The Long & Foster Market Minute

Focus On: Merchantville and Pennsauken Housing Market March 2021

Zip Code(s): 08110 and 08109
Units Sold
45
Active Inventory
33
Median Sale Price
$195,000
Days On Market
24
Up 13%
Vs. Year Ago
Down -71%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -53%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 45 sold this month in Merchantville and Pennsauken Real Estate versus 37 last month, an increase of 22%. This month's total units sold was higher than at this time last year, an increase of 13% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 82 units or 71%. The total number of active inventory this March was 33 compared to 115 in March 2020. This month's total of 33 is lower than the previous month's total supply of available inventory of 52, a decrease of 37%.

Median Sale Price
Last March, the median sale price for Merchantville and Pennsauken Homes was $176,200. This March, the median sale price was $195,000, an increase of 11% or $18,800 compared to last year. The current median sold price is 3% 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
58
Current Contracts
63
Sold Vs. List Price
101.9%
Months of Supply
0.7
Up 9%
Vs. Year Ago
Up 43%
Vs. Year Ago
Up 2.4%
Vs. Year Ago
Down -75%
Vs. Year Ago

Months of Supply
In March, there was 0.7 months of supply available in Merchantville and Pennsauken, compared to 2.9 in March 2020. That is a decrease of 74% 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 58 homes newly listed for sale in Merchantville and Pennsauken compared to 53 in March 2020, an increase of 9%. There were 63 current contracts pending sale this March compared to 44 a year ago. The number of current contracts is 43% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Merchantville and Pennsauken was 101.9% of the average list price, which is 2.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 24, lower than the average last year, which was 51, a decrease of 53%.

The Long & Foster Market Minute Merchantville and Pennsauken are defined as properties listed in zip code/s 08110 and 08109.
*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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.