The greater Philadelphia real estate market, including Bucks, Chester, Delaware, Montgomery and Philadelphia counties, is seeing positive trends, according to The Long & Foster Market Minute reports. The number of homes sold increased in much of the area, and homes continue to sell at a solid pace.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of units sold varied throughout the Philadelphia region in the month of September, with Montgomery County experiencing an 11 percent increase and Bucks County seeing a 7 percent increase. The number of homes sold increased by 1 percent in Chester County, while Philadelphia County saw no change and Delaware County saw a 6 percent decrease.
A number of counties in the Philadelphia region enjoyed rising median sale prices in September compared to the same month in 2013. Chester County saw an increase of 4 percent, while Bucks and Montgomery counties both saw increases of 2 percent. Philadelphia County experienced no change in median sale price, and Delaware County experienced a drop of 10 percent.
Levels of active inventory varied throughout the region in September. Philadelphia County experienced a 3 percent decline, while Delaware County saw a 1 percent decrease. Inventory increased by 2 percent in Chester County and by 6 percent in Montgomery County. Bucks County saw an 8 percent jump in active inventory.
Homes are continuing to sell at a steady pace, with many selling in three months or less on average. According to September data, the days on market (DOM) average was 60 days in Chester County, followed closely by Philadelphia County with a DOM average of 61 days. Montgomery County had a DOM of 63 days, and Bucks and Delaware counties had DOM averages of 70 days and 81 days, respectively.
“September brought good news to many areas of the Mid-Atlantic real estate market, including in the Philadelphia region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “More homes are being sold and median sale prices have risen in a number of areas as well. Growing inventory means homebuyers have more options to choose from, and we anticipate more improvements in the months ahead.”
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.