The Long & Foster Market Minute

Focus On: Philadelphia County Housing Market May 2018

Units Sold
1,658
Active Inventory
4,206
Median Sale Price
$215,000
Days On Market
41
Down -2%
Vs. Year Ago
Down -22%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -16%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 1,658 sold this month in Philadelphia County Real Estate versus 1,410 last month, an increase of 18%. This month's total units sold was lower than at this time last year, a decrease of 2% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,210 units or 22%. The total number of active inventory this May was 4,206 compared to 5,416 in May 2017. This month's total of 4,206 is higher than the previous month's total supply of available inventory of 4,159, an increase of 1%.

Median Sale Price
Last May, the median sale price for Philadelphia County Homes was $195,000. This May, the median sale price was $215,000, an increase of 10% or $20,000 compared to last year. The current median sold price is 5% higher than in April.

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


New Listings
2,390
Current Contracts
1,604
Sold Vs. List Price
98.2%
Months of Supply
2.5
Up 1%
Vs. Year Ago
Down -7%
Vs. Year Ago
No Change
Vs. Year Ago
Down -20%
Vs. Year Ago

Months of Supply
In May, there was 2.5 months of supply available in Philadelphia County, compared to 3.2 in May 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 2,390 homes newly listed for sale in Philadelphia County compared to 2,378 in May 2017, an increase of 1%. There were 1,604 current contracts pending sale this May compared to 1,730 a year ago. The number of current contracts is 7% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Philadelphia County was 98.2% 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 41, lower than the average last year, which was 49, a decrease of 16%.

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 TReND 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 TReND or Long & Foster Real Estate, Inc.