The entire Philadelphia real estate market experienced an increase in the number of homes sold as well as median sale prices in May, 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 May 2014, with Bucks County experiencing a 9 percent jump and Montgomery County seeing an 8 percent increase. The number of homes sold in Delaware County rose by 5 percent, followed by 3 percent in Philadelphia County. Chester County experienced a 1 percent increase.
When compared to last year, the region also saw across the board increases in median sale price. Delaware County experienced a 6 percent increase, followed by Philadelphia County with a 5 percent increase. The median sale price rose by 4 percent in Montgomery County and by 2 percent in both Bucks and Chester counties.
Levels of active inventory varied throughout the region in May. Philadelphia County experienced a 14 percent decline, while Delaware County saw a 4 percent drop. Chester County experienced no change in active inventory compared to last year. Montgomery and Bucks counties saw increases of 1 percent and 3 percent, respectively.
Homes are continuing to sell at a steady pace, with many selling in less than three months on average. According to May data, the days on market (DOM) average was 62 days in Montgomery County and 64 days in Philadelphia County. Homes in Chester County sold in about 65 days on average. Bucks County experienced a DOM average of 70 days, and in Delaware County the DOM average was 74 days.
“Across the Mid-Atlantic and Northeast, real estate did well during the month of May including in the Philadelphia region where we saw the number of homes sold increase,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The markets this year have been much healthier overall and we saw higher than predicted retail sales, a year-over-year boost in customer confidence, and a slight uptick in new jobs. We’re confident these positive trends will continue through the 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.
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