The Philadelphia real estate market experienced an increase in the number of homes sold in April, 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 compared to April 2015, with Bucks County experiencing a 12 percent jump and both Montgomery and Philadelphia counties seeing an 8 percent increase. In Delaware County the number of homes sold rose by 7 percent, while Chester County saw a 4 percent increase.
When compared to last year, the Philadelphia region saw median sale prices vary. In Philadelphia County, the median sale price increased by 10 percent, and in Montgomery County it increased by 2 percent. Bucks and Chester counties experienced a 1 percent decrease, followed by Delaware County with a 5 percent decrease.
Levels of active inventory decreased in the region in April. Philadelphia County experienced a 26 percent decline, while active inventory fell by 18 percent in Bucks County and 14 percent in Montgomery County. In Delaware County, active inventory declined by 13 percent, and in Chester County it increased by 5 percent.
Homes are continuing to sell at a steady pace, with many selling in less than three months on average. According to April data, the days on market (DOM) average was 65 days in Philadelphia County, 75 days in Chester County and 76 days in Delaware County. The DOM average was 78 days in both Bucks and Montgomery counties.
“Low inventory is causing frustration for many homebuyers but we are continuing to see some positive trends otherwise, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Many are seeing home prices increase, which is excellent for those looking to sell, new home sales are high and home improvement stores are reporting strong earnings. With mortgage rates continuing to remain low, we anticipate the market will remain healthy as we move into summer.”
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.