Oct 201618

Most of Philadelphia Region Saw Increased Home Sales in September 2016

Oct 201618

Most of Philadelphia Region Saw Increased Home Sales in September 2016

Market Minute LogoMuch of the Philadelphia real estate market experienced an increase in the number of homes sold in September, 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.

Philadelphia MarketMinute September 2016

The number of homes sold increased in most parts of the Philadelphia region compared to September of last year, with Philadelphia County experiencing a 15 percent increase and Bucks County experiencing a 5 percent increase. In Delaware County, the number of homes sold rose by 3 percent, while Montgomery County experienced a 1 percent increase. In Chester County, the number of homes sold fell by 1 percent.

When compared to last year, the Philadelphia region saw median sale prices rise in a number of areas, with Delaware County experiencing a 15 percent increase. In Montgomery County, the median sale price increased by 8 percent, followed by Philadelphia County with a 5 percent increase. In Bucks County, there was no change from the previous year, while the median sale price fell by 4 percent in Chester County.

Levels of active inventory decreased throughout the region in September. Philadelphia County experienced a 29 percent decline, while active inventory fell by 25 percent in Bucks County and 21 percent in Delaware County. In Montgomery County, active inventory declined by 20 percent and it declined by 11 percent in Chester County.

Homes are continuing to sell at a steady pace, with many selling in about two and a half months or less on average. According to September data, the days on market (DOM) average was 55 days in Philadelphia County, 60 days in Bucks County and 64 days in Montgomery County. The DOM average was 65 days in Chester County and 75 days in Delaware County.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the Philadelphia region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”

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.