The Long & Foster Market Minute

Focus On: Lower Mainline Housing Market August 2023

Zip Code(s): 19003, 19096, 19072, 19004 and 19066
Units Sold
50
Active Inventory
63
Median Sale Price
$618,641
Days On Market
16
Down -31%
Vs. Year Ago
No Change
Vs. Year Ago
Up 17%
Vs. Year Ago
Up 14%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 50 sold this month in Lower Mainline Real Estate versus 54 last month, a decrease of 7%. This month's total units sold was lower than at this time last year, a decrease of 31% versus August 2022.

Active Inventory
The total number of homes available this month is 63 units, which is similar compared to a year ago. This month's total of 63 is higher than the previous month's total supply of available inventory of 52, an increase of 21%.

Median Sale Price
Last August, the median sale price for Lower Mainline Homes was $527,500. This August, the median sale price was $618,641, an increase of 17% or $91,141 compared to last year. The current median sold price is 8% 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
58
Current Contracts
42
Sold Vs. List Price
102.5%
Months of Supply
1.3
Up 14%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Up 43%
Vs. Year Ago

Months of Supply
In August, there was 1.3 months of supply available in Lower Mainline, compared to 0.9 in August 2022. That is an increase of 44% 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 58 homes newly listed for sale in Lower Mainline compared to 51 in August 2022, an increase of 14%. There were 42 current contracts pending sale this August compared to 47 a year ago. The number of current contracts is 11% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Lower Mainline was 102.5% 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 16, higher than the average last year, which was 14, an increase of 14%.

The Long & Foster Market Minute Lower Mainline are defined as properties listed in zip code/s 19003, 19096, 19072, 19004 and 19066.
*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.