The local Multiple Listing Service (MLS) recently released the market trend report for the first half of 2016, and the results suggest that the real estate market in Greater Philadelphia is thriving. Every local county is experiencing an increase in the total number of homes sold, as well as healthy growth in sale prices. However, the vast majority of the region is experiencing a shortage in homes for sale, leading to increased competition among buyers.
In Montgomery County, the median price of settled homes jumped 1.5% to $257,750 from this time last year. Additionally, demand continues to outpace supply, and the number of homes for sale dropped 14.4% from this time last year in Montgomery County. As a result of this increased competition, buyers are submitting better offers; the average sale price was 96.6% of the original asking price, which is well above the 93-95% norm.
In Bucks County, the total number of sales are 9.9% higher than 2015, despite a 15.2% decrease in the number of homes for sale. Chester County’s number of homes sold are also on the rise and 6.0% higher than this time last year.
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Delaware County’s median sale price jumped $10,000 this past year, and the total number of homes sold increased 13.2%.
Philadelphia’s real estate market has also heated up in 2016: the average sale price in May 2016 was a whopping $27,000 higher than May 2015. And like much of the region, Philadelphia is experiencing a shortage in the number of homes for sale — there are 16.6% fewer listings than this time last year.
