Most of the Philadelphia real estate market experienced an increase in median sale prices in January, 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 an 11 percent increase. In Delaware County, the median sale price increased by 9 percent, followed by Montgomery County with a 6 percent increase. In Bucks County, the median sale price rose by 1 percent, while it decreased by 3 percent in Chester County.

The number of homes sold increased in parts of the Philadelphia region compared to January of last year, with Chester County experiencing a 9 percent increase and Bucks County experiencing a 3 percent increase. In Delaware County, the number of homes sold rose by 2 percent, while Philadelphia County experienced a 2 percent decrease. In Montgomery County, the number of homes sold decreased by 6 percent.

Levels of active inventory decreased throughout the region in January. Philadelphia County experienced a 31 percent decline, while active inventory fell by 29 percent in Delaware County. In Bucks County, active inventory decreased by 28 percent, and in both Chester and Montgomery counties it decreased by 22 percent.

Homes are continuing to sell at a steady pace, with many selling in two to three months on average. According to January data, the days on market (DOM) average was 60 days in Philadelphia County, 69 days in Chester County and 77 days in Montgomery County. The DOM average was 80 days in Bucks County, followed by Delaware County with a DOM average of 83 days.

“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing too, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy spring market.”

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.