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| Focus On: Philadelphia County Housing Market | March 2024 | ||
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| Units Sold 1,082 |
Active Inventory 3,858 |
Median Sale Price $260,000 |
Days On Market 54 |
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| Down -14% Vs. Year Ago |
Down -13% Vs. Year Ago |
Up 2% Vs. Year Ago |
Down -8% Vs. Year Ago |
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Units Sold
There was an increase in total units sold in March, with 1,082 sold this month in Philadelphia County Real Estate versus 891 last month, an increase of 21%. This month's total units sold was lower than at this time last year, a decrease of 14% versus March 2023.
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Active Inventory
Versus last year, the total number of homes available this month is lower by 596 units or 13%. The total number of active inventory this March was 3,858 compared to 4,454 in March 2023. This month's total of 3,858 is lower than the previous month's total supply of available inventory of 4,087, a decrease of 6%.
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Median Sale Price
Last March, the median sale price for Philadelphia County Homes was $256,000. This March, the median sale price was $260,000, an increase of 2% or $4,000 compared to last year. The current median sold price is 6% higher than in February.
Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.
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| New Listings 1,905 |
Current Contracts 1,541 |
Sold Vs. List Price 98.1% |
Months of Supply 3.6 |
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| Down -15% Vs. Year Ago |
Up 4% Vs. Year Ago |
No Change Vs. Year Ago |
No Change Vs. Year Ago |
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Months of Supply
In March, there was 3.6 months of supply available in Philadelphia County. The amount of supply is similar compared to 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.
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New Listings & Current Contracts
This month there were 1,905 homes newly listed for sale in Philadelphia County compared to 2,233 in March 2023, a decrease of 15%. There were 1,541 current contracts pending sale this March compared to 1,487 a year ago. The number of current contracts is 4% higher than last March.
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Sale Price to List Price Ratio
In March, the average sale price in Philadelphia County was 98.1% of the average list price, which is similar compared to a year ago.
Days on Market
This month, the average number of days on market was 54, lower than the average last year, which was 59, a decrease of 8%.
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| *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. | |||
 Information included in this report is based on data supplied by 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 BRIGHTMLS or Long & Foster Real Estate, Inc. |
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