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Market & Home Price Update for December 2011

Today's "Developments" page on The Wall Street Journal Online suggests that there will be no bounce in home prices after they hit bottom. This is certainly true in communities where there is an oversupply of homes for sale or an overhang of foreclosure and short sale properties available. For a local perspective on the market, the Trend MLS data comparing November 2011 against November 2010 for southeastern Pennsylvania and southern New Jersey markets have just been published. Here's a summary provided by Trend:

 
RESIDENTIAL
CountySoldAverage PriceMedian PricePending
  Nov. '11 Nov. '10 % Chg Nov. '11 Nov. '10 % Chg Nov. '11 Nov. '10 % Chg Nov. '11 Nov. '10 % Chg
Berks 244 226 7.96% $148,627 $168,022 -11.54% $141,000 $155,000 -9.03% 241 239 0.84%
Bucks 364 351 3.70% $303,165 $321,060 -5.57% $263,000 $280,000 -6.07% 357 333 7.21%
Burlington 256 265 -3.40% $212,629 $238,283 -10.77% $200,000 $230,000 -13.04% 255 273 -6.59%
Camden 254 219 15.98% $170,197 $185,447 -8.22% $158,000 $170,000 -7.06% 234 219 6.85%
Chester 338 312 8.33% $349,470 $337,288 3.61% $312,000 $296,000 5.41% 349 327 6.73%
Delaware 308 290 6.21% $238,841 $265,517 -10.05% $193,000 $197,000 -2.03% 312 255 22.35%
Gloucester 152 137 10.95% $194,480 $207,686 -5.07% $180,000 $195,000 -7.69% 151 137 10.22%
Kent 101 75 34.67% $176,980 $203,107 -12.86% $178,000 $206,000 -13.59% 118 81 45.68%
Mercer 196 197 -0.51% $319,694 $347,807 -8.08% $230,000 $255,000 -9.80% 215 191 12.57%
Montgomery 559 493 13.39% $281,460 $331,647 -15.13% $249,000 $265,000 -6.04% 511 462 10.61%
New Castle 390 308 26.62% $198,485 $236,857 -16.20% $191,000 $210,000 -9.05% 438 316 38.61%
Philadelphia 734 663 10.71% $180,010 $169,068 6.47% $124,000 $119,000 4.20% 803 763 5.24%
Salem 26 28 -7.14% $146,077 $154,536 -5.47% $150,000 $150,000 0.00% 17 30 -43.33%
Total 3922 3564 10.04% $233,740 $253,012 -7.62% $196,000 $210,000 -6.67% 4001 3626 10.34%
 

For an additional perspective on the market, here is a November video market report from Kurfiss Sotheby's International Realty Chairman Donald D. Pearson.
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