Inventory remains low throughout the region

The greater Philadelphia real estate market, including Bucks, Chester, Delaware, Montgomery and Philadelphia counties, is seeing positive trends, according to The Long & Foster Market Minute® reports. More homes are selling and inventory remains low throughout the area.

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

Inventory remained tight throughout the entire region in December. Delaware County experienced a 14 percent decrease in inventory, while both Chester and Philadelphia counties saw a 12 percent decrease. Bucks and Montgomery counties each experienced a 9 percent decrease in active inventory.Median sale prices varied throughout the Philadelphia region. Montgomery and Chester counties saw increases of 6 percent and 5 percent, respectively, while Delaware and Philadelphia counties saw no change. Bucks County experienced a decrease of 5 percent.

Homes in the region are continuing to sell in about two to three months on average. According to December data, days on market (DOM) was 65 days in Chester County and 69 days in Montgomery County. Both Bucks and Philadelphia counties saw 79 average days on market for December, and Delaware County saw a DOM of 86 days.

“We’re continuing to see many improvements throughout the real estate market on the East Coast, including in the Philadelphia region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas are experiencing rising sale prices and increases in the number of homes sold. These developments bode well for the market in 2014, and we expect to see continued improvement in the housing market, meaning better opportunities for both home buyers and sellers.”

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.