The Philadelphia region’s real estate market saw rising median sale prices in March, according to the Long & Foster Market Minute reports. The Philadelphia region includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties.

In Philadelphia County, the median sale price increased by 14 percent in March, followed by an 11 percent increase in both Bucks and Delaware counties. The entire market also experienced declines in the number of homes sold. Home sales fell by 6 percent in Delaware County and by 9 percent in Bucks County.

Active inventory levels fell throughout the Philadelphia real estate market in March. Chester County saw the smallest decline at 11 percent, while the biggest decline was seen in Delaware County where it fell by 28 percent. Homes in the region sold in about seven to nine weeks on average. Philadelphia County experienced the lowest days on market average at 55 days.

“There’s never been a better time to sell,” said Gary Scott, president of Long & Foster Real Estate. “But the choices of where to go are challenging and there are a lot of different factors impacting inventory. Philadelphia is an incredibly tough market. There’s a huge amount of demand for properties as more people look to move into the city.”

Scott said one group of homeowners who could benefit significantly by selling is those who became landlords during the recession because they were underwater on their mortgage. Putting their home on the market now would help them maximize the return on their investment.

Some homeowners are trying to maximize the sale of their property by listing it with a discount brokerage, but that could end up costing them more, Scott warns. The barrier to entry to get a real estate license is fairly low, and the cost of discount brokerages is often reflective of the skills and services offered. A home seller may pay a lower commission, but their agent may not be as skilled in negotiations or be as knowledgeable about real estate contracts.

“When hiring a real estate agent, you want to ask them result-oriented questions,” Scott said. “Ask them what percentage of their listings sell, what their list-to-sale price ratios are, as well as the difference between a home’s original price and its sale price. Just because a real estate agent lists a lot of homes doesn’t mean they’ll provide the level of service that’s best for each client.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.

Information included in this report is based on data supplied by TREND multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.