Market Recap October 2, 2023

Key Statistics from the Past 7 Days

• Median sales price: $400,000
• Median days on market: 9 days
• Sale-to-list price ratio: 97.5%

Inventory Levels

Inventory levels remain low, with just 9,460 active listings at the end of August 2023. This represents a 14.9% decrease from the same period a year ago. The suburbs are particularly affected by the lack of inventory, with less than 1.5 months of supply.

Buyer Demand

Despite the competitive market conditions, buyers remain active, particularly in the suburbs. This is likely due to a combination of factors, including relatively affordable prices and a strong job market. However, buyers are facing challenges, such as rising mortgage rates and limited inventory.

Market Conditions

Overall, the real estate market in the Greater Philly metro area is still a seller's market. Sellers can expect to receive multiple offers on their homes and sell quickly for a good price. Buyers, on the other hand, need to be prepared to act quickly and be flexible with their budget and requirements.

Specific trends in key counties:

- Bucks County: Median sales price $425,000 (up 5.2%), 3 days on market, and a 100.7% sale-to-list price ratio. Inventory down 16.3%, with strong demand for single-family homes featuring outdoor spaces and amenities.

- Montgomery County: Median sales price $500,000 (up 6.1%), 4 days on market, and a 100.6% sale-to-list price ratio. Inventory down 15.2%, mirroring challenges seen in Bucks County.

- Delaware County: Median sales price $375,000 (up 5.5%), 3 days on market, and a 100.4% sale-to-list price ratio. Slightly higher inventory, but still down 13.8%. Buyers face competition, especially in desirable areas.

Overall, the Greater Philly metro area remains a seller's market, with multiple offers and quick sales expected. Buyers should act swiftly and be flexible. For those buying or selling, partnering with a qualified real estate agent is crucial in navigating this competitive market.

Additional Insights

• Demand is strong for all types of homes, but single-family homes are particularly popular.
• The most competitive submarkets include Montgomery County, Chester County, and Bucks County.
• Buyers are increasingly looking for homes with outdoor space and amenities, such as pools and home offices.
• Sellers are recommended to price their homes competitively and make any necessary repairs or updates before listing.
• Buyers are advised to work with a qualified real estate agent who can help them navigate the competitive market.

Conclusion

The Greater Philly metro area real estate market is a complex and ever-changing environment. Buyers and sellers should consult with a qualified real estate agent to develop a personalized strategy for their needs.