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 in much of the area in May.
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 May compared to the same month in 2013. Philadelphia County experienced a 4 percent increase, while Chester experienced a 2 percent increase and Montgomery County saw no change. Bucks County saw a 1 percent decrease, while Delaware County saw a 10 percent decrease in median sale price.
Inventory remained tight throughout most of the region in May. Delaware and Philadelphia counties both experienced a 6 percent decrease in inventory. Chester County saw a 2 percent decrease, Bucks County saw a 1 percent decrease and inventory increased by 2 percent in Montgomery County.
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 May data, the days on market (DOM) average was 63 days in Chester County and 64 days in Philadelphia County. Other areas experienced days on market averages from 67 to 86 days.
“Summer is fast approaching, yet across the Mid-Atlantic, the spring-selling season has yet to fully peak,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While median sale prices rose in many areas last month, the number of sales declined when compared to May 2013. However, homes are selling quicker than this time last year and inventory is increasing. What we’re seeing is a steadying of the market, which will position the housing industry 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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