The Long & Foster Market Minute

Focus On: Philadelphia County Housing Market August 2021

Units Sold
1,654
Active Inventory
3,916
Median Sale Price
$271,000
Days On Market
30
Down -1%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up 13%
Vs. Year Ago
Down -23%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 1,654 sold this month in Philadelphia County Real Estate versus 1,815 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 1% versus August 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 541 units or 12%. The total number of active inventory this August was 3,916 compared to 4,457 in August 2020. This month's total of 3,916 is lower than the previous month's total supply of available inventory of 4,078, a decrease of 4%.

Median Sale Price
Last August, the median sale price for Philadelphia County Homes was $240,000. This August, the median sale price was $271,000, an increase of 13% or $31,000 compared to last year. The current median sold price is 1% 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
2,329
Current Contracts
1,771
Sold Vs. List Price
99.2%
Months of Supply
2.4
Down -5%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -11%
Vs. Year Ago

Months of Supply
In August, there was 2.4 months of supply available in Philadelphia County, compared to 2.7 in August 2020. That is a decrease of 11% 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 2,329 homes newly listed for sale in Philadelphia County compared to 2,443 in August 2020, a decrease of 5%. There were 1,771 current contracts pending sale this August compared to 1,753 a year ago. The number of current contracts is 1% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Philadelphia County was 99.2% of the average list price, which is 1.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 30, lower than the average last year, which was 39, a decrease of 23%.

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 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.