Gloucester City – The average sale price of local single family residential homes has seen a double digit decline for 2008. However, this was following several years of higher than average increases. According to TReND MLS data the 2008 average sale price for resale homes in Gloucester City is $117,390, a drop of 12.55% from 2007. This figure is still considerably higher than the 2005 average price of $99,879. (The data for the sales of the new construction homes at Meadowbrook Run is not included in this analysis as not to scue the results.) Similarly, Brooklawn realized a 15.82% decline in average sale price from 2007 to $129,284 staying well above the 2004 average sale price of $113,139.
Photo: Bill Labbree Jr.
This one year decrease in average sale price should not be a reason for concern. Long, and even medium, term home values in both communities have held firm. Taking into consideration this past years decline, the average sale prices in Gloucester City and Brooklawn have nearly doubled since 2000. Gloucester City has shown a 98.29% increase from $59,200 in 2000 to $117,390 for 2008. Brooklawn’s average sale price rose from $65,968 in 2000 to 129,284 for 2008, a 95.89% increase. The average sale prices in both Gloucester City and Brooklawn have out-performed the county average over this period. The average sale price in Camden County only rose 85.60% from $113,011 in 2000 to $209,754 in 2008.
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