The Lion's Den
News & Views About Real Estate in the Greater Philadelphia Area
February 2013 Homes Sales Data Are In
Today we received some encouraging news from Charles “Chuck” Cosgrove, the founder of Doylestown, Pa.’s Mr. Chips School of Real Estate. Not only are home prices ever more stable and even growing a teeny bit (1.1% in 2012), in February 2013, the number of closings in the greater Philadephia market was up almost 13% from February 2012.
Here are other specifics about the market’s performance in the greater Philadelphia area (Berks, Bucks, Chester, Delaware, Montgomery and Philadelphia counties), again drawn from Chuck Cosgrove’s recent analysis of data from Trend, the multiple-listing service:
- Average Price: Approximately $232,000, barely up at all from February 2012
- Pending Sales: Up 8% from February 2012
- New Listings: Down 5% from this time last year but above levels in February 2010 and 2011.
- Days on Market: 96, down from 110 in February 2012
- Inventory: There is 6.3 months of homes available. A six-month supply is considered a balanced market between sellers and buyers.
For a specific look at the market in 2012 in your area, take a look at Buy & Sell, Kurfiss Sotheby’s International Realty’s exclusive report on home sales in the greater Philadelphia area, including some specific data for million-dollar zip codes in Bucks, Montgomery, Chester, Delaware and Philadelphia counties.