The majority of the 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 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 region compared to December 2014, with Bucks County experiencing a 27 percent jump and Delaware County seeing a 7 percent increase. In Philadelphia County the number of homes sold rose by 6 percent, while Montgomery County saw a 1 percent increase. Chester County experienced a decline of 13 percent in the number of homes sold.
When compared to last year, the Philadelphia region saw median sale prices vary in December. In Delaware, Philadelphia and Montgomery counties median sale prices increased by 8 percent, 6 percent and 3 percent, respectively. Bucks County experienced no change year-over-year, and in Chester County the median sale price decreased by 4 percent.
Levels of active inventory decreased in the entire region in December. Philadelphia County experienced a 20 percent decline, while it fell by 15 percent in Bucks County and 12 percent in Montgomery County. In Delaware County, active inventory declined by 9 percent, followed by a 4 percent decrease in Chester County.
Homes are continuing to sell at a steady pace, with many selling in about two and a half months or less on average. According to December data, the days on market (DOM) average was 62 days in both Montgomery and Philadelphia counties and 65 days in Chester County. Delaware County experienced a DOM average of 73 days, followed by 77 days in Bucks County.
“In December, the recent economic trends we’ve been seeing in the United States’ economy continued as more jobs were added and wages increased. Additionally, according to the Associated Press, new home sales jumped almost 15 percent in 2015,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We saw additional positive trends happening within Long & Foster’s footprint, including in parts of the Philadelphia region where we saw increases in homes sold. We look forward to what the 2016 market brings us.”
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, Inc.