PHILADELPHIA HOUSING MARKET

SEES INCREASE IN SALES, SOME PRICE INCREASES IN DECEMBER

CHANTILLY, Va., Jan. 20, 2012— The greater Philadelphia real estate market, including Bucks, Chester, Delaware, Montgomery and Philadelphia counties, experienced some positive trends compared to December of last year, according to The Long & Foster Market Minute^® reports. The number of homes sold increased throughout much of the greaterPhiladelphia region compared to a year ago, according to December data, and homes continue to sell, on average, in less than four months.

In December, sales increased across most of the greater Philadelphia region. The largest increase in sales was reported in Delaware County, in which year-over-year sales increased by 8 percent.  Bucks County increased 7 percent, and Montgomery and Philadelphia counties also experienced increases in year-over-year units sold, according to data.

Most homes in the region continued to sell in less than four months, on average. According to this month’s data, days on market (DOM) was 88 days in Philadelphia County, 107 days in Chester County, 104 days in Montgomery County, 102 days in Delaware County, and 111 days in Bucks County. Long & Foster agents indicate that many homes priced competitively in the region sell after just several weeks on market, a reflection of continued demand and the relative lack of supply in some local areas.

According to December’s data, median sale price was mixed across the greater Philadelphia region compared to the same month last year.  Chester County experienced a 7 percent year-over-year increase to a median sale price of $297,750.

Inventory decreased throughout the region, according to December data, with a drop of 15 percent in both Bucks and Montgomery counties, 8 percent in Delaware County, 12 percent in Chester County, and 17 percent in Philadelphia County, compared to the same month last year.

“As we start to see glimpses of improvement across the greater Philadelphia region, it’s important for consumers to have as much information as possible to make well-informed decisions pertaining to their homeownership goals,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster^® Companies.

“The positive trends that we are seeing here in the greater Philadelphia region such as increases in sales throughout most of the region, and increases in median sale price, could signal to consumers who may have been on the fence that now is an ideal time buy or sell real estate. Historically-low interest rates and reasonably-priced homes are creating real estate options for consumers that we have not seen for generations,” he added.

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 seven states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.