The Long & Foster Market Minute

Focus On: Morris Park Housing Market August 2023

Zip Code(s): 19151
Units Sold
14
Active Inventory
53
Median Sale Price
$210,000
Days On Market
59
Down -30%
Vs. Year Ago
Down -4%
Vs. Year Ago
No Change
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 14 sold this month in Morris Park Real Estate versus 19 last month, a decrease of 26%. This month's total units sold was lower than at this time last year, a decrease of 30% versus August 2022.

Active Inventory
Versus last year, the total number of homes available this month is lower by 2 units or 4%. The total number of active inventory this August was 53 compared to 55 in August 2022. This month's total of 53 is higher than the previous month's total supply of available inventory of 51, an increase of 4%.

Median Sale Price
Last August, the median sale price for Morris Park Homes was $210,250. This August, the median sale price was $210,000, which is similar compared to a year ago. The current median sold price is 13% 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
35
Current Contracts
23
Sold Vs. List Price
97.9%
Months of Supply
3.8
No Change
Vs. Year Ago
Down -15%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 38%
Vs. Year Ago

Months of Supply
In August, there was 3.8 months of supply available in Morris Park, compared to 2.8 in August 2022. That is an increase of 38% 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 35 homes newly listed for sale in Morris Park, which is similar to the amount in August 2022. There were 23 current contracts pending sale this August compared to 27 a year ago. The number of current contracts is 15% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Morris Park was 97.9% of the average list price, which is 3.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 59, higher than the average last year, which was 22. This increase was impacted by the limited number of sales.

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.