The Long & Foster Market Minute

Focus On: Philadelphia County Housing Market February 2019

Units Sold
737
Active Inventory
4,184
Median Sale Price
$195,000
Days On Market
62
Down -20%
Vs. Year Ago
Down -14%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 17%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 737 sold this month in Philadelphia County Real Estate versus 929 last month, a decrease of 21%. This month's total units sold was lower than at this time last year, a decrease of 20% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 696 units or 14%. The total number of active inventory this February was 4,184 compared to 4,880 in February 2018. This month's total of 4,184 is lower than the previous month's total supply of available inventory of 4,355, a decrease of 4%.

Median Sale Price
Last February, the median sale price for Philadelphia County Homes was $177,500. This February, the median sale price was $195,000, an increase of 10% or $17,500 compared to last year. The current median sold price is 1% higher than in January.

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


New Listings
1,914
Current Contracts
1,311
Sold Vs. List Price
96.8%
Months of Supply
5.7
Up 1%
Vs. Year Ago
Up 4%
Vs. Year Ago
No Change
Vs. Year Ago
Up 7%
Vs. Year Ago

Months of Supply
In February, there was 5.7 months of supply available in Philadelphia County, compared to 5.3 in February 2018. That is an increase of 7% 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 1,914 homes newly listed for sale in Philadelphia County compared to 1,888 in February 2018, an increase of 1%. There were 1,311 current contracts pending sale this February compared to 1,266 a year ago. The number of current contracts is 4% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Philadelphia County was 96.8% 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 62, higher than the average last year, which was 53, an increase of 17%.

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.