A number of areas of the Philadelphia real estate market experienced an increase in the number of homes sold in March, 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 a number of the region’s counties compared to March 2015, with Philadelphia County experiencing a 14 percent jump and Bucks County seeing an 8 percent increase. In Montgomery County the number of homes sold rose by 2 percent, while Delaware County saw no change from the previous year. Chester County experienced a decrease of 4 percent in the number of homes sold.
When compared to last year, the Philadelphia region saw median sale prices vary. In Philadelphia County, the median sale price increased by 9 percent, and in Bucks County it increased by 4 percent. Montgomery County experienced a 3 percent increase in median sale price. Delaware County experienced a decrease of 1 percent, while in Chester County the median sale price fell by 2 percent.
Levels of active inventory decreased in most of the region in March. Philadelphia County experienced a 22 percent decline, while active inventory fell by 13 percent in Bucks County and 8 percent in Montgomery County. In Delaware County, active inventory declined by 4 percent, and in Chester County it increased by 2 percent.
Homes are continuing to sell at a steady pace, with many selling in about three months or less on average. According to March data, the days on market (DOM) average was 68 days in Philadelphia County, 79 days in Chester County and 82 days in both Bucks and Delaware counties. Montgomery County experienced a DOM average of 84 days.
“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends 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. 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.