The Long & Foster Market Minute

Focus On: Philadelphia Metro Housing Market August 2021

Units Sold
8,290
Active Inventory
9,984
Median Sale Price
$353,000
Days On Market
19
Down -3%
Vs. Year Ago
Down -21%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -37%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 8,290 sold this month in Philadelphia Metro Real Estate versus 8,719 last month, a decrease of 5%. This month's total units sold was lower than at this time last year, a decrease of 3% versus August 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 2,669 units or 21%. The total number of active inventory this August was 9,984 compared to 12,653 in August 2020. This month's total of 9,984 is lower than the previous month's total supply of available inventory of 11,177, a decrease of 11%.

Median Sale Price
Last August, the median sale price for Philadelphia Metro Homes was $319,900. This August, the median sale price was $353,000, an increase of 10% or $33,100 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
9,021
Current Contracts
8,323
Sold Vs. List Price
101.2%
Months of Supply
1.2
Down -4%
Vs. Year Ago
No Change
Vs. Year Ago
Up 1.8%
Vs. Year Ago
Down -19%
Vs. Year Ago

Months of Supply
In August, there was 1.2 months of supply available in Philadelphia Metro, compared to 1.5 in August 2020. That is a decrease of 18% 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 9,021 homes newly listed for sale in Philadelphia Metro compared to 9,354 in August 2020, a decrease of 4%. There were 8,323 current contracts pending sale this August, consistent with the volume a year ago. The number of current contracts is 6% higher than last month.

Sale Price to List Price Ratio
In August, the average sale price in Philadelphia Metro was 101.2% of the average list price, which is 1.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 30, a decrease of 37%.

The Long & Foster Market Minute *Defined as the counties of Berks, Bucks, Chester, Delaware, Lehigh, Montgomery, Northampton, and Philadelphia in PA
*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 GLVR/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 GLVR/BRIGHTMLS or Long & Foster Real Estate, Inc.