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Here are the third-quarter data for home sales and prices in Bucks, Chester, Delaware, Montgomery and Philadelphia counties in southeastern Pennsylvania. Information is from Trend, the multiple-listing service, and Dr. Kevin Gillen of Drexel University’s Lindy Institute and Meyers Research LLC. For detailed information about a ZIP code or specific property sale, please contact Kurfiss Sotheby’s International Realty.
If there’s one truly sunny spot in the third-quarter data, it’s in the city of Philadelphia, where even the luxury market is strong. Home prices are up; inventory is down; demographic trends, with Millenials and empty-nesters moving to metropolitan areas, favor the city. To that end, according to economist Kevin Gillen’s third-quarter data, closings at the very highest part of the market hit a new high, with 34 sales of properties priced at $1,000,000 or more in the third quarter of 2015. The last time the Philadelphia luxury market was this hot was in Q3 2008, when 25 such sales took place in the city.
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The number of homes sold in the third quarter is up quite a bit from this time last year; prices, however, are flat. Inventory has fallen in every category except $1,000,000 and above; some ZIP codes have a two-year supply of luxury homes.
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Montgomery County, like most of Philadelphia’s suburban markets, saw little to no jump in prices in the third quarter compared to one year ago. The number of homes sold jumped and the supply of homes on the market has declined, creating some potential for prices to strengthen, though only time will tell.
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And so it goes with yet another of Philadelphia’ s suburban markets: In Chester County, home prices barely nudged upward in the third quarter compared to this time last year. However, the number of homes sold jumped and the supply of homes on the market declined. Closed sales also increased 13.4% from Q3 2014.
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Despite an uptick in the number of homes sold in the third quarter compared to Q3 2014, home prices declined in this suburban area. There were some positive points that, if they continue, could lead to stronger home prices. These include homes selling in a faster amount of time and a significant drop in the number of homes for sale.
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