The Long & Foster Market Minute

Focus On: Sewell and Pitman Housing Market June 2021

Zip Code(s): 08080, 08071 and 08032
Units Sold
100
Active Inventory
79
Median Sale Price
$307,500
Days On Market
15
Up 19%
Vs. Year Ago
Down -28%
Vs. Year Ago
Up 24%
Vs. Year Ago
Down -75%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 100 sold this month in Sewell and Pitman 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 30 units or 28%. The total number of active inventory this June was 79 compared to 109 in June 2020. This month's total of 79 is lower than the previous month's total supply of available inventory of 80, a decrease of 1%.

Median Sale Price
Last June, the median sale price for Sewell and Pitman Homes was $248,500. This June, the median sale price was $307,500, an increase of 24% or $59,000 compared to last year. The current median sold price is 12% higher than in May.

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


New Listings
102
Current Contracts
86
Sold Vs. List Price
104.9%
Months of Supply
0.8
Up 34%
Vs. Year Ago
Down -9%
Vs. Year Ago
Up
Vs. Year Ago
Down -39%
Vs. Year Ago

Months of Supply
In June, there was 0.8 months of supply available in Sewell and Pitman, compared to 1.3 in June 2020. That is a decrease of 39% 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 102 homes newly listed for sale in Sewell and Pitman compared to 76 in June 2020, an increase of 34%. There were 86 current contracts pending sale this June compared to 94 a year ago. The number of current contracts is 9% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in Sewell and Pitman was 104.9% of the average list price, which is higher than at this time last year.

Days on Market
This month, the average number of days on market was 15, lower than the average last year, which was 59, a decrease of 75%.

The Long & Foster Market Minute Sewell and Pitman are defined as properties listed in zip code/s 08080, 08071 and 08032.
*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.