Areas 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, the Philadelphia region saw median sale prices rise in a number of areas, with Montgomery County experiencing a 10 percent increase. In Philadelphia County, the median sale price increased by 8 percent, followed by Chester County with a 6 percent increase. In Bucks County, the median sale price fell by 3 percent, while it declined by 5 percent in Delaware County.
The number of homes sold varied in the Philadelphia region compared to October of last year, with Chester County experiencing a 6 percent increase and Montgomery County experiencing a 4 percent increase. In Philadelphia County, the number of homes sold declined by 3 percent, while Delaware County experienced an 8 percent decrease. In Bucks County, the number of homes sold fell by 14 percent.
Levels of active inventory decreased throughout the region in October. Philadelphia County experienced a 27 percent decline, while active inventory fell by 26 percent in Bucks County and 23 percent in Delaware County. In Montgomery County, active inventory declined by 22 percent and in Chester County it declined by 14 percent.
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 56 days in Philadelphia County, 64 days in Chester County and 68 days in both Bucks and Montgomery counties. The DOM average was 75 days in Delaware County.
“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, including in the Philadelphia region where we saw increasing median sale prices,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”
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.