Parts of the Philadelphia real estate market experienced an increase in the number of homes sold in November, 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 varied in the region compared to November 2014, with Chester County experiencing a 14 percent jump and Bucks County seeing a 9 percent increase. The number of homes sold in Philadelphia County did not change from the previous year, while in Montgomery and Delaware counties the number of homes sold decreased by 1 percent and 3 percent, respectively.
When compared to last year, the Philadelphia region saw median sale prices remain constant or decrease. Both Chester and Philadelphia counties experienced no year-over-year change, and Bucks County saw a 1 percent decrease. In Montgomery County, median sale price decreased by 5 percent and in Delaware County it decreased by 14 percent.
Levels of active inventory decreased in the entire region in November. Philadelphia County experienced a 20 percent decline, while it fell by 13 percent in Bucks County and 11 percent in Montgomery County. In Delaware County, active inventory declined by 7 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 November data, the days on market (DOM) average was 63 days in Philadelphia County and 66 days in both Bucks and Chester counties. Delaware County experienced a DOM average of 69 days, followed by 70 days in Montgomery County.
“November brought a number of positive things to the United States’ economy, with additional jobs and increases in home construction being among them, and we saw good signs within the Long & Foster market as well,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Within the Philadelphia region, we saw continued improvements in number of homes sold, and we anticipate a steady and healthy real estate market in 2016.”
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.