The greater Philadelphia real estate market, including Bucks, Chester, Delaware, Montgomery and Philadelphia counties, is seeing positive trends, according to The Long & Foster Market Minute reports. The median sale price increased in some areas of Philadelphia and inventory remained low throughout the area in February.
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 median sale price increased in some areas of the Philadelphia region in February compared to the same month in 2013. Delaware and Philadelphia counties saw increases of 9 percent and 8 percent, respectively, while Chester County saw a 1 percent increase. Montgomery County saw no change in median sale price compared to the year before and Bucks County saw a 2 percent decrease.
Inventory remained tight throughout the entire region in February. Chester County experienced an 18 percent decrease in inventory, followed by a 17 percent decrease in Delaware County and a 15 percent decrease in Philadelphia County. Montgomery County saw a 13 percent decrease in active inventory while Bucks County experienced an 11 percent decrease.
According to February data, the number of homes sold decreased in most of the Philadelphia region compared to the same month last year. Chester County saw no change in the number of units sold, while other areas experienced decreases from 8 percent to 21 percent.
Homes in the region are continuing to sell in about two to four months on average. According to February data, days on market (DOM) was 79 days in Chester County and 82 days in Philadelphia County. Other areas saw DOMs ranging from 85 to 104 days.
“February continued in much of the same pattern as January as a result of the continued winter weather, but we’re seeing more positive trends happening in the real estate market, including in the Philadelphia region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas have been enjoying increases in the median sale price and speedy home sales, and going into spring, we anticipate a stronger and more vibrant market.”
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.