Parts of the Philadelphia real estate market experienced an increase in the number of homes sold in June, 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 areas of the Philadelphia region compared to June 2015, with Delaware County experiencing a 10 percent jump and Montgomery County experiencing an 8 percent increase. In Philadelphia County, the number of homes sold increased by 5 percent, while there was no year-over-year change in Bucks County. In Chester County, the number of homes sold fell by 5 percent.
When compared to last year, the Philadelphia region saw median sale prices vary. In Philadelphia County, the median sale price increased by 3 percent, and in both Chester and Delaware counties it increased by 2 percent. Other areas of the region experienced no year-over-year change.
Levels of active inventory decreased throughout the region in June. Philadelphia County experienced a 28 percent decline, while active inventory fell by 21 percent in Bucks County and 19 percent in Montgomery County. In Delaware County, active inventory declined by 17 percent, and in Chester County it dropped by 9 percent.
Homes are continuing to sell at a steady pace, with many selling in two months or less on average. According to June data, the days on market (DOM) average was 51 days in Chester County, 53 days in Philadelphia County and 56 days in Montgomery County. The DOM average was 60 days in both Bucks and Delaware counties.
“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the fall.”
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.