The Philadelphia real estate market experienced an increase in the number of homes sold in January, 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 January 2015, with Philadelphia County experiencing a 19 percent jump and Montgomery County seeing a 14 percent increase. In Chester County the number of homes sold rose by 12 percent, while Bucks County saw a 7 percent increase. Delaware County experienced an increase of 3 percent in the number of homes sold.
When compared to last year, the Philadelphia region saw median sale prices vary in January. In Philadelphia County the median sale price jumped by 19 percent, and Chester and Montgomery counties saw no change from the previous year. In Bucks County, the median sale price dropped by 5 percent, while it fell by 13 percentn in Delaware County.
Levels of active inventory decreased in the entire region in January. Philadelphia County experienced a 21 percent decline, while it fell by 15 percent in Bucks County and 13 percent in Montgomery County. In Delaware County, active inventory declined by 8 percent, followed by a 2 percent decrease in Chester County.
Homes are continuing to sell at a steady pace, with many selling in less than three months on average. According to January data, the days on market (DOM) average was 72 days in Philadelphia County, 74 days in Chester County and 78 days in Montgomery County. Delaware County experienced a DOM average of 81 days, followed by 83 days in Bucks County.
“So far this year, the overall economic fundamentals continue to support a strong housing market in the United States, though there have been short-term hurdles, including last month’s blizzard,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Affordability will likely remain high and mortgage rates are likely to stay steady or perhaps increase slightly this year, and we expect to see some good things happening in the Philadelphia region real estate market for 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.