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. Median sale prices increased and inventory remains low throughout the area. The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices increased throughout the Philadelphia region in January compared to the same month in 2013. Philadelphia and Bucks counties saw increases of 9 percent and 8 percent, respectively, while Delaware County saw a 6 percent increase. Montgomery County experienced a 5 percent increase in median sale price and Chester County saw a 1 percent increase.
Inventory remained tight throughout the entire region in January. Chester County experienced a 16 percent decrease in inventory, followed by a 15 percent decrease in Delaware County and a 14 percent decrease in Philadelphia County. Both Bucks and Montgomery counties saw a 10 percent decrease in inventory.
According to January data, the number of homes sold varied throughout the Philadelphia region compared to the same month last year. Montgomery and Bucks counties experienced increases of 5 percent and 4 percent, respectively. Chester County saw a small decrease of 1 percent. Delaware County experienced a 10 percent decrease and Philadelphia County saw a 13 percent decrease.
Homes in the region are continuing to sell in about two to three months on average. According to January data, days on market (DOM) was 69 days in Chester County and 76 days in Philadelphia County. Other areas saw DOMs between 80 to 85 days.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re seeing encouraging trends along the East Coast, including in the Philadelphia region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While the number of homes sold dropped in some areas, there have been continued increases in median sale prices and low days on the market. With many people holding off on home searches in the cold weather, we anticipate a robust spring 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.