Home Sales Rose Throughout the Philadelphia Market in March 2017

April 18, 2017

Market Minute Logo 2017The Philadelphia real estate market experienced an increase in the number of homes sold in March, 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.

Philadelphia MM Chart March2017

The number of homes sold rose throughout the Philadelphia region compared to March of last year. In Montgomery County, the number of homes sold jumped by 23 percent, followed by Delaware County with an increase of 20 percent. Chester County experienced a 16 percent increase in home sales, and Philadelphia County experienced an 8 percent increase. In Bucks County, the number of homes sold increased by 4 percent.

When compared to last year, many parts of the Philadelphia region saw median sale prices increase, with Delaware County experiencing a 14 percent increase. In Chester County, the median sale price increased by 13 percent, followed by Philadelphia County with a 9 percent increase. In Bucks County, the median sale price rose by 2 percent, while it decreased by 2 percent in Montgomery County.

Levels of active inventory decreased throughout the region in March. Philadelphia County experienced a 30 percent decline, while active inventory fell by 26 percent in Bucks County. In both Delaware and Montgomery counties, active inventory decreased by 23 percent, and in Chester County it decreased by 18 percent.

Homes are continuing to sell at a steady pace, with many selling in two to three months on average. According to March data, the days on market (DOM) average was 55 days in Philadelphia County and 68 days in Chester County. In Bucks, Delaware and Montgomery counties, the days on market average was 69 days.

“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the Philadelphia region where home sales increased,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to the housing market.”

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.