Home Sales and Prices in Greater Philadelphia Continue to Climb in First Nine Months of 2013


The number of homes sold in the Greater Philadelphia region* during the first nine months of 2013 increased an impressive15.7 percent compared to the same time last year, according to Prudential Fox & Roach, REALTORS’® HomExpert Market Report©.  The median price of homes sold in the area increased 4.4 percent at $214,000 compared to $205,000 during the first nine months of 2012.

“The report shows that the area’s housing market is continuing to pick up speed,” said Steve Storti, Senior VP of Marketing, Prudential Fox & Roach, Realtors. “Positive gains like these point to a sustained housing recovery and show that home buyers are taking advantage of positive market conditions year-round, not just during the spring selling season.”

In the first nine months of 2013, homes remained on the market an average of 84 days, which is the lowest point since 2010, when average days on market hovered at 85 days. This is a 15.2 percent improvement from the same time last year, when average days on market was 99 days.  The monthly average inventory of homes available on the market for the region decreased in the first nine months of 2013 at 48,369 compared to 53,863 in the first nine months of 2013 and 59,304 in the first nine months of 2011.

Chester County posted the highest median sale price in the first nine months of 2013 at $297,000, a 3.2 percent increase since the same time last year, followed by Bucks County ($273,348, +5.1 percent), Montgomery County ($255,000, +2.8 percent), Mercer County ($2450,000, +6.5 percent)  and Delaware County ($210,000, +3.4 percent). Philadelphia County posted the lowest median sale price in the region at $148,000. New Castle County posted the largest increase in median sales price, increasing 6.6 percent to $195,000 in the first nine months of 2013, compared to $183,500 the same time last year.

Philadelphia County saw the highest number of homes sold in the first nine months of 2013 at 10,259 , a 19.3 percent increase compared to the first nine months of 2012, followed by Montgomery County (7,218, +15.3 percent), Bucks County (5,310, +23.2 percent), Chester County (4,847, +18.5 percent) and Delaware County  (4,325, +13.0 percent).

Other first nine months of 2013 HomExpert Market Report© findings:

12-County Region

  • Princeton in Mercer County posted the highest median sales price in the Greater Philadelphia region at $765,000  (+14.0 percent), followed by Pocopson Township in Chester County at $587,500 (+1.3percent), Easttown Township in Chester County at $572,500 (+16.8 percent), Upper Makefield Township in Bucks County at $565,000 (+3.4 percent) and Birmingham Township in Chester County at $550,000 (+8.9 percent).

  • The Newark/Glasgow area in New Castle County posted the highest number of homes sold in the first nine months of 2013 at 1190, a 3.8 percent increase from the first nine months of 2012, followed by Cherry Hill Township in Camden County (703, +30.4 percent), Lower Merion Township in Montgomery County (670, +10.9 percent), Hamilton Township in Mercer County (663, +12.4) percent) and the zip code 19146 in Philadelphia County (659, +17.3 percent).
  • Pennsylvania led the tri-state region in highest median sale price in the first nine months of 2013 at $227,000 (+3.2 percent), followed by New Jersey at $190,000 (+1.1 percent) and Delaware at $190,000 (+5.6 percent).
  • Pennsylvania led the tri-state region in the number of homes sold in the first nine months of 2013 at 31,947 (+17.9 percent), followed by New Jersey at 12,165 (+15.6 percent) and Delaware at 5,371 (+4.2 percent).

Center City

  • In the first nine months of 2013, Center City saw 1,134 homes sold, a 21.3 percent increase from the 935 homes sold the same time last year. Center City median home prices were $350,000 for the first nine months of 2013, a slight 2.8 decrease compared to $360,000 in the first nine months of 2012.
  • Homes in Center City sold faster than the same last year, decreasing from 98 days in the first nine months of 2012 to 91 days in the first nine months of 2013. 

Main Line

  • In the first nine months of 2013, the Main Line saw 2,353 homes sold, a 16.1 percent increase, compared to 2,026 homes sold in the first nine months of 2012.
  • Main Line median home prices increased 1.4 percent to $385,000 in the first nine months of 2013, compared to the first nine months of 2012, which stood at $379,500.
  • Homes flew off the market in the Main Line, with the average number of days a home remained on the market decreasing from 89 days in the first nine months of 2012 to 66 days in the first nine months of 2013.

New Jersey and Shore Counties (Outside of the Greater Philadelphia Region)

  • Atlantic County median home prices decreased 4.8 percent to $176,000 in the first nine months of 2013, compared to the median sale price in the first nine months of 2012, which stood at $184,900. In the first nine months of 2013, Atlantic County saw 817 homes sold, a 11.5 percent increase from the 733 homes sold in the first nine months of 2012. The average number of days a home remained on the market decreased from 127 days in the first nine months of 2012 to 112 days in the first nine months of 2013.

 

*Editor’s Note: The Greater Philadelphia region includes counties in Southeastern Pennsylvania, Southern New Jersey and Delaware, which are: Philadelphia, Bucks, Chester, Delaware, Montgomery, Burlington, Camden, Gloucester, Mercer, Salem, Kent and New Castle. Main Line data includes Malvern Borough, Tredyffrin Township, Willistown Township, Easttown Township, Haverford, Newtown, Radnor, Narberth, and Lower Merion. Center City data includes zip codes 19102, 19103 (Rittenhouse Square), 19106 (Old City), 19107 (Washington Square), 19123 (Northern Liberties/Fishtown), and 19130 (Fairmount/Art Museum). Additional charts and graphs available upon request. Top municipalities listed include 20 or more sales in 2010. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract. 

About HomExpert Data©

The HomExpert Market Report© is an exclusive product of the Prudential Fox & Roach, REALTORS’ Research Division. Findings are compiled using the company’s exclusive HomExpert Data, which analyzes TREND Multiple Listing Service (MLS) data and provides the timeliest information available in the industry. The HomExpert Market Report offers exclusive analysis of real estate activity regionally, by county, MLS area or zip code across the Prudential Fox & Roach service area.  For more information, please visit http://blog.prufoxroach.com/market-reports..

About Prudential Fox & Roach, REALTORS®

On November 12, 2013, Prudential Fox & Roach, REALTORS®, the Delaware Valley’s market leader, will become Berkshire Hathaway HomeServices Fox & Roach, REALTORS®, and be part of the nation’s second largest provider of total home services. These two legendary companies join forces to begin a new era in real estate. Through its affiliate, the Trident Group, the company provides one-stop shopping and facilitated services to its clients including mortgage financing and title, property and casualty insurance. For more information on Berkshire Hathaway HomeServices go to www.foxroachfuture.com. Visit our website at www.prufoxroach.com

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