The Philadelphia real estate market experienced an increase in the number of homes sold in May, 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.
The number of homes sold increased in the Philadelphia region last month. In both Chester and Philadelphia counties, the number of homes sold increased by 12 percent, followed by Bucks County with an increase of 10 percent. Delaware County experienced a 9 percent increase in home sales, and Montgomery County experienced a 6 percent decrease.
When compared to last year, the Philadelphia region saw median sale prices increase in May, with Montgomery County experiencing a 9 percent increase. In Chester County, the median sale price increased by 7 percent, followed by both Delaware and Philadelphia counties with a 5 percent increase. In Bucks County, the median sale price rose by 4 percent.
Levels of active inventory decreased throughout the region in May. Bucks County experienced a 28 percent decline, while active inventory fell by 27 percent in Philadelphia County. In Montgomery County, active inventory decreased by 22 percent, and in Delaware County it decreased by 18 percent. Chester County experienced a 16 percent decrease in active inventory.
Homes are continuing to sell at a steady pace, with many selling in about two months or less on average. According to May data, the days on market (DOM) average was 48 days in Philadelphia County and 50 days in Chester County. In Montgomery County, the DOM average was 53 days, and in Bucks County, the DOM average was 55 days. Delaware County experienced a DOM average of 60 days.
“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales last month, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer 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.