The Long & Foster Market Minute

Focus On: Philadelphia County Housing Market October 2018

Units Sold
1,386
Active Inventory
4,707
Median Sale Price
$199,900
Days On Market
40
Up 1%
Vs. Year Ago
Down -20%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -7%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 1,386 sold this month in Philadelphia County Real Estate versus 1,254 last month, an increase of 11%. This month's total units sold was higher than at this time last year, an increase of 1% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,161 units or 20%. The total number of active inventory this October was 4,707 compared to 5,868 in October 2017. This month's total of 4,707 is lower than the previous month's total supply of available inventory of 4,756, a decrease of 1%.

Median Sale Price
Last October, the median sale price for Philadelphia County Homes was $184,000. This October, the median sale price was approximately the same at $199,900. The current median sold price is 9% higher than in October 2017.

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


New Listings
2,325
Current Contracts
1,426
Sold Vs. List Price
97.7%
Months of Supply
3.4
Up 13%
Vs. Year Ago
Up 3%
Vs. Year Ago
No Change
Vs. Year Ago
Down -20%
Vs. Year Ago

Months of Supply
In October, there was 3.4 months of supply available in Philadelphia County, compared to 4.3 in October 2017. That is a decrease of 21% 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 2,325 homes newly listed for sale in Philadelphia County compared to 2,049 in October 2017, an increase of 13%. There were 1,426 current contracts pending sale this October compared to 1,391 a year ago. The number of current contracts is 3% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Philadelphia County was 97.7% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 40, lower than the average last year, which was 43, a decrease of 7%.

The Long & Foster Market Minute
*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.