The Philadelphia real estate market experienced an increase in the number of homes sold in September, 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 September 2014, with Chester County experiencing a 13 percent jump and Philadelphia County seeing a 6 percent increase. The number of homes sold in both Delaware and Montgomery counties rose by 5 percent, followed by a 4 percent increase in Bucks County.

When compared to last year, the region saw median sale prices vary. Philadelphia County experienced an 11 percent increase, followed by Chester County with a 7 percent increase. In Montgomery County, median sale price rose by 2 percent, while it did not change in Bucks County and decreased by 3 percent in Delaware County.

Levels of active inventory decreased in the entire region in September. Philadelphia County experienced a 20 percent decline, while it fell by 9 percent in Bucks County and 8 percent in Montgomery County. In Delaware County, active inventory declined by 7 percent, followed by a 6 percent decrease in Chester County.

Homes are continuing to sell at a steady pace, with many selling in a little over two months or less on average. According to September data, the days on market (DOM) average was 60 days in Chester County and 61 days in both Montgomery and Philadelphia counties. Homes in Delaware County had a DOM average of 69 days, while in Bucks County the DOM average was 71 days.

“Though many are still concerned for economic growth in China, The United States economy is continuing to grow and the job market is steadily improving. The stability in the U.S. was also reflected in the real estate market, including locally,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “In the Philadelphia region, we continued to see improvements in the number of homes sold, and we anticipate a healthy last few months of 2015.”

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.