The majority of the Philadelphia real estate market experienced an increase in median sale prices in October, 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 based on data provided by TREND multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

When compared to last year, much of the Philadelphia region saw median sale prices increase. Philadelphia County experienced a 12 percent increase, followed by Delaware County with a 9 percent increase. In Bucks County, median sale price rose by 5 percent, while rising by 1 percent in Chester County and decreasing by 2 percent in Montgomery County.

The number of homes sold varied in the region compared to October 2014, with Philadelphia County experiencing an 8 percent jump and Delaware County seeing a 5 percent increase. The number of homes sold in Montgomery County rose by 1 percent, while no change was seen in Bucks County. In Chester County the number of homes sold fell by 8 percent.

Levels of active inventory decreased in the entire region in October. Philadelphia County experienced a 20 percent decline, while it fell by 11 percent in Bucks County and 9 percent in Montgomery County. In Delaware County, active inventory declined by 7 percent, followed by a 5 percent decrease in Chester County.

Homes are continuing to sell at a steady pace, with many selling in about two and a half months or less on average. According to October data, the days on market (DOM) average was 61 days in Chester County and 63 days in Philadelphia County. Homes in Bucks and Montgomery counties had a DOM average of 66 days, while in Delaware County the DOM average was 74 days.

“Consumer confidence increased once again in October and the labor market’s performing well ”“ both of which are good news for the economy,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “At Long & Foster, business remained steady, including in the Philadelphia region where we saw improvements in median sale prices. We predict to see continued stability in housing as 2015 comes to a close.”

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.    Information included in this report is based on data supplied by TREND, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TREND or Long & Foster Real Estate, Inc.