Despite inventory remaining low in the greater Philadelphia real estate market, many areas experienced increased median sale prices. The region’s market remains healthy overall, according to the Long & Foster Market Minute reports. The Philadelphia region includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties.
The number of homes sold varied in the Philadelphia real estate market in September, with home sales rising by 3 percent in both Bucks and Delaware counties. Other areas experienced decreases of 4 percent to 13 percent. Median sale prices increased in most parts of the region, including by 13 percent in Chester County and by 12 percent in Philadelphia County.
“Like many of our markets, Philadelphia experienced some variation in September, though median sale prices in the region did well,” said Gary Scott, president of Long & Foster Real Estate. “The local market continues to perform well even though the Philadelphia area is experiencing many of the same challenges with low inventory as other markets.”
Active inventory fell throughout the Philadelphia region in September. In Bucks County, inventory fell by 21 percent, while it decreased by 20 percent in Philadelphia County. Homes in the area sold in about six to eight weeks on average. Scott cautioned homeowners planning to sell that they should be as proactive as possible when it comes to preparing their home for the market.
“Just because inventory is low and average days on market are low doesn’t mean that all homes will sell quickly,” Scott said. “Property owners looking for a fast sale still need to make sure their home is in good condition and priced right for the neighborhood, which is where a good agent can be invaluable. An expert in real estate will invest the time, effort and energy in understanding the dynamics of each market on a hyperlocal level.”
For buyers trying to purchase properties in areas where competition is high, Scott said agents should be more inventive in creating inventory opportunities than in the past. That includes reaching out to the owners of listings that expired in previous years to see if they are still interested in selling, and using property records to research homes and write to the owners to see if they might consider selling.
“In this age of technology, social media and digital presence of properties, there is a need to return to the fundamentals,” Scott said. “Agents can connect consumers in the marketplace while being a trusted advisor, helping to educate clients and assist them in interpreting market information. While regional data can provide good insight, it’s really a starting point in the research process for buyers and sellers.”
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.