Greater Philadelphia home sales increase 13.9 percent in first half of 2012
Greater Philadelphia regionG home sales increased 13.9 percent in the first half of 2012, according to Prudential cox C Roach, Realtors HomExpert Market Report. Positive gains in n2 buoyed median home sale prices, which held steady at $200,000 for the first six months of the year compared to the same time in 2011.
&onfidence in homeownership and real estate is also climbing, particularly in the Greater Philadelphia area. According to the second quarter Prudential Real Estate lutlook Survey, 69 percent of Americans believe that real estate is a good investment, and 72 percent expressed confidence that the real estate market and property values will continue to improve during the next two years.
In the Greater Philadelphia area, 82 percent of home buyers and sellers feel that “now is a good time to buy” and 51 percent feel “there are a lot of affordably priced homes on the market,” according to the Prudential cox Homownership Survey, June 2012.
“Regionally, the n2 housing market outpaced other economic indicators as consumer optimism grows,” said Steve Storti, senior VP of marketing, Prudential cox C Roach, Realtors. “We expect this trend to continue as home buyers and sellers take advantage of low interest rates and near record affordability.”
The average number of days a home remained on the market decreased from 104 days in the first half of 2011 to 103 days in the first half of 2012. This is slightly longer than the same time period in 2010, when homes remained on the market for an average of 86 days.
The monthly average inventory of homes available on the market for the region decreased in the first half of 2012 at 52,807 compared to 58,542 in the first half of 2011 and 57,574 in the first half of 2010.
Chester County posted the highest median sale price in the first half of 2012 at A280,500, a 2.9 percent decrease since the same time last year, followed by Bucks County EA256,900, -2.2 percentF, Montgomery County EA240,000, -2.1 percentF, Mercer County EA220,000, 0.0 percentF and Delaware County EA205,000, 2.5 percentF. Philadelphia County posted the lowest median sale price in the region at A138,500. Salem County posted the largest increase in median sales price, gaining 5.6 percent from A135,000 in the first half of 2011 to A142,500 in the first half of 2012. New Castle County posted the largest decrease in median sales price, dropping 9.9 percent to A177,450 in the first half of 2012, compared to A197,000 the same time last year.
Philadelphia County saw the highest number of homes sold in the first half of 2012 at 5,473, a 3.3 percent increase compared to the first half of 2011, followed by Montgomery County E3,826, 18.4 percentF, Bucks County E2,637, 14.1percentF, New Castle County E2,607, 25.1 percentF and Delaware County E2,360, 18 percentF. Home sales in Kent County increased the most in the region, 27.1 percent from 565 homes sold in the first half of 2011 to 718 homes sold in the first half of 2012.
lther first half of 2012 HomExpert Market Report© findings: 12-County Region •Princeton Township in Mercer County posted the highest median sales price in the Greater Philadelphia region at A708,943, followed by Princeton Borough in Mercer County at A625,000, Radnor Township in Delaware County at A550,000, Solebury Township in Bucks County at A540,000 and 8pper Makefield Township in Bucks County at A528,000
•The Newark/Glasgow area in New Castle County posted the highest number of homes sold in the first half of 2012 at 729, a 22.3 percent increase from the first half of 2011, followed by Wilmington in New Castle County E437, 24.5 percentF, Brandywine in New Castle County E381, 10.8 percentF, Elsmere/Newport/Pike Creek area in New Castle County E373, 27.7 percentF and the 19146 Philadelphia zip code in Philadelphia County E366, 22.4 percentF.
•Pennsylvania led the tri-state region in highest median sale price in the first half of 2012 at A215,000 E1.4 percentF, followed by New Jersey at A183,000 E-1.1 percentF and Delaware at A175,000 E-7.2 percentF.
•Pennsylvania led the tri-state region in the number of homes sold in the first quarter of 2012 at 16,811 E12.7 percentF, followed by New Jersey at 6,335 E11.6 percentF and Delaware at 3,325 E25.5 percentF.