Long & Foster Market Minute® reports show increase in median sale prices
The greater Philadelphia real estate market, including Bucks, Chester, Delaware, Montgomery and Philadelphia counties, experienced some positive trends compared to April of last year, according to The Long & Foster Market Minute® reports. In April, the number of homes sold increased throughout the region while inventory continued to decline.The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
According to April data, homes sold increased through the entire Philadelphia region compared to the same month last year. Bucks County saw a significant increase of the number of homes sold by 24 percent compared to a year ago. Philadelphia and Montgomery counties experienced a 19 percent and 16 percent year-over-year increase, respectively. Chester County saw an increase of 15 percent while Delaware County reported an increase of 7 percent year-over-year.
Median sale prices increased across parts of the greater Philadelphia region. Chester County saw a rise of 9 percent in median sale price. Bucks County saw an increase of 8 percent, year-over-year, while Delaware County experienced a 5 percent increase. Montgomery County saw no change in median sales price.
In April, inventory continued to decline by double digits throughout the entire region. Chester and Philadelphia counties both saw a tightening of 19 percent compared to the same month a year ago. Inventory fell by 16 percent in Montgomery County. Bucks and Delaware counties also saw a decrease of 14 percent compared to April 2012.
Most homes in the region sold in about four months or less on average. According to April’s data, days on market (DOM) was 82 days in Chester and Montgomery counties, and averaged from 83 to 104 days throughout the remainder of the region.
“The residential real estate market continues to bloom in the Philadelphia region this spring. Market conditions remain on the upward trend – including job growth, home affordability and consumer confidence – and those interested in the local market are researching what it has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“Although housing inventory is still low, limiting buyers’ options, the Philadelphia market continues to show a number of positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market. These indicators are all good signs for the Philadelphia region’s local housing market, and just go to show it’s a great time for those considering buying to fulfill their dreams of homeownership.”
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 users can subscribe to free updates for the reports in which they’re interested.