The trend of declining inventory continued in Philadelphia’s real estate market in May, though median sale prices rose in some places, according to the Long & Foster Market Minute reports. The Philadelphia region includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties.
The entire Philadelphia region saw double-digit declines in active inventory in May when compared to the previous year. With less to choose from, the number of homes sold also declined throughout the area last month, though the numbers weren’t as drastic. In Philadelphia County, the number of homes sold declined by 2 percent, followed by a 4 percent decrease in Delaware County.
Median sale prices increased in parts of the Philadelphia region, including in Philadelphia and Bucks counties, where it rose by 10 percent and 6 percent, respectively. Montgomery County experienced a 1 percent increase in median sale price, and in Chester County it remained the same from the previous year. Homes in the region are selling quickly with days on market averages ranging from 41 days to 55 days.
Many worry that if they didn’t buy a home during the spring season, they have missed out on the best opportunities. According to Gary Scott, president of Long & Foster Real Estate, that isn’t necessarily true, as each season’s market has its own pros and cons.
“While more homes are listed in the spring than any other season, the hot market also means you have more people competing to buy the same properties,” Scott said. “During other times of year there may be fewer choices, but there can also be more room for negotiation with fewer buyers on the market.”
Scott said home buyers who wait until next spring to purchase are likely to face higher sale prices and higher mortgage rates. He said he advises most buyers that they shouldn’t try to play the market.
“The time to buy a house is when you want to buy a house and it’s right for your personal situation,” Scott said. “You never know when the right home for your family will come on the market, but a knowledgeable real estate agent can help you be as prepared as possible for when it does.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by TREND multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.