Home Sales In Region Up Nearly 10% in 2nd Quarter 2016
Home sales in the 13-county Greater Philadelphia multiple listing service region during the quarter ended June 30 rose 9.9 percent from year-ago levels, according to the latest HomExpert sales data from BHHS Fox & Roach.
Within the region, the biggest percentage increases were posted in the South Jersey counties of Salem (up 31.4 percent, from 145 to 191 units), Camden (up 20.1 percent, from 1,544 to 1,854), and Gloucester (up 17.8 percent, from 957 to 1,127).
The leader in total sales volume was Philadelphia, where 4,844 homes changed hands in the second quarter, an increase of 10.4 percent over year-ago levels.
Prices held steady in the second quarter, however: the regional median sale price of $225,000 was barely higher than the previous year’s figure of $224,900. The biggest price gains were posted in Kent County, Delaware (a rise of 6.6 percent, from $190,000 to $202,500) and Philadelphia (up 3.9 percent, from $228,890 to $237,787).
Within Philadelphia, sales volume rose the most in North Philadelphia (up 22.9 percent, from 402 to 494 units), the River Wards (from 324 to 383, an 18.2 percent rise) and the Northeast (a 14.5 percent rise from 1,121 to 1,284 units, the highest total sales volume for any city region).
Relatively speaking, homes flew off the shelves in the second quarter, as average days on market fell 7.2 percent across the region, and inventory tightened, dropping 11.8 percent. The greatest fall in inventory was in Philadelphia itself, where the total number of homes for sale fell 18.8 percent from 11,066 to 8,981.
The interactive graphic below contains more detail on sales in each of the 13 counties.
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