The inventory has expanded in recent months. The area has some nice growth Expanding hospitals new extension of hospitals, mostly medical. But also lots of interest in new retail and consumer staples opening. Have a cousin on the board and some more bldg planned. And some of the empty RE stores being looked at for opening new also. You can find 140,k homes and right down the street there 700K (once million plus homes) homes also. Of course the luxury market has fallen greatly but sales have done well here. the nice stuff sells and mediocre homes sit and of course unless it is a foreclosure or a seller who can afford to sell real low on a fair or poor condition home it will sit also. Very few poor condition homes though. Foreclosures and shorts seem to sell quickly as long as list agent can put the package together correctly unless there are liens, which is the case everywhere. Avg sale price here is around the mid to high 200's
It all depends on the price range. The more expensive homes have fallen 25-30%, sometimes more. The lower end of the range has lost less value, more like 20-25%. In general and you know how localized the market can be, I would say prices are back to 2004-2005 levels in this area.
Turnersville, Washington Twp, has excellent school systems. They are very large with a total school enrollment of over 10,000 students. That is huge for South Jersey. You can check them out on the state of NJ's school report card website, http://education.state.nj.us/rc/. If your clients need help in finding a home in Gloucester County or South Jersey, I would be happy to take a referral.