The Long & Foster Market Minute

Focus On: Mainline Housing Market August 2020

Zip Code(s): 19010, 19085, 19035 and 19041
Units Sold
74
Active Inventory
159
Median Sale Price
$827,500
Days On Market
34
Up 4%
Vs. Year Ago
Down -24%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -48%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 74 sold this month in Mainline Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 49 units or 24%. The total number of active inventory this August was 159 compared to 208 in August 2019. This month's total of 159 is lower than the previous month's total supply of available inventory of 181, a decrease of 12%.

Median Sale Price
Last August, the median sale price for Mainline Homes was $705,000. This August, the median sale price was $827,500, an increase of 17% or $122,500 compared to last year. The current median sold price is 16% lower than in July.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
66
Current Contracts
60
Sold Vs. List Price
96.9%
Months of Supply
2.1
Up 22%
Vs. Year Ago
Up 20%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In August, there was 2.1 months of supply available in Mainline, compared to 2.9 in August 2019. That is a decrease of 27% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 66 homes newly listed for sale in Mainline compared to 54 in August 2019, an increase of 22%. There were 60 current contracts pending sale this August compared to 50 a year ago. The number of current contracts is 20% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Mainline was 96.9% of the average list price, which is 1.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 34, lower than the average last year, which was 66, a decrease of 48%.

The Long & Foster Market Minute Mainline are defined as properties listed in zip code/s 19010, 19085, 19035 and 19041.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.