Posted on February 28, 2017

January 2017 Market Trends for Various PA Counties

Here is the latest statistical snapshot of real estate activity in your area as of February 23rd, 2017. Mild weather in January helped sales get off to a fast start in 2017, exceeding 2016 by over 5%. The median sales price of those sales was down $1,000 from last year from $199,000 to 198,000 this year. Philadelphia and Montgomery counties were the only counties with a decline in year-over-year sales, but both had increases in the median sales price of 10.3% in Philadelphia and 5.6% in Montgomery. Pending sales were up 22% with all counties showing an increase. Tight inventory continues to reduce Days On Market of sold listings and Jan. sold in a median of 8 weeks (55 days) compared to 9 weeks (62 days) in 2016.

Market Overview

Sales in Bucks County increased 4.0% compared to last January and prices exceeded last year with the median sold price 0.5% higher than a year ago. Sales in Chester County increased from January 2016 by 9.3% and for all of 2016 were 3.3% above 2015. The median sold price in January was 3.5% lower than last January. For the third straight month in Delaware County, prices were well above the previous year’s level, with the median sold price up 9.2% ($15,100) compared to last January. Sales for Montgomery County in January were down 5.6% compared to last year, while the median sold price of those sales was up 5.6%, compared to last January. Sales for Philadelphia County in January were down 1.1% from last January, but prices continued to rise as January was up 10.3% over last January. 2017 is off to a strong start for Berks County with sales in January exceeding last year by 14% and the median sold price up 7.8%. Inventory and the month’s supply of inventory continued to decline and both are more than 24% below last January. Schuylkill County began 2017 with sales 11.5% higher than January 2015, and with the median sold price up 77.4% due mostly to an extraordinarily low median price last January. For 2016 the median sold price in Schuylkill County was $75,000.

Total Inventory

Total inventory for Pennsylvania Counties Berks Bucks Montgomery Schuylkill Philadelphia Delaware and Chester

The inventory of homes for sale in Bucks County decreased by 3.5% during January and is now down 19.1% compared to last year. The Months Supply of Inventory dropped from 4.4 months last January to 3.5 months, a strong sellers’ market.

The inventory of homes for sale in Chester County declined by 3.2% during January and is down 16.8% compared to the January 2016 level. Due primarily to lower inventory, the Months Supply of Inventory went down from 3.6 months to 3.4 months and is down from 4.2 months a year ago. 3.4 months of inventory indicates that it is a sellers’ market in Chester County.

January inventory in Delaware County decreased by 3.4% during the month and is now 21.0% below the level of a year ago. The Months Supply of Inventory decreased from 4.1 months to 3.9 months during January compared to 5.0 months a year ago.

Inventory decreased in Montgomery County during the month by 1.1%, and the number of homes for sale is now 13.6% lower than a year ago. The Months Supply of Inventory stayed at 3.5 months, indicating a sellers’ market in Montgomery County.

Inventory decreased by 0.9% in Philadelphia County during the month, and is now 17.3% lower than this time last year. The Months Supply of Inventory stayed at 4.1 months during January compared to 4.9 months a year ago.

Inventory in Berks County is 24% below the year-ago level and the month’s supply of inventory is at 4.1 months compared to 5.5 months a year ago.

Inventory remains tight in Schuylkill County as the number of homes for sale declined by 20 and is now 18% lower than this time last year. The Months Supply of Inventory is at 7.0 months compared to 8.5 months a year ago.

Appointments Based on Price Range

appointment numbers by price range for Pennsylvania Counties Berks Bucks Montgomery Schuylkill Philadelphia Delaware and Chester

Appointments were up 51% this month in Bucks County compared to last month and up 7% compared to January 2016. Overall appointments in Chester County were up 55% compared to last month and up 7% from a year ago. Overall, there was a 51% increase in appointments in Delaware County compared to last month and up 15% compared to last January. Overall appointments in Montgomery County were up 56% from last month and up 9% compared to January 2016. Appointments were up 30% in Philadelphia County compared to last month and up 15% compared to January 2016 with the largest increase year-over-year in the $500,000+ price range. Total appointments in Berks County were up 44% from last month and up 5% compared to January 2016 with the $300,000-$500,000 range up 56% over last year. Appointments in Schuylkill County were up 105% compared to last month and up 165% compared to last January.

Total Settled Listings

Number of Settled Listings for Pennsylvania Counties Berks Bucks Montgomery Schuylkill Philadelphia Delaware and Chester

Bucks County sales in January were up 4.0% compared to last January. The Property Marketing Period decreased from 45 days in 2015 to 39 days in 2016 and was 48 in January compared to 66 in January 2016.

Chester County January sales were 9.3% above last January and were 3.3% higher for 2016 than in 2015. The median Property Marketing Period of the January sales was 49 days compared to 57 days last January.

Sales in Delaware County were up 3.4% compared to last January. The median Property Marketing Period in January 2016 was 63 days compared to 52 days this year.

Montgomery County January sales were 5.6% lower than last January. In January, the Property Marketing Period declined from 60 days in 2016 to 55 days this year.

Philadelphia County January sales were down 1.1% from last January. In January the Property Marketing Period of sales has dropped from 52 days in 2016 to 39 days this year.

Berks County Sales increased by 8.8% in 2016 over 2015 and 2017 is off to a strong start with January closed sales up 14% from last January.

Schuylkill County January sales were up 11.5% compared to last January.

MEDIAN PRICE

Median Price Comparison for Pennsylvania Counties Berks Bucks Montgomery Schuylkill Philadelphia Delaware and Chester

The median sold price for Bucks County in January was up 0.5% from last January. The median sold price for Chester County in January was down 3.5% compared to last January. The median sold price of $180,00 in Delaware County was 9.2% ($15,100) higher than January 2016. The median sold price for Montgomery County in January was 5.6% higher than last January. January median sold price in Philadelphia County was $16,000 (10.3%) higher than last January. The median sold price of settled transactions for Berks County in January was 7.8% higher than last year and for the year 2016 was $5,000 (3.3%) higher than 2015. The January median sold price for Schuylkill County was 77% higher than last January.

Settled Price vs Original Price

Settled vs Original Comparison for Pennsylvania Counties Berks Bucks Montgomery Schuylkill Philadelphia Delaware and Chester

The sold price compared to the original list price for Bucks County in January was 96.3% which is a little above the normal range of 94-96%. The median sold price to original list price in Chester County was 96.5% in January within the normal range for Chester County of 95-97%. The sold price to original list price ratio in Delaware County was 92.4% within the normal range of 92-94%. The sold price to original list price ratio of 94.3% in Montgomery County was lower than last January’s SP/OP of 95.3% but within the normal range of 93-96%. The median SP to List Price was 97.7% in January 2016 compared to 97.5% last year. The sold price to original list price ratio for Philadelphia County in January was 95.1%. Philadelphia has consistently been in the 93-95% range over the last year but the high level of sales activity may be pushing this ratio higher. The sold price in January for Berks County was equal to 94.0% of the original list price, lower than expected considering the dearth of inventory, but within the normal range of 93-96%. In January the sale price was equal to 98.3% of the list price. The sold price to original list price ratio for Schuylkill County in January was 92.8% compared to 77.7% last year.

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