PHILADELPHIA HOUSING MARKET
SEES INCREASED SALES IN NOVEMBER
CHANTILLY, Va., Dec. 20, 2011— The greater Philadelphia real estate market, including Bucks, Chester, Delaware, Montgomery and Philadelphia counties, experienced some positive trends compared to November of last year, according to The Long & Foster Market Minute® reports. Units sold increased throughout the greater Philadelphia region compared to a year ago, according to November data, and homes continue to sell, on average, in less than four months.
The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
In November, sales increased across most of the greater Philadelphia region. The largest increase in sales was seen in Montgomery County, which increased its year-over-year sales by 14 percent. Bucks County increased by 4 percent, Chester, Delaware, and Philadelphia counties each increased units sold by 8 percent, 5 percent, and 9 percent, respectively.
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 89 days in Philadelphia County, 116 days in Chester County, 104 days in Montgomery County, 109 days in Delaware County, and 102 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 November’s data, median sale price was mixed across the greater Philadelphia region compared to the same month last year. Philadelphia County saw no change in median sales price from last year, remaining at $130,000. Chester County experienced a healthy 9 percent increase to a median sales price of $305,000.
Inventory decreased throughout the region, according to November data, with a drop of 13 percent in both Bucks and Montgomery counties, 8 percent in Delaware County, 11 percent in Chester County, and 15 percent in Philadelphia County, compared to the same month last year.
Philadelphia Housing Market
“As we round out what has been a challenging year for real estate, it’s more important than ever for consumers to have as much information as possible to support their buying and selling decisions,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies. “Because every real estate market is different, national housing data may not support local buyers and sellers as they look to make well-informed decisions pertaining to their homeownership goals.”
“For example,” Detwiler continued, “we are continuing to see some very positive trends in the greater Philadelphia region, including increases in sales throughout most of the region, and some increase in median sales prices, according to data. For consumers, these dynamics could signal an ideal opportunity to buy or sell real estate.”
“Armed with housing information specific to their local area and the assistance of a well-trained, experienced Realtor, some consumers may find that the opportunities that exist in today’s market—including historically-low interest rates and reasonably-priced homes—may present them real estate options unlike any we’ve seen for generations,” Detwiler 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.