The entire Philadelphia real estate market experienced an increase in the number of homes sold in February, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

 

The number of homes sold increased throughout the Philadelphia region compared to February 2014, with Montgomery County experiencing an 23 percent jump and Philadelphia County seeing a 19 percent increase. The number of homes sold in Bucks County rose by 15 percent, followed by 13 percent in Delaware County. Chester County experienced an 8 percent increase.

When compared to last year, much of the region saw a decrease in median sale prices. Bucks County experienced a 5 percent drop, followed by Chester County with a 3 percent decline. Both Delaware and Philadelphia counties saw a 1 percent decrease in median sale price, while Montgomery County saw a 5 percent increase.

Levels of active inventory decreased in most parts of the region in February. Philadelphia County experienced a 7 percent decline and Chester County experienced a 6 percent decline. In Delaware County active inventory dipped by 3 percent, while Bucks County experienced a 1 percent drop. Active inventory rose by 2 percent in Montgomery County.

Homes are continuing to sell at a steady pace, with many selling in three months or less on average. According to February data, the days on market (DOM) average was 76 days in Chester County and 79 days in Philadelphia County. Homes in Montgomery County sold in about 87 days on average. Delaware and Bucks counties saw DOM averages of 97 and 99, respectively.

“During the month of February, we saw some improvements being made in the Mid-Atlantic and Northeast real estate market, including in the Philadelphia region, with areas seeing rising numbers of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this spring.”

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.