Demand for Homes Remains Strong Across Region

Sales rose in every county in Greater Philadelphia this quarter, with double-digit gains in Center City, according to the latest data from BHHS Fox & Roach.
Home sales in Center City ran 22 percent ahead of last year's levels, a pace surpassed only by Camden County, N.J. | Photo: Sikeri | Flickr

Home sales in Center City ran 20.1 percent ahead of last year’s levels, a pace surpassed only by Camden County, N.J. | Photo: Sikeri | Flickr

Home sales in the 12-county Greater Philadelphia region continued to increase at a steady clip in the first quarter of 2017, according to the latest figures compiled by Berkshire Hathaway HomeServices Fox & Roach, Realtors.

A total of 15,750 homes were sold in the 12 counties in the quarter just ended, an increase of 8.7 percent from the same quarter one year ago. Sellers saw price gains too, as the average sale price rose 1.6 percent to $247,361, and they sold their homes faster, as average days on market fell 6.2 percent to 76 days. Buyers, on the other hand, found pickings slimmer, as the monthly average inventory of homes on the market plunged 19.8 percent to 26,772.

The greatest number of homes sold was in Philadelphia County, where 3,314 homes were sold in the first quarter. The county with the greatest percentage increase in sales was Camden in New Jersey, where the 1,489 homes sold represented a 21.9 percent increase over this time last year.

The pace of sales growth was nearly as torrid in Center City Philadelphia, including Northern Liberties and Spring Garden. Sales there ran 20.1 percent ahead of last year’s pace: 341 compared to 284. However, homes stayed on the market a little longer than they did last year, rising 6.7 percent to 80 days.

The infographic below provides county-by-county data for the Greater Philadelphia region along with the Lehigh Valley, Berks County in Pennsylvania, Kent County in Delaware and Atlantic and Cape May counties on the Jersey shore.

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Sandy Smith Home and Real Estate Editor @MarketStEl
ssmith@phillymag.com