The entire Philadelphia real estate market experienced an increase in the number of homes sold in June, 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 regioncompared to June 2014, with Philadelphia County experiencing a 20 percent jump and Chester County seeing a 17 percent increase. The number of homes sold in Delaware County rose by 13 percent, followed by 10 percent in Bucks County. Montgomery County experienced a 3 percent increase.
When compared to last year, the region saw median sale prices vary. Philadelphia County experienced a 16 percent increase, followed by Bucks County with a 3 percent increase. All other parts of the region experienced no year-over-year change in median sale price.
Levels of active inventory decreased in most of the region in June. Philadelphia County experienced a 16 percent decline, while Delaware County saw a 5 percent drop. Montgomery County experienced a 2 percent decrease in active inventory compared to last year. Chester County experienced a 1 percent decrease and Bucks County saw no change in active inventory compared to last year.
Homes are continuing to sell at a steady pace, with many selling in just over two months or less on average. According to June data, the days on market (DOM) average was 48 days in Chester County and 59 days in Montgomery County. Homes in Philadelphia County sold in about 60 days on average. Delaware County experienced a DOM average of 63 days, and in Bucks County the DOM average was 65 days.
“The United States’ economy has been doing well this year, and as of June, consumer confidence has remained up 16 percent over last year. This positivity has shown in the real estate market, including in the Philadelphia region, where we saw more homes sold in June,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many industry experts are predicting rising interest rates in the fall, and I’m optimistic that the second half of 2015 will bring more improvements.”
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.
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