Most of the Philadelphia real estate market experienced an increase in the number of homes sold in February, according to The Long & Foster Market Minute reports. The greater Philadelphia real estate market includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties. The Long & Foster Market Minute reports are based on data provided by TREND multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of homes sold increased in many places in the region compared to February 2015, with Montgomery County experiencing an 18 percent jump and Delaware County seeing a 14 percent increase. In Philadelphia County the number of homes sold rose by 10 percent, while Bucks County saw a 7 percent increase. Chester County experienced a decrease of 2 percent in the number of homes sold.
When compared to last year, the Philadelphia region saw median sale prices increase in most areas of the region as well. In Philadelphia County the median sale price jumped by 15 percent, and in Chester County it increased by 9 percent. Montgomery County experienced a 7 percent increase in median sale price, followed by a 4 percent rise in Bucks County. Delaware County experienced the area’s only decrease of 4 percent.
Levels of active inventory decreased in the entire region in February. Philadelphia County experienced a 21 percent decline, while it fell by 16 percent in Bucks County and 13 percent in Montgomery County. In Delaware County, active inventory declined by 7 percent, followed by a 2 percent decrease in Chester County.
Homes are continuing to sell at a steady pace, with many selling in about three months or less on average. According to February data, the days on market (DOM) average was 71 days in Philadelphia County, 75 days in Chester County and 79 days in Bucks County. Montgomery County experienced a DOM average of 85 days, followed by 91 days in Delaware County.
“The United States economy saw positive growth in the number of jobs added in February, which is good news for the housing market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We also saw some favorable improvements happening within our market areas last month as well, including in the Philadelphia region. Though many places are feeling the squeeze of low inventory, we anticipate an upturn in the spring will help alleviate demand.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by TREND, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TREND or Long & Foster Real Estate, Inc.