Increase in real estate transactions seen as good sign for Gloucester

Quinton Sheppard - Posted on Feb 13, 2013 - 01:02 PM

Gloucester County residents have been spending more money the past six months and real estate transactions have increased, giving county officials some hope that the economic downturn may be coming to a close.

Gloucester’s director of financial services Nickie Champion reported to the Gloucester County Board of Supervisors recently that several key areas in the tax base have seen an increase.

"The forecast for recordation taxes, which are a reliable indicator of real estate activity, track in a favorable manner," Champion said. When compared to last year, recordation taxes are up over 50 percent. Deeds of conveyance are up 31 percent, she said.

"If sustainable, it may indicate the beginning of recovery for our local real estate market," Champion said.

She also reported that the county’s sales tax figures have increased over the past six months.