The Philadelphia real estate market experienced an increase in the number of homes sold in November, 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 November of last year, with Delaware County experiencing a 31 percent increase and Montgomery County experiencing a 27 percent increase. In Bucks County, the number of homes sold rose by 23 percent, while Philadelphia County experienced a 19 percent increase. In Chester County, the number of homes sold increased by 11 percent.

When compared to last year, the Philadelphia region saw median sale prices increase, with Delaware County experiencing a 20 percent increase. In Philadelphia County, the median sale price increased by 14 percent, followed by Montgomery County with an 11 percent increase. In Bucks County, the median sale price rose by 9 percent, while it increased by 1 percent in Chester County.

Levels of active inventory decreased throughout the region in November. Philadelphia County experienced a 31 percent decline, while active inventory fell by 27 percent in both Bucks and Delaware counties. In Montgomery County, active inventory decreased by 22 percent, and in Chester County it decreased by 20 percent.

Homes are continuing to sell at a steady pace, with many selling in about two and a half months or less on average. According to November data, the days on market (DOM) average was 57 days in Philadelphia County, 68 days in Chester County and 69 days in Delaware County. The DOM average was 72 days in Montgomery County, followed by Bucks County with a DOM average of 75 days.

“November was another good month for the United States economy, with consumer confidence hitting one of its highest numbers since 2007. In the Mid-Atlantic and Northeast housing market, we saw a number of positive trends as well, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although inventory is still sparse, many people are choosing to buy a home, taking advantage of mortgage rates while they remain low.”

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.