The Long & Foster Market Minute

Focus On: Gloucester County Housing Market March 2021

Units Sold
48
Active Inventory
46
Median Sale Price
$324,585
Days On Market
32
Up 2%
Vs. Year Ago
Down -72%
Vs. Year Ago
Up
Vs. Year Ago
Down -65%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 48 sold this month in Gloucester County Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 120 units or 72%. The total number of active inventory this March was 46 compared to 166 in March 2020. This month's total of 46 is lower than the previous month's total supply of available inventory of 85, a decrease of 46%.

Median Sale Price
Last March, the median sale price for Gloucester County Homes was $240,000. This March, the median sale price was $324,585, an increase of $84,585 compared to last year. The current median sold price is higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
54
Current Contracts
81
Sold Vs. List Price
99.0%
Months of Supply
1.0
Down -26%
Vs. Year Ago
Up 69%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Down -73%
Vs. Year Ago

Months of Supply
In March, there was 1.0 months of supply available in Gloucester County, compared to 3.5 in March 2020. That is a decrease of 73% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 54 homes newly listed for sale in Gloucester County compared to 73 in March 2020, a decrease of 26%. There were 81 current contracts pending sale this March compared to 48 a year ago. The number of current contracts is 69% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Gloucester County was 99.0% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 32, lower than the average last year, which was 91, a decrease of 65%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by REIN and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN or Long & Foster Real Estate, Inc.