The entire Philadelphia real estate market saw median sale prices increase in August, according to the Long & Foster Market Minute reports. The Philadelphia region includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties.
The number of homes sold in the Philadelphia real estate market varied in August. Delaware and Bucks counties saw modest increases, rising by 6 percent and 2 percent, respectively. Median sale prices rose throughout the region. While most areas experienced small increases, the median sale price rose by 13 percent in Philadelphia County.
Active inventory fell significantly across the region last month. In Delaware County, inventory declined by 28 percent, followed by a 21 percent decrease in Philadelphia County. Homes sold quickly in the Philadelphia region in August. Both Bucks and Philadelphia counties saw a days on market average of 36 days, while other areas saw averages of 40 to 42 days.
“While inventory is starting to improve nationwide and rising sale prices are slowing down, it’s still a sellers’ market, which means buyers need to be prepared,” said Gary Scott, president of Long & Foster Real Estate. “The need for a real estate professional is heightened more than ever.”
Although spring is traditionally seen as the best time of the year to buy or sell property, consumers shouldn’t let seasonality dictate behavior, Scott said.
“As mortgage rates continue to be attractive, it’s still a good time to sell,” Scott said. “And if you’re buying, don’t take yourself out of the market – you never know when the right property will come along.”
Scott said buyers in this market need to do three things: watch prices in the neighborhood where you plan to buy, watch for inventory coming on the market, and be pre-approved for a mortgage and ready to make an offer.
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by TREND multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.