The Long & Foster Market Minute

Focus On: Morris Park Housing Market October 2022

Zip Code(s): 19151
Units Sold
24
Active Inventory
61
Median Sale Price
$224,000
Days On Market
40
Down -23%
Vs. Year Ago
Up 13%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 21%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 24 sold this month in Morris Park Real Estate versus 29 last month, a decrease of 17%. This month's total units sold was lower than at this time last year, a decrease of 23% versus October 2021.

Active Inventory
Versus last year, the total number of homes available this month is higher by 7 units or 13%. The total number of active inventory this October was 61 compared to 54 in October 2021. This month's total of 61 is lower than the previous month's total supply of available inventory of 63, a decrease of 3%.

Median Sale Price
Last October, the median sale price for Morris Park Homes was $220,000. This October, the median sale price was $224,000, an increase of 2% or $4,000 compared to last year. The current median sold price is 8% higher than in September.

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


New Listings
27
Current Contracts
19
Sold Vs. List Price
99.1%
Months of Supply
2.5
Down -23%
Vs. Year Ago
Down -21%
Vs. Year Ago
Up 0.5%
Vs. Year Ago
Up 46%
Vs. Year Ago

Months of Supply
In October, there was 2.5 months of supply available in Morris Park, compared to 1.7 in October 2021. That is an increase of 46% 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 27 homes newly listed for sale in Morris Park compared to 35 in October 2021, a decrease of 23%. There were 19 current contracts pending sale this October compared to 24 a year ago. The number of current contracts is 21% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Morris Park was 99.1% of the average list price, which is 0.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 40, higher than the average last year, which was 33, an increase of 21%.

The Long & Foster Market Minute Morris Park are defined as properties listed in zip code/s 19151.
*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.