Nearly the entire Philadelphia real estate market experienced an increase in median sale prices in January, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
When compared to January 2014, much of the Philadelphia regionregion enjoyed a rise in median sale prices. Chester County experienced a 10 percent jump, while both Bucks and Delaware counties saw median sale prices increase by 5 percent. The median sale price in Montgomery County rose by a modest 1 percent, while Philadelphia County saw a decline of 2 percent.
The number of homes sold varied throughout the region, with Delaware County experiencing an 18 percent jump and Bucks County seeing a 2 percent increase. The number of homes sold in Montgomery County dropped by 5 percent, and both Chester and Philadelphia counties saw decreases of 7 percent.
Levels of active inventory decreased in most parts of the region in January. Chester County experienced a 10 percent decline. Both Delaware and Philadelphia counties saw inventory drop by 6 percent, while Bucks County had a 3 percent decrease. Active inventory increased by 3 percent in Montgomery County last month.
Homes are continuing to sell at a steady pace, with many selling in two and half months or less on average. According to January data, the days on market (DOM) average was 75 days in Philadelphia County and 79 days in Montgomery County. Homes in Chester County sold in about 80 days on average. Delaware and Bucks counties saw DOM averages of 84 and 86, respectively.
“In January, we saw some positive trends happening in the Mid-Atlantic and Northeast real estate market, including in the Philadelphia region, with areas seeing increases in median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These are some good developments in the world of real estate, and we’re expecting to see a healthy spring market in 2015.”
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.