Median Sale Prices Increase Throughout Philadelphia Region in November 2014

December 17, 2014

Market Minute LogoHomes continue to sell at a steady pace

The entire Philadelphia real estate market experienced an increase in median sale prices in November, 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.

PhiladelphiaNovember2014

When compared to November 2013, the entire Philadelphia region experienced an increase in the median sale prices. Delaware County lead the way with an 18 percent jump in median sale price, followed by Bucks and Chester counties, both of which enjoyed 5 percent increases. Philadelphia County followed closely with a 4 percent increase, and Montgomery County experienced a 1 percent increase.

Levels of active inventory varied throughout the region in November. Chester County experienced a 7 percent decline, and Philadelphia County saw a 6 percent decrease. Inventory also dropped in Delaware County by 3 percent. In Montgomery and Bucks counties, inventory increased by 3 percent and 4 percent, respectively.

Homes are continuing to sell at a steady pace, with many selling in two and half months or less on average. According to November data, the days on market (DOM) average was 65 days in Chester County and 68 days in Bucks, Montgomery and Philadelphia counties. Delaware County followed about a week behind at 75 DOM.

Units sold declined in almost all the Philadelphia region, except in Philadelphia County where there was no change year-over-year. Other parts of the region saw declines ranging from 5 percent to 8 percent.

“Throughout the Mid-Atlantic and Northeast regions, including in the Philadelphia area, we’ve seen many positive trends in real estate, from steady sales to rising median sales prices,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year growth will continue through December, and I’m optimistic for the coming year, which will benefit from increased housing affordability and rising consumer confidence.”

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.