Location, Location, Location

Here is a snap shot of Burlington, Camden, Gloucester, and Salem county average home prices since the first quarter of 2008 through the first quarter of 2010:

Burlington  |    Camden     |    Gloucester    |    Salem

2008

1st Quarter                      $255,200       $200,700          $226,300         $199,000

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2nd Quarter                     $278,700       $218,800          $234,300         $194,200

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3rd Quarter                      $273,200       $218,700          $238,900         $188,600

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4th Quarter                      $250,700       $199,100          $234,100         $177,700

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                                      Burlington  |    Camden     |    Gloucester    |    Salem

2009

1st Quarter                      $234,900       $188,300          $211,000         $157,200

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2nd Quarter                     $247,000       $200,800         $224,700          $172,900

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3rd Quarter                      $249,300       $210,200          $218,100         $179,900

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4th Quarter                      $241,700       $191,600          $206,700         $150,600

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                                      Burlington  |    Camden     |    Gloucester    |    Salem

2010

1st Quarter                      $243,800       $190,400         $205,100         $155,500

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Since measuring the four counties average sales prices from the 1st quarter of 2008, Camden and Burlington counties both hit their highest average sales price in the 2nd quarter of 2008.  Gloucester County's highest average sales price was in the 3rd quarter of 2008.  Salem County's highest average sales price was in the 1st quarter of 2008.  Camden and Burlington counties both hit their lowest average sales price in the 1st quarter of 2009.  Salem County's lowest average sales price was in the 4th quarter of 2009.  Gloucester County's lowest average sales price was in the 1st quarter of 2010. 

The data supplied does not show any 'long-lived' trends when reviewing the statistics for most of the counties.  However, Gloucester County has had three consecutive down quarters leading up to the most recent quarter (1st 2010).  Camden and Burlington counties are mirror images of themselves, having two up quarters in the 2nd and 3rd quarters respectfully, but then having two down quarters in a row for the 4th quarter of 2009 and the first quarter of 2010.  Salem County is the most volatile of the four counties.  Salem had two consecutive up quarters (2nd and 3rd) in 2009 but then hit a low in this study in the 4th quarter of 2009, then, unpredictably bounced back in the 1st quarter in 2010.

As of May 2010, Gloucester County has been in the longest decline, Salem County has had a slight bounce back, and Burlington and Camden County have been down in the last two quarters from the previous positive quarters in 2009. 

Even with all the four counties struggling to get into a consistent, positive direction, they all have consistently performed better than the Standard and Poor's\ Case Shiller national home price index, which means this area of New Jersey is weathering the 'housing storm' better than the 9 consensus areas the index measures.

The Standard and Poor's/Case Shiller national home price index reported that the price of U.S. single-family homes declined 3.2% in the first quarter of 2010 when compared to the first quarter of 2009. This research includes comparisons of western South Jersey first quarter real estate average home price numbers of 2010 versus the Standard and Poor's/Case Shiller national home price index. The Trend Multiple Listing Service's Economic and Marketwatch Report provided the housing market statistics of the four counties representing western South Jersey, specifically the first quarter of 2010 and first quarter of 2009. Now lets determine if there was any percentage change:

 • Burlington County - The average sales price of homes, which sold in the first quarter of 2010, was $243,800. The average sales price of homes, which sold in the first quarter of 2009, was $234,900. This was an increase of 3.7% ($+8,900). When compared to the Standard and Poor's/Case Shiller national home price index, Burlington County performed better by 6.9 percentage points.

• Camden County - The average sales price of homes, which were sold in the first quarter of 2010, was $190,400. The average sales price of homes, which were sold in the first quarter of 2009, was $188,300. This was an increase of 1.1% ($+2,100). When compared to the Standard and Poor's/Case Shiller national home price index, Camden County actually performed better by 4.3 percentage points.

• Gloucester County - The average sales price of homes, which were sold in the first quarter of 2010, was $205,100. The average sales price of homes, which were sold in the first quarter of 2009, was $211,000. This was a decline of 2.8% ($-5,900). When compared to the Standard and Poor's/Case Shiller national home price index, Gloucester County performed slightly better by 0.4 percentage points.

• Salem County - The average sales price of homes, which were sold in the first quarter of 2010, was $155,500. The average sales price of homes, which were sold in the first quarter of 2009, was $157,200. This was a decline of 1.1% ($-1,700). When compared to the Standard and Poor's/Case Shiller national home price index, Salem County performed better by 4.3 percentage points.

In summary, two counties - Gloucester, and Salem - had average home sales price declines in the first quarter of 2010 when compared to the first quarter of 2009. However, two counties in Western South New Jersey – Burlington and Camden counties – had average sales price increases in the first quarter of 2010 when compared to the first quarter of 2009. All four counties performed better when compared to the Standard and Poor's/Case Shiller national home price index. When comparing the four counties against one another, Burlington County had the highest percentage increase in average price in the first quarter of 2010 compared to the first quarter of 2009. Gloucester County performed the worst with a 2.8% decline in average price compared to the first quarter of 2010 compared to the first quarter of 2009. The following stats reveal that real estate is ALWAYS LOCAL.

The Standard and Poor's/Case Shiller national home price index reported that the price of U.S. single-family homes declined 2.5% in the fourth quarter of 2009 when compared to the fourth quarter of 2008. This was a significant improvement when compared to the previous three quarters of 2009. This research includes comparisons of western South Jersey fourth quarter real estate average home price numbers of 2009 versus the Standard and Poor's/Case Shiller national home price index. The Trend Multiple Listing Service's Economic and Marketwatch Report provided the housing market statistics of the four counties representing western South Jersey, specifically the fourth quarter of 2009 and fourth quarter of 2008. Now lets determine if there was any percentage change:

• Burlington County - The average sales price of homes, which sold in the fourth quarter of 2009, was $241,700. The average sales price of homes, which sold in the fourth quarter of 2008, was $250,700. This was a decline of 3.6% ($-9,000). When compared to the Standard and Poor's/Case Shiller national home price index, Burlington County performed worse by 1.1 percentage points.

• Camden County - The average sales price of homes, which were sold in the fourth quarter of 2009, was $191,600. The average sales price of homes, which were sold in the fourth quarter of 2008, was $199,100. This was a decline of 3.8% ($-7,500). When compared to the Standard and Poor's/Case Shiller national home price index, Camden County performed worse by 1.3 percentage points.

• Gloucester County - The average sales price of homes, which were sold in the fourth quarter of 2009, was $206,700. The average sales price of homes, which were sold in the fourth quarter of 2008, was $234,100. This was a decline of 11.7% ($27,400). When compared to the Standard and Poor's/Case Shiller national home price index, Gloucester County performed worse by 9.2 percentage points.

• Salem County - The average sales price of homes, which were sold in the fourth quarter of 2009, was $150,600. The average sales price of homes, which were sold in the fourth quarter of 2008, was $177,700. This was a decline of 15.3% ($-27,100). When compared to the Standard and Poor's/Case Shiller national home price index, Salem County actually performed worse by 15.3 percentage points.

In summary, all four counties - Burlington, Camden, Gloucester, and Salem - had average home sales price declines in the fourth quarter of 2009 when compared to the fourth quarter of 2008. In addition, the home sales price decline was more significant in all four counties when compared to the Standard and Poor's/Case Shiller national home price index. Since May of 2008, when I first analying the data between the Standard and Poor’s/Case Shiller national home price index and Western South New Jersey, never have all four counties performed worse than the index, all in the same quarter. Burlington County had the lowest percentage decline (only 0.2 percentage points better than Camden County) in the four county comparison when measured against the Standard and Poor's/Case Shiller national home price index. Salem County had the highest percentage decline in the four county comparison when measured against the Standard and Poor's/Case Shiller national home price index. The following stats reveal that real estate is ALWAYS LOCAL.