Philadelphia Metropolitan Market Conditions Report

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Philadelphia Metropolitan Area Market Conditions

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Philadelphia Metropolitan Market Conditions Report

  1. 1. The Long & Foster ® Market Conditions Report Philadelphia Metropolitan Area - September 2013 Median Sales Price Median Sale Price $300,000 Of Top Five Counties/Cities Based on Total Units Sold $210,000 $285,000 $265,000 $254,400 $190,000 $200,000 $100,000 $247,500 $300,000 $149,000 $134,900 $400,000 $282,500 Current Month $500,000 $215,000 $230,000 $238,000 $239,000 $220,000 $206,000 $206,000 $185,000 $190,000 $206,811 $210,000 $210,000 $203,000 $223,000 $227,215 $230,000 $217,000 $203,000 $193,000 $183,750 $197,000 $195,000 $199,900 $200,000 $150,000 $208,000 $200,000 One Year Ago $270,000 $250,000 $100,000 $0 $50,000 Philadelphia Montgomery County County Bucks County Chester County Delaware County $0 Median Sale Price 3% 2% 1% 1% 5% 7% 1% 2% 1% 0% 2% 1% 3% 4% 4% 6% 6% 5% 8% 4% ● This September, the median sale price was $215,000, an increase of 2% compared to last year. Percent Change Year/Year 3% Highlights 0% -10% -5% -4% -2% -5% -8% -8% -5% -4% -6% -2% -2% -6% ● The current median sale price was 7% lower than in August. 30
  2. 2. The Long & Foster ® Market Conditions Report Philadelphia Metropolitan Area - September 2013 Total Units Sold 7,000 Total Units Sold Of Top Five Counties/Cities Based on Total Units Sold 459 394 495 467 500 555 459 642 934 845 4,131 1,000 Current Month 731 5,297 5,154 4,331 3,637 One Year Ago 1,500 2,750 2,882 3,570 4,034 3,489 4,705 3,707 3,590 3,365 2,441 3,189 3,026 2,983 2,498 2,000 3,309 3,000 4,245 4,000 4,292 4,857 5,000 5,579 5,767 6,000 0 Philadelphia Montgomery County County 1,000 Bucks County Chester County Delaware County 0 Total Units Sold Highlights Percent Change Year/Year 30% 11% 8% 13% 19% 21% 21% 13% 12% 15% 17% 12% 14% 14% 12% 13% 17% 19% 9% 11% 6% 10% 12% 20% 6% ● There was a decrease of 22% in total units sold in September compared to August. 30% 8% ● This month's total units sold was higher than at this time last year, an increase of 11% versus September 2012. 33% 40% 0% 31
  3. 3. The Long & Foster ® Market Conditions Report Philadelphia Metropolitan Area - September 2013 Total Units Sold by Type Total Units Sold by Type Detached Attached Current Month Condo 7,000 Detached Attached Condo 6,000 270 6% 5,000 4,000 3,000 1,603 39% 2,000 2,258 55% 1,000 0 Total Units Sold by Price Range < 150K 3,000 150K to < 300K 300K to < 450K 450K to < 600K Total Units Sold by Price Range Current Month 600K and up < 150K 450K to < 600K 150K to < 300K 600K and up 300K to < 450K 2,500 194 261 5% 6% 2,000 1,500 765 18% 1,181 29% 1,000 500 0 1,730 42% 32
  4. 4. The Long & Foster ® Market Conditions Report Philadelphia Metropolitan Area - September 2013 Total Active Inventory 45,000 Total Active Inventory Of Top Five Counties/Cities Based on Total Units Sold 3,678 3,313 3,345 2,936 3,773 4,000 20,000 Current Month 3,337 4,679 6,000 4,438 8,548 8,000 7,309 30,339 29,965 30,922 31,162 31,481 30,744 29,328 28,729 28,146 27,650 10,000 31,425 25,000 33,047 34,150 34,369 35,103 35,693 36,275 35,776 34,631 33,366 32,510 31,944 One Year Ago 35,913 30,000 37,704 35,000 38,901 40,000 2,000 0 15,000 Philadelphia Montgomery County County 10,000 Bucks County Chester County Delaware County 5,000 0 Highlights 0% -11% -12% -13% -13% -13% -14% -15% -13% -14% -13% -12% -12% -12% -13% -14% -11% -9% -6% -7% -7% -13% -15% -8% -10% -6% -5% -7% ● Versus September 2012, the total number of homes available was lower by 3,811 units or 11%. Percent Change Year/Year -5% ● This month's supply of available inventory remained relatively stable compared to last month. Total Active Inventory -20% -25% 33
  5. 5. The Long & Foster ® Market Conditions Report Philadelphia Metropolitan Area - September 2013 Total Active Inventory by Type Detached Attached Total Active Inventory by Type Condo Current Month 45,000 Detached Attached Condo 40,000 35,000 1,769 6% 30,000 25,000 20,000 11,981 39% 15,000 16,589 55% 10,000 5,000 0 Total Active Inventory by Price Range < 150K 45,000 150K to < 300K 300K to < 450K 450K to < 600K 600K and up Total Active Inventory by Price Range Current Month < 150K 450K to < 600K 150K to < 300K 600K and up 300K to < 450K 40,000 35,000 30,000 25,000 20,000 15,000 2,897 10% 1,868 6% 4,211 14% 10,036 33% 10,000 5,000 0 11,327 37% 34
  6. 6. The Long & Foster ® Market Conditions Report Philadelphia Metropolitan Area - September 2013 Sale Price as % of List Price Average Sale Price as a Percent of List Price 97.5% Of Top Five Counties/Cities Based on Total Units Sold 93.0% 94.1% Philadelphia Montgomery County County Days on Market Current One Year Month Ago 92.0% 78 114 100 90 104 98 105 108 100% 107 92 87 94 94 94 96.0% 95.0% 97.0% 96.4% Up 1.0% Vs. Year Ago < 150K 150K to < 300K 300K to < 450K 450K to < 600K 600K and up 94% 92% 78 80 71 70 60 95.5% 96% 92 81 70 96.5% 98% 102 101 101 92 90 91 Delaware County by Price Range 112 97 Chester County Average Sale Price as a Percent of List Price Days on Market 120 Bucks County Avg Sale Price as % of List Price Current One Year Month Ago Down -15% Vs. Year Ago 110 97.4% 92.0% 92.5% 107 Current Month 95.4% 96.6% 95.8% 94.7% 96.0% 95.5% 96.5% 96.7% 96.5% 96.4% 96.1% 100.0% 98.0% 95.1% 95.4% 95.3% 95.4% 95.4% 95.5% 95.7% 95.7% One Year Ago 94.0% 93.7% 93.5% 95.2% 95.1% 94.7% 94.3% 94.0% 94.3% 94.5% 94.7% 95.0% 95.3% 95.5% 95.6% 96.0% 96.1% 96.5% 96.8% 97.0% 74 90% 88% 86% 84% 35
  7. 7. The Long & Foster ® Market Conditions Report Philadelphia Metropolitan Area - September 2013 Total Dollar Volume Sold In Thousands Highlights $200,000 ● Total volume sold this September was 14% greater than the same month one year ago. $1,078,157 $1,453,170 $1,384,505 $1,077,514 $893,979 $620,916 $674,998 $906,351 $1,002,262 $860,168 $944,140 $1,272,478 $1,164,037 $885,309 $785,807 $544,945 $603,589 $758,191 $400,000 $729,329 $600,000 $717,149 $800,000 $808,601 $1,000,000 $1,094,532 $1,200,000 $1,332,382 $1,400,000 $1,579,399 $1,600,000 $1,677,981 $1,800,000 ● In September, there was 7.3 months of supply available, compared to 9.2 in September 2012. That was a decrease of 20% versus a year ago. $0 Months of Supply Total Dollar Volume Sold Current One Year Month Ago Current Month's Active Inventory/Current Month's Unit Sales 16 2 5.7 5.5 6.1 7.1 7.3 8.1 9.8 7.8 9.5 7.8 7.3 8.2 9.2 10.0 10.3 10.5 5.4 4 7.4 6 $944,139,680 Up 14% Vs. Year Ago 8.6 8 $1,078,156,634 13.7 13.0 10.0 11.9 10 11.8 12 12.6 14 Months of Supply Current One Year Month Ago 7.3 9.2 Down -20% Vs. Year Ago 0 36
  8. 8. The Long & Foster ® Market Conditions Report Philadelphia Metropolitan Area - September 2013 New Listings New Listings & New Contracts Bucks County Chester County 833 754 776 682 881 Current Month 758 1,201 1,098 Philadelphia Montgomery County County 7,297 6,996 7,696 7,793 9,154 9,855 8,695 7,009 7,185 One Year Ago Delaware County New Contracts Current Month 398 321 436 334 442 500 452 563 607 1,000 780 1,500 3,236 4,377 One Year Ago 4,679 4,844 5,488 5,804 5,302 4,023 3,708 3,467 Of Top Five Counties/Cities Based on Total Units Sold 2,789 3,057 4,028 3,521 4,029 4,055 4,180 4,445 4,424 3,806 4,586 4,756 6,407 6,748 6,853 6,919 7,391 8,081 7,467 6,894 3,039 2,893 3,225 2,000 2,953 4,000 2,451 3,704 6,000 5,081 6,363 6,697 8,000 8,506 9,116 12,000 10,000 1,810 2,000 1,500 1,000 500 0 1,895 Of Top Five Counties/Cities Based on Total Units Sold New Contracts (Under Active Contract Status) 788 New Listings 0 0 Philadelphia Montgomery County County New Listings Current One Year Month Ago 7,297 6,748 Up 8% Vs. Year Ago New Contracts Current One Year Month Ago 3,236 Highlights ● Based on this month's amount of new listings and new contracts, the ratio of home supply (new listings) to current home demand (new contracts) was 2.3, an increase of 18% from September 2012. Bucks County Chester County Delaware County Supply/Demand Ratio Number of New Listings to New Contracts 2.5 2.0 1.5 2.3 2.3 2.3 2.0 2.0 1.9 2.0 1.8 1.5 1.8 1.8 1.9 1.9 1.7 1.7 1.7 1.6 1.6 1.6 1.7 1.7 1.6 1.6 1.6 1.2 1.0 3,521 Down -8% Vs. Year Ago 0.5 0.0 37

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