The Long & Foster Market Minute

FOCUS ON: MORRIS PARK AND WYNNEFIELD HOUSING MARKET MAY 2024

Zip Code(s): 19151 and 19131
Units Sold
31
Active Inventory
134
Median Sale Price
$193,000
Days On Market
24
Down
Vs. Year Ago
Down -19%
Vs. Year Ago
Up 19%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in May, with 31 sold this month in Morris Park and Wynnefield Real Estate. This month's total units sold was lower than at this time last year, a decrease from May 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 32 units or 19%. The total number of active inventory this May was 134 compared to 166 in May 2023. This month's total of 134 is higher than the previous month's total supply of available inventory of 118, an increase of 14%.

Median Sale Price
Last May, the median sale price for Morris Park and Wynnefield Homes was $162,500. This May, the median sale price was $193,000, an increase of 19% or $30,500 compared to last year. The current median sold price is 10% 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
80
Current Contracts
42
Sold Vs. List Price
97.6%
Months of Supply
4.3
Up 25%
Vs. Year Ago
Down -21%
Vs. Year Ago
No Change
Vs. Year Ago
Up 15%
Vs. Year Ago

Months of Supply
In May, there was 4.3 months of supply available in Morris Park and Wynnefield, compared to 3.8 in May 2023. That is an increase of 15% 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 80 homes newly listed for sale in Morris Park and Wynnefield compared to 64 in May 2023, an increase of 25%. There were 42 current contracts pending sale this May compared to 53 a year ago. The number of current contracts is 21% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Morris Park and Wynnefield was 97.6% 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 24, lower than the average last year, which was 49. This decrease was impacted by the limited number of sales.

The Long & Foster Market Minute Morris Park and Wynnefield are defined as properties listed in zip code/s 19151 and 19131.
*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.