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 March of last year, according to The Long & Foster Market Minute® reports. In March, 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 March data, median sale prices increased across the entire greater Philadelphia region. Philadelphia County saw a jump of 13 percent in median sale price. Delaware County saw an increase of 9 percent, year-over-year, while Montgomery and Chester counties experienced a 7 percent increase. Bucks County saw an increase of 1 percent in median sales price.
In March, inventory continued to decline by double digits throughout the entire region. Chester County saw a tightening of 22 percent compared to the same month a year ago. Inventory fell by 21 percent in Philadelphia County, and by 20 percent in Montgomery County. Delaware and Bucks counties also saw a decrease of 17 percent compared to March 2012.
Homes sold increased through much of the Philadelphia region compared to the same month last year. Bucks and Montgomery counties experienced a 4 percent year-over-year increase, in homes sold. Chester County saw an increase of 2 percent while Philadelphia County reported no change year-over-year.
Most homes in the region sold in about four months or less on average. According to March’s data, days on market (DOM) was 89 days in Montgomery County, and averaged from 90 to 112 days throughout the remainder of the region.
“Spring is finally here, along with an uptick in activity in the residential real estate market in the Philadelphia region. With improving market conditions – including stronger than expected job growth, and rising affordability and consumer confidence – potential buyers and sellers are using this opportunity to explore what their market has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“While inventory remains low, limiting the number of options for would-be buyers, the Philadelphia market is experiencing some positive trends such as appreciating home prices and decreasing average number of days on market. These are all promising signs for the Philadelphia region’s local housing market, and provide a prime opportunity for fence-sitters 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.