the Market? Holiday Hustle and Bustle

While the holiday season typically slows down the real estate market, Gloucester Township seems to be moving along well. Perhaps it's the allure of a cozy new home for the holidays, or maybe it's just the strong local economy. Whatever the reason, buyers are out!

Gloucester Township - Low Inventory, High Demand

With only 78 active listings, inventory is still relatively low. This limited supply, coupled with strong buyer demand, is contributing to the seller's market conditions.

Financing Frenzy

A mix of financing options is fueling the market. While conventional mortgages remain the most popular choice, FHA, VA, and cash buyers are also actively participating.

What Does the Future Hold for Gloucester Township Real Estate? A Bright Outlook

Given the current market dynamics, the future looks promising for Gloucester Township real estate. As we head into the new year, it's likely that we'll continue to see strong demand and steady price appreciation.

However, it's important to remember that market conditions can change rapidly. Keeping a close eye on interest rates, economic indicators, and local job markets will be crucial for making informed real estate decisions.

Stay tuned for our next market update, where we'll continue to bring you the latest insights and trends from the Gloucester Township real estate scene.

Contact Dave Sulvetta 856.889.8163

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Posted in Blog Posts Market update, Broadmoor Somerdale NJ, Featured, Homes For Sale, homes for sale 08012, Local Market Reports, Market Reports, Sellers, Sellers+ Buyers
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July 19, 2023

Valleybrook Blackwood NJ | July 2023

 Past Year July (2022) vs. Current Year (Up to July 2023) Comparison for Sales in Valleybrook, Gloucester Township, NJ

Valleybrook, a Golf Course Community in Gloucester Township NJ, has experienced notable changes in its real estate market when comparing the 1st 6 months (2022) to the current year (2023). Let's analyze the key sales figures to understand the shifts in sales activity, average prices, financing methods, and the time it takes for properties to sell.

Valleybrook Blackwood NJ

In the first 6 months of 2022, a total of 33 homes were sold in Valleybrook, with an average sales price of $242,152. This resulted in a cumulative sales volume of $7,991,000. Among these sales, 7 transactions were made with cash, 23 involved conventional financing, and 1 was financed through an FHA loan. The average number of days properties spent on the market was an impressive 12, indicating a strong demand for homes in Valleybrook during that period.

However, halfway through 2023, the real estate market in Valleybrook has showcased remarkable strength, with record-breaking sales prices. As of now, there have been 18 units sold in 2023, with an average sales price of $266,389. The total sales volume for Valleybrook in 2023 thus far amounts to $4,795,000.

In terms of financing methods, 4 sales were made with cash, 11 were financed through conventional means, and 2 transactions involved FHA loans for the properties sold in 2023. These figures suggest that while cash and conventional financing remain prevalent, the percentage of FHA-financed purchases has increased slightly compared to the previous year.

The average number of days on market for the properties sold in 2023 so far is 18. Although this is higher than the average from the previous year, it should be noted that we are only halfway through the year, and market conditions may fluctuate as the year progresses. Nonetheless, this indicates that properties are still being sold relatively quickly, and the demand in Valleybrook remains robust.

Overall, Valleybrook's real estate market has shown positive signs of growth in 2023. The average sales price has increased, indicating rising property values, and the total sales volume remains substantial. While the average days on market have seen a slight increase, it's important to consider the evolving market conditions throughout the year. With these favorable indicators, Valleybrook's real estate market seems to be thriving and attracting strong buyer interest.

We need inventory folks!

Contact Dave Sulvetta Valleybrook's ALL TIME Top Selling Realtor at 856.889.8163

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March 11, 2021

Will the Housing Market Bloom This Spring?

Will the Housing Market Bloom This Spring?

Will the Housing Market Bloom This Spring? | MyKCM

Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues on, it’s certain to be very different from the spring we experienced at this time last year. Here’s what a few industry experts have to say about the housing market and how it will bloom this season.

Danielle Hale, Chief Economist, realtor.com:

“Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, and last year’s extraordinarily low new listings comparison point will mean year over year gains. One other potential bright spot for would-be homebuyers, new construction, which has risen at a year over year pace of 20% or more for the last few months, will provide additional for-sale inventory relief.”

Ali Wolf, Chief Economist, Zonda:

“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed. This suggests more inventory will be for sale in late 2021 and into the spring selling season in 2022.”

Freddie Mac:

“Since reaching a low point in January, mortgage rates have risen by more than 30 basis points… However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”

Mark Fleming, Chief Economist, First American:

“As the housing market heads into the spring home buying season, the ongoing supply and demand imbalance all but assures more house price growth...Many find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying power and sale prices indicates there’s room for further house price growth in the months to come.”

Bottom Line

The experts are very optimistic about the housing market right now. If you pressed pause on your real estate plans over the winter, let’s chat to determine how you can re-engage in the homebuying process this spring.

Posted in Buyers, First Time Home Buyers, Listings, Sellers, Sellers+ Buyers, Uncategorized, Valleybrook Market Report
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Jan. 29, 2021

Is NOW The Right Time To Sell?

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Jan. 19, 2021

Waiting For A lower Mortgage Rate?

Not A Good Idea! Please read below - 

Should I Wait for Lower Mortgage Interest Rates? | MyKCM   

Should I Wait for Lower Mortgage Interest Rates?

Historically low mortgage rates are a big motivator for homebuyers right now. In 2020 alone, rates hit new record-lows 16 times, and the trend continued into the early part of this year. Many hopeful homebuyers are now wondering if they should put their plans on hold and wait for the lowest rates imaginable. However, the reality is, acting sooner rather than later may be the actual win if you’re ready to buy a home.

According to Greg McBride, Chief Financial Analyst for Bankrate:

“As vaccines become more widely available and a return to normal starts to come into view, we’ll see mortgage rates bounce off the record lows.”

While only a slight increase in mortgage rates is projected for 2021, some experts believe they will start to rise. Over the past week, for example, the average mortgage rate ticked up slightly, reaching 2.79%. This is still incredibly low compared to the trends we’ve seen over time. According to Freddie Mac:

“Borrowers are smart to take advantage of these low rates now and will certainly benefit as a result.”

Here’s why.

As mortgage rates rise, the increase impacts the overall cost of purchasing a home. The higher the rate, the higher your monthly mortgage payment, especially as home prices rise too. Sam Khater, Chief Economist at Freddie Mac, says:

“The forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season.”

What does this mean for buyers?

Right now, the inventory of houses for sale is also at a historic low, making it more challenging than normal to find a home to buy in many areas. As more buyers hit the market in the typically busy spring buying season, it may become even harder to find a home in the coming months. With this in mind, Len Keifer, Deputy Chief Economist for Freddie Mac, recommends taking advantage of both low mortgage rates and the opportunity to buy:

“If you’ve found a home that fits your needs at a price you can afford, it might be better to act now rather than wait for future rate declines that may never come and a future that likely holds very tight inventory.”

Bottom Line

While today’s low mortgage rates provide great opportunities for homebuyers, we may not see them stick around forever. If you’re ready to buy a home, let’s connect so you can take advantage of what today’s market has to offer.

Call me today! 

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June 3, 2020

Home Prices Rise - Supply & Demand

  Home Prices: It’s All About Supply and Demand

Home Prices: It’s All About Supply and Demand | MyKCM

As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of what’s to come.

Making our way through the month of June and entering the second half of the year, we face an undersupply of homes on the market. Keep in mind, this undersupply is going to vary by location and by price point. According to the National Association of Realtors (NAR), across the country, we currently have a 4.1 months supply of homes on the market. Historically, 6 months of supply is considered a balanced market. Anything over 6 months is a buyer’s market, meaning prices will depreciate. Anything below 6 months is a seller’s market, where prices appreciate. The graph below shows inventory across the country since 2010 in months supply of homes for sale.Home Prices: It’s All About Supply and Demand | MyKCMRobert Dietz, Chief Economist for the National Home Builders Association (NAHB) says:

“As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt. Estimates vary, but based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.”

Given the undersupply of homes on the market today, there is upward pressure on prices. Looking at simple economics, when there is less of an item for sale and the demand is high, consumers are willing to pay more for that item. The undersupply is also prompting bidding wars, which can drive price points higher in the home sale process. According to a recent MarketWatch article:

 “As buyers return to the market as the country rebounds from the pandemic, a limited inventory of homes for sale could fuel bidding wars and push prices higher.”

In addition, experts forecasting home prices have updated their projections given the impact of the pandemic. The major institutions expect home prices to appreciate through 2022. The chart below, updated as of earlier this week, notes these forecasts. As the year progresses, we may see these projections revised in a continued upward trend, given the lack of homes on the market. This could drive home prices even higher.Home Prices: It’s All About Supply and Demand | MyKCM

Bottom Line

Many may think home prices will depreciate due to the economic slowdown from the coronavirus, but experts disagree. As we approach the second half of this year, we may actually see home prices rise even higher given the lack of homes for sale.

 

Contact Dave Sulvetta

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May 28, 2020

This Summer Will Be 2020 Real Estate Season

summer real estate 

Why This Summer Is the 2020 Real Estate Season

With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.

Joel Kan, Economist at The Mortgage Bankers Association (MBA) notes:

“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”

Additionally, according to Google Trends, which scores search terms online, searches for real estate increased from 68 points the week of March 15th to 92 points last week. As we can see, more potential homebuyers are looking for homes virtually.

What’s the Opportunity for Buyers?

Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. Sam Khater, Chief Economist at Freddie Mac indicates:

“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.”

With mortgage rates at such low levels and states gradually beginning to reopen, there’s more incentive than ever to buy a home this summer.

What’s the Opportunity for Sellers?

Finding a home to buy, however, is still a challenge, as this spring sellers removed many listings from the market. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level.

According to last week’s Weekly Economic and Housing Market Update from realtor.com:

“Weekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.”

If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Trusted real estate professionals can help you list safely and effectively, keeping your family’s needs top of mind. Buyers are looking, and your house may be at the top of their list.

Bottom Line

If you’re thinking of selling, many buyers may be eager to find a home just like yours. Let’s connect today to make sure you can get your house in on the action this summer.

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May 22, 2020

Interest Rates Hover Near Historic Low's

  interest rates are low

 

Interest Rates Hover Near Historic All-Time Lows [INFOGRAPHIC]

Some Highlights

  • Mortgage interest rates have dropped considerably this spring and are hovering at a historically low level.
  • Locking in at a low rate today could save you thousands of dollars over the lifetime of your home loan.
  • Let’s connect to determine the best way to position yourself for a move in today’s market.

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