The Philadelphia real estate market experienced an increase in the number of homes sold in May, 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 the Philadelphia region compared to May 2015, with Delaware County experiencing a 12 percent jump and both Montgomery and Philadelphia counties seeing a 9 percent increase. In Chester County the number of homes sold rose by 6 percent, while Bucks County saw a 5 percent increase.

When compared to last year, the Philadelphia region saw median sale prices vary. In Philadelphia County, the median sale price increased by 18 percent, and in Delaware County it increased by 5 percent. Chester County experienced no change, while Bucks and Montgomery counties saw decreases of 1 percent and 5 percent, respectively.

Levels of active inventory decreased in the region in May. Philadelphia County experienced a 28 percent decline, while active inventory fell by 21 percent in Bucks County and 19 percent in Montgomery County. In Delaware County, active inventory declined by 15 percent, and in Chester County it dropped by 10 percent.

Homes are continuing to sell at a steady pace, with many selling in two and half months or less on average. According to May data, the days on market (DOM) average was 56 days in Philadelphia County, 61 days in Montgomery County and 62 days in Chester County. The DOM average was 64 days in Bucks County and 70 days in Delaware County.

“May was a good month for the real estate industry overall this year, as well as in the Philadelphia region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the summer.”

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.