The greater Philadelphia real estate market, including Bucks, Chester, Delaware, Montgomery and Philadelphia counties, is seeing positive trends, according to The Long & Foster Market Minute reports. The median sale price increased in some areas of Philadelphia and inventory remained low throughout the area in April.
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 median sale price increased in some areas of the Philadelphia region in April compared to the same month in 2013. Philadelphia County experienced a 12 percent increase, while Chester and Montgomery counties saw increases of 3 percent and 1 percent, respectively. Bucks County saw a 4 percent decrease, while Delaware County saw a 5 percent decrease in median sale price.
Inventory remained tight throughout the entire region in April. Philadelphia County experienced a 9 percent decrease in inventory. Both Chester and Delaware counties experienced an 8 percent decline in inventory. Montgomery County saw a 3 percent decrease in inventory and Bucks County saw a 2 percent decrease.
Although the number of units sold decreased throughout the entire area, homes in the region are selling in about two to three months on average. According to April data, the days on market (DOM) average was 71 days in Chester County and 73 days in Bucks County. Other areas experienced days on market averages from 76 to 94 days.
“The spring housing market is beginning to bounce back, and we’re seeing many positive trends happening in the real estate market in the Mid-Atlantic, including in the Philadelphia region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many places, median sale prices are increasing and homes are selling at a faster pace than in previous months. We anticipate these developments will continue, and we’ll see more great happenings in the real estate market throughout the 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.
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