Home sales fell in parts of the greater Philadelphia real estate market last month, while median sale prices rose in much of the region, according to the Long & Foster Real Estate Market Minute report. The median sale price rose by 21 percent in Delaware County, followed by a 13 percent increase in Bucks County. Inventory continued to fall by double digits region-wide, and days on market averages ranged from 62 days in Philadelphia County to 76 days in Chester County.  

The Long & Foster Real Estate Market Minute report for the Philadelphia region includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties.

 

Lately, industry headlines have been suggesting that we are in a housing bubble, but Long & Foster Real Estate President Gary Scott doesn’t believe that’s the case.   

“This real estate market looks nothing like the real estate bubble that we experienced in 2008,” Scott said. “In 2008, we had huge price appreciation, no inventory issues, higher interest rates and everybody could get a loan.”  

“We do have inventory challenges, but the fact that rates have dipped again to the lowest they’ve been in a while, bodes well for the market,” Scott said. “There are those who say inventory is easing, but we try not to generalize, since the numbers vary according to market and type of home, as you can see in the Philadelphia region.”  

When asked what people should keep in mind when looking for an agent, Scott noted that what the consumer really looks for today is results. “It’s not necessarily that the agent is a top producer, it’s more about results,” he said. “You want their resume in terms of whether or not they get the job done better than the market on average gets the job done.”   

Scott said consumers should ask about certain key factors like the agent’s track record for average number of days on the market, the percentage of list to sale price and what percent of their listings sell without a price change. “It’s not necessarily about how much business the agent does, it’s about how well they do it,” said Scott.     

Scott added that he is optimistic about the real estate market outlook. “People feel pretty good about the market,” Scott said. “Interest rates are down and consumer confidence is high – and both these factors continue to be our friend.” 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.