Much of the Philadelphia real estate market experienced an increase in the number of homes sold in August, 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 based on data provided by TREND multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of homes sold increased in the Philadelphia region compared to August of last year, with Delaware County experiencing a 17 percent increase and Philadelphia County experiencing a 13 percent increase. In Bucks County, the number of homes sold rose by 10 percent, while Chester County experienced a 1 percent increase. In Montgomery County, the number of homes sold fell by 1 percent.
When compared to last year, the Philadelphia region saw median sale prices rise in most areas as well, with Delaware County experiencing a 13 percent increase. In Chester County, the median sale price increased by 7 percent, followed by Philadelphia County with a 6 percent increase. In Montgomery County, the median sale price rose by 1 percent, while it fell by 1 percent in Bucks County.
Levels of active inventory decreased throughout the region in August. Philadelphia County experienced a 31 percent decline, while active inventory fell by 26 percent in Bucks County and 21 percent in both Delaware and Montgomery counties. In Chester County, active inventory declined by 12 percent.
Homes are continuing to sell at a steady pace, with many selling in about two months or less on average. According to August data, the days on market (DOM) average was 51 days in both Chester and Philadelphia counties, 60 days in Montgomery County and 63 days in Bucks County. The DOM average was 65 days in Delaware County.
“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the Philadelphia region, where we saw increases in home sales and median sale prices,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”
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 you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by TREND, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TREND or Long & Foster Real Estate.