The Long & Foster Market Minute

Focus On: Moorestown, Riverton, and Palmyra Housing Market March 2021

Zip Code(s): 08057, 08077 and 08065
Units Sold
42
Active Inventory
109
Median Sale Price
$320,000
Days On Market
43
Down -22%
Vs. Year Ago
Down -47%
Vs. Year Ago
Up 19%
Vs. Year Ago
Down -35%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in March, with 42 sold this month in Moorestown, Riverton, and Palmyra Real Estate versus 50 last month, a decrease of 16%. This month's total units sold was lower than at this time last year, a decrease of 22% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 97 units or 47%. The total number of active inventory this March was 109 compared to 206 in March 2020. This month's total of 109 is lower than the previous month's total supply of available inventory of 124, a decrease of 12%.

Median Sale Price
Last March, the median sale price for Moorestown, Riverton, and Palmyra Homes was $269,950. This March, the median sale price was $320,000, an increase of 19% or $50,050 compared to last year. The current median sold price is 6% lower 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
87
Current Contracts
91
Sold Vs. List Price
97.5%
Months of Supply
2.6
Up 1%
Vs. Year Ago
Up 78%
Vs. Year Ago
No Change
Vs. Year Ago
Down -32%
Vs. Year Ago

Months of Supply
In March, there was 2.6 months of supply available in Moorestown, Riverton, and Palmyra, compared to 3.8 in March 2020. That is a decrease of 32% 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 87 homes newly listed for sale in Moorestown, Riverton, and Palmyra compared to 86 in March 2020, an increase of 1%. There were 91 current contracts pending sale this March compared to 51 a year ago. The number of current contracts is 78% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Moorestown, Riverton, and Palmyra was 97.5% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 43, lower than the average last year, which was 66, a decrease of 35%.

The Long & Foster Market Minute Moorestown, Riverton, and Palmyra are defined as properties listed in zip code/s 08057, 08077 and 08065.
*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.