Nearly the entire Philadelphia real estate market experienced an increase in the number of homes sold in December, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of homes sold increased in almost all the Philadelphia region, with Montgomery County experiencing an 11 percent jump, followed by Chester County with a 7 percent increase. Philadelphia County saw the number of homes sold rise by 6 percent compared to the same month in 2013, and the number of homes sold increased by 5 percent in Delaware County. Bucks County experienced the areas only decrease at 10 percent.
When compared to December 2013, much of the region experienced increases in median sale prices. Chester, Delaware and Philadelphia counties all saw median sale prices increase by 5 percent, while prices increased by 3 percent in Bucks County. Median sale prices dropped by just 1 percent in Montgomery County.
Levels of active inventory decreased in most parts of the region in December. Chester County experienced an 11 percent decline, and Philadelphia County saw a 6 percent decrease. Inventory also dropped in Delaware County by 4 percent and in Bucks County by 1 percent. Montgomery County saw active inventory increase by 1 percent.
Homes are continuing to sell at a steady pace, with many selling in two and half months or less on average. According to December data, the days on market (DOM) average was 73 days in both Chester and Delaware counties, and 75 days in Philadelphia County. Montgomery and Bucks counties saw DOM averages of 76 and 78, respectively.
“December brought modest improvements to the Mid-Atlantic and Northeast real estate market, including in the Philadelphia area, with many areas enjoying rising numbers of homes sold and growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These developments are positive for the real estate market and leave us positioned for growth in 2015.”
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.
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