Monthly Market Trends
Philadelphia Housing Market Sees Decrease Inventory In May
The greater Philadelphia real estate market, including Bucks, Chester, Delaware, Montgomery and Philadelphia counties, experienced some positive trends compared to May of last year, according to The Long & Foster Market Minute® reports. The number of homes sold increased throughout the greater Philadelphia region compared to a year ago, May data shows, and homes continue to sell, on average, in three to four months.
In May, sales increased across the greater Philadelphia region, with some areas seeing significant year-over-year increases. Chester, Montgomery and Delaware counties experienced increases of 29 percent, 27 percent and 25 percent, respectively, compared to year-ago levels. Bucks and Philadelphia counties also experienced increases of 12 percent and 2 percent, respectively, in year-over-year home sales, according to data.
Most homes in the region continued to sell in three to four months, on average. According to May’s data, days on market (DOM) was 84 days in Philadelphia County, and ranged from 92 days to 100 days throughout the remainder of the region. 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 May’s data, median sale price remained relatively stable compared to the same month last year in most areas of the Philadelphia region. Delaware County experienced a 5 percent year-over-year increase in median sale price and Philadelphia County increased by 8 percent.
Inventory decreased throughout the region, according to May data, with a drop of 18 percent in Philadelphia County, 17 percent in Montgomery County, 16 percent in Bucks County, 14 percent in Chester County, and 11 percent in Delaware County compared to the same month last year.
“There is no doubt that, in a few short years, many of us will look back at today’s housing market and recognize the incredible homeownership opportunities available to many consumers right now,” says Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies.
“The greater Philadelphia region is experiencing conditions that reflect the once-in-a-generation affordability boosted by low interest rates, and many buyers are taking advantage of this situation,” Detwiler adds. “And for sellers who have been waiting on the sidelines, data is showing conditions that may be worth evaluating, including increases in home sales, tightening inventory, and homes that are selling quickly. For many, the time might be right to look at move-up opportunities.”
The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
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