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. Median sale prices increased or stayed fairly stable in much of the area, and homes continue to sell at a solid pace.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices varied throughout the Philadelphia regionin July compared to the same month in 2013. In Montgomery County, median sale price increased by 3 percent, followed by Chester County with a 2 percent jump. Both Delaware and Philadelphia counties experienced no change and Bucks County saw a 1 percent decrease.
Inventory remained fairly low throughout most of the region in July. Philadelphia County experienced a 4 percent decrease, followed by Delaware County with a 3 percent decline. Chester County saw no change in active inventory, and Montgomery and Bucks counties saw increases of 4 percent and 7 percent, respectively.
Although the number of units sold decreased in most of the area, Delaware and Philadelphia counties each experienced a 1 percent increase. Homes in the region are continuing to sell in about two months on average. According to July data, the days on market (DOM) average was 50 days in Chester County and 58 days in both Bucks and Montgomery counties. Other areas experienced DOM averages from 64 to 65 days.
“Throughout this summer the real estate market has stabilized and in many regions inventory is up, meaning more homes for buyers to choose from,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Meanwhile, sellers are continuing to benefit from speedy transactions, with our data showing days on market averages of three months or fewer in nearly all parts of the Mid-Atlantic. Overall, the market is well positioned for future growth.”
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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