The Long & Foster Market Minute

Focus On: Philadelphia County Housing Market February 2020

Units Sold
1,071
Active Inventory
3,381
Median Sale Price
$220,000
Days On Market
58
Up 11%
Vs. Year Ago
Down -22%
Vs. Year Ago
Up 19%
Vs. Year Ago
Up 7%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 1,071 sold this month in Philadelphia County Real Estate versus 1,175 last month, a decrease of 9%. This month's total units sold was higher than at this time last year, an increase of 11% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 981 units or 22%. The total number of active inventory this February was 3,381 compared to 4,362 in February 2019. This month's total of 3,381 is lower than the previous month's total supply of available inventory of 3,609, a decrease of 6%.

Median Sale Price
Last February, the median sale price for Philadelphia County Homes was $185,000. This February, the median sale price was $220,000, an increase of 19% or $35,000 compared to last year. The current median sold price is 3% 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
2,034
Current Contracts
1,615
Sold Vs. List Price
97.1%
Months of Supply
3.2
Up 6%
Vs. Year Ago
Up 30%
Vs. Year Ago
No Change
Vs. Year Ago
Down -30%
Vs. Year Ago

Months of Supply
In February, there was 3.2 months of supply available in Philadelphia County, compared to 4.5 in February 2019. That is a decrease of 30% 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 2,034 homes newly listed for sale in Philadelphia County compared to 1,920 in February 2019, an increase of 6%. There were 1,615 current contracts pending sale this February compared to 1,243 a year ago. The number of current contracts is 30% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Philadelphia County was 97.1% 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 58, higher than the average last year, which was 54, an increase 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.