Greater Philadel­phia home sales in­crease 13.9 per­cent in first half of 2012

Public Spirit - - REAL ESTATE -

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.

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