Most of the Philadelphia real estate market experienced an increase in median sale prices in December, 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, many parts of the Philadelphia region saw median sale prices increase, with Philadelphia County experiencing a 13 percent increase. In Chester County, the median sale price increased by 8 percent, followed by Delaware County with a 5 percent increase. In Bucks County, the median sale price rose by 1 percent, while it decreased by 1 percent in Montgomery County.
The number of homes sold also increased in parts of the Philadelphia region compared to December of last year, with Montgomery County experiencing a 4 percent increase and Chester County experiencing a 2 percent increase. In Delaware County, the number of homes sold rose by 1 percent, while Philadelphia County experienced no year-over-year change. In Bucks County, the number of homes sold decreased by 5 percent.
Levels of active inventory decreased throughout the region in December. Philadelphia County experienced a 33 percent decline, while active inventory fell by 29 percent in Delaware County. In Bucks County, active inventory decreased by 28 percent, and in Montgomery County it decreased by 24 percent. Chester County experienced a 23 percent drop in active inventory.
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 December data, the days on market (DOM) average was 55 days in Philadelphia County, 63 days in Chester County and 66 days in Delaware County. The DOM average was 67 days in Bucks County, followed by Montgomery County with a DOM average of 72 days.
“The positive trends we’ve been seeing in the U.S. economy continued in December, and though the real estate market is in its typical winter slowdown we still saw some good things happening, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We anticipate a strong 2017 real estate market where buyers will be able to take advantage of a number of factors like better FHA loan terms and mortgage rates ranging from 4-5 percent.”
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.