The entire Philadelphia real estate market experienced an increase in the number of homes sold in March, 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 March 2014, with Chester County experiencing a 16 percent jump and Montgomery County seeing a 15 percent increase. The number of homes sold in Philadelphia County rose by 12 percent, followed by 9 percent in Delaware County. Bucks County experienced a 5 percent increase.
When compared to last year, portions of the region saw increases in median sale price. Philadelphia County experienced a 10 percent increase, followed by Montgomery County with a 6 percent increase. The median sale price rose by 5 percent in Bucks County, but dipped by 5 percent in Delaware County. Chester County experienced an 8 percent decrease in median sale price.
Levels of active inventory decreased in much of the region in March. Philadelphia County experienced a 10 percent decline and Chester County experienced a 6 percent decline. In Delaware County active inventory dipped by 5 percent, while Bucks County experienced a 2 percent increase. Active inventory rose by 3 percent in Montgomery County.
Homes are continuing to sell at a steady pace, with many selling in about three months or less on average. According to March data, the days on market (DOM) average was 77 days in Philadelphia County and 84 days in Montgomery County. Homes in Delaware County sold in about 88 days on average. Bucks and Chester counties saw DOM averages of 89 and 93, respectively.
“In March, we saw some positive trends in the Mid-Atlantic and Northeast real estate market, including in the Philadelphia region, where we saw increases in the number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We saw consumer spending increase in March for the first time since November, and with rising consumer spending comes higher consumer confidence, and that bodes well for the housing 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.
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