The entire Philadelphia real estate market experienced an increase in the number of homes sold as well as median sale prices 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

 

The number of homes sold increased throughout the Philadelphia region compared to April 2014, with Montgomery County experiencing a 20 percent jump and Chester County seeing a 15 percent increase. The number of homes sold in Philadelphia County rose by 11 percent, followed by 9 percent in Delaware County. Bucks County experienced a 7 percent increase.

When compared to last year, the region also saw across the board increases in median sale price. Philadelphia County experienced a 12 percent increase, followed by Delaware County with a 10 percent increase. The median sale price rose by 7 percent in Montgmery County and by 4 percent in Bucks County. Chester County experienced a 3 percent increase in median sale price.

Levels of active inventory decreased in much of the region in April. Philadelphia County experienced a 12 percent decline, while both Chester and Delaware counties saw a 3 percent drop. In Montgomery County inventory increased by 2 percent and Bucks County saw a 3 percent increase.

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 74 days in Montgomery County and 76 days in Delaware County. Homes in Chester County sold in about 77 days on average. Bucks and Philadelphia counties saw DOM averages of 79 and 80, respectively.

“April showed us that there are some great things happening in the Mid-Atlantic and Northeast real estate market, including in the Philadelphia region where we saw increases in the number of homes sold and in median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The conditions of the real estate market in many areas of the country are providing excellent opportunities for both buyers and sellers, and we’re pleased to see a nice robust spring market.”

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.