Most of the Philadelphia real estate market experienced an increase in median sale prices in February, 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 Delaware County experiencing a 15 percent increase. In Philadelphia County, the median sale price increased by 14 percent, followed by Bucks County with an 8 percent increase. In Montgomery County, the median sale price rose by 2 percent, while it decreased by 1 percent in Chester County.

The number of homes sold fell throughout the Philadelphia region compared to February of last year. Both Delaware and Philadelphia counties experienced a 2 percent decrease, and Chester County experienced a 6 percent decrease. In Bucks County, the number of homes sold fell by 8 percent, while Montgomery County experienced a 15 percent decrease.

Levels of active inventory decreased throughout the region in February. Philadelphia County experienced a 29 percent decline, while active inventory fell by 26 percent in Delaware County. In Bucks County, active inventory decreased by 24 percent, and in Montgomery County it decreased by 20 percent. Chester County experienced an 18 percent decline in active inventory.

Homes are continuing to sell at a steady pace, with many selling in two to three months on average. According to February data, the days on market (DOM) average was 64 days in Philadelphia County and 67 days in Chester County. The DOM average in both Bucks and Montgomery counties was 78 days and in Delaware County the DOM average was 86 days.

“The United States economy continued to make gains in many areas in February, and at Long & Foster we saw positive indicators of growth in the real estate market as well, including in the Philadelphia area,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Sale prices of homes continued to rise for many in the Mid-Atlantic and Northeast regions and, with continued high demand for homes, we expect to see a busy spring season.”

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.