• Links go to full, non-mobile site.
Follow Us on FacebookFollow Us on TwitterFollow Us on YouTubeFollow Us on LinkedIn

    News

    Market Trends: Philadelphia County, August 2018

    August sales were down 6.6% compared to last August while prices continued to greatly exceed 2017 prices and were up 13.5% ($25,000) over last August and are now up 9.7% for the year.


    Share it:
    Share Share Share Share

    Residential activity in Philadelphia County (Single-family and Condo)


    Inventory

    Total Inventory
    Aug. 2018
    4,481
    Aug. 2017
    5,730
    6,000

    Inventory Accumulation
    Aug. 2018
    3.2
    Aug. 2017
    4.0
    5
    Inventory increased by 1.1% during the month, but is 21.8% lower than this time last year. The Months Supply of Inventory increased to 3.2 months during August. There were 54 fewer new listings this year than in last August (-2.5%).

    Settled Listings

    August Settled Listings
    Aug. 2018
    1,520
    Aug. 2017
    1,627
    1,800

    Year-to-date Settled Listings
    Aug. 2018
    11,493
    Aug. 2017
    11,562
    12,000
    August sales were down 6.6% compared to last August and are down 0.6% year-to-date. In August the median Property Marketing Period of sales decreased from 21 days in 2017 to 15 days this year.

    Median Price

    August Median Price
    Aug. 2018
    $210,000
    Aug. 2017
    $185,000
    $240,000

    Year-to-date Median Price
    Aug. 2018
    $203,000
    Aug. 2017
    $185,000
    $240,000
    The August median sold price was $210,000, 13.5% higher than last August, and is up 9.7% year-to-date.

    Settled Listings / Original Price

    August Settled Price / Original Price
    Aug. 2018
    98.1%
    Aug. 2017
    97.2%
    100

    Year-to-date Settled Price / Original Price
    Aug. 2018
    97.6%
    Aug. 2017
    96.9%
    100
    The sold price to original list price ratio in August was 98.1%, which had typically been in the 93-95% range over the last year and stands at 97.6% year-to-date. The sold price to list price ratio was 99.2% compared to 98.3% last year.

    See even more statistics like these in the following reports:


    Average Showing Appointments Per Listing by Price Range

    All Listings
    7.8
    $0k - $99k
    10.8
    $100k - $199k
    8.5
    $200k - $299k
    7.5
    $300k - $499k
    5.3
    $500k +
    4.7
    12
    Appointments were down 6% compared to last month and up 3% compared to last August with the largest percentage increases in the $500,000+ price range.
    See even more buyer activity in the following report:



    What's happening in TREND's Market?


    Sales were up 0.7% over last August, bringing the year-to-date sales higher than 2017 by 0.7% while the median sold price was up 4.0% in August and is 2.3% ahead of 2017 year-to-date. The inventory shortage continues hinder sales which remain near the year ago level. At the end of August there were 20% fewer homes on the market than a year ago. Prices are rising and the time on market has dropped significantly. This year the median property marketing period is 25 days compared to 32 days in 2017 and more than 40 days from 2014-2016.

    Settled Listings
    Category August 2017 August 2018 Change
    Residential 9,236 9,298 0.7%
    Lots, Land and Farms 153 163 6.5%
    Multi-Family 255 270 5.9%
    Commercial 164 143 -12.8%
    Sales in the TREND region were up 0.7% compared to last August, while Philadelphia County sales were down 6.6%. Year-to-date sales in TREND are up 0.8% and Philadelphia County is down 0.6% compared to 2017.
    Median Price
    Category August 2017 August 2018 Change
    Residential $228,000 $237,000 4.0%
    Lots, Land and Farms $90,000 $135,000 50.0%
    Multi-Family $149,900 $277,500 85.1%
    Commercial $85,000 $63,000 -25.9%
    The median sold price throughout the TREND region was up 4.0% from last August, while Philadelphia County was up 13.5%. Year-to-date the median sold price in TREND is up 2.3% while Philadelphia County is up 9.7%.


    Share it:
    Share Share Share Share



    0 Comments
    How Can We Help?
    Support Center
    Mon. - Fri. 8:00 AM - 8:00 PM
    Sat. - Sun. 9:00 AM - 6:00 PM
    Phone: 1-844-55-BRIGHT
    (1-844-552-7444)
    Fax: 610-783-4699
    Email: Send us an email
     
    Payments:
    Bright MLS
    P.O. Box 37093
    Baltimore, MD 21297-3093