CHANTILLY, Va., March 18, 2013— The greater Philadelphia real estate market, including Bucks, Chester, Delaware, Montgomery and Philadelphia counties, experienced some positive trends compared to February of last year, according to The Long & Foster Market Minute® reports. In February, the number of homes sold increased throughout the region while inventory continued to decline.

The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

According to February data, sales increased across the entire greater Philadelphia region. Delaware County saw a significant jump of 20 percent in the number of homes sold. Bucks and Philadelphia counties saw increases of 19 percent and 9 percent, respectively, in home sales year-over-year. Chester County experienced an 8 percent increase, and Montgomery County saw an increase of 5 percent in the number of homes sold.

Median sale prices increased through the entire Philadelphia region compared to the same month last year. Bucks County experienced a 4 percent year-over-year increase, in median sale price. Both Delaware and Philadelphia counties saw an increase of 3 percent while Chester and Montgomery counties saw an increase of 2 percent year-over-year.

In February, inventory continued to decline by double digits throughout the entire region. Chester County saw a tightening of 21 percent compared to the same month a year ago. Inventory fell by 20 percent in both Philadelphia and Montgomery counties, and by 17 percent and 16 percent in Bucks and Delaware counties, respectively.

Most homes in the region sold in about four months or less, on average. According to February’s data, days on market (DOM) was 87 days in Chester County, and averaged from 93 to 103 days throughout the remainder of the region.

“As we gear up for the 2013 spring buying season, the local real estate market in the Philadelphia region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“In February 2013, home prices continued to appreciate, inventory remained low, and houses were snapped up at a rapid pace – all great signs for a Philadelphia-area residential real estate market that is in full recovery mode.”

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 users can subscribe to free updates for the reports in which they’re interested.