In the Philly metro area, after a slight increase in February, the housing inventory took a dip again in March, and it doesn’t look like that’s going to change anytime soon. With fewer new listings, pending sales, and closed transactions, it’s a tough market. Despite the low activity, home prices are still on the rise. Nearly every county is dealing with less inventory than last year.
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Don’t expect mortgage rates to drop quickly—the Federal Reserve might keep them high a bit longer. Some buyers might hold off, hoping for lower rates and more homes to choose from later in the year. But even with these challenges, the Philly market is gearing up for a busy spring. So, if you’re looking to buy, get ready to jump in despite the tight conditions.
Bucks County, PA: Closed sales are 374, which is down 22.4% since this time last year. Median days on market was 8 days in March. In March there were 492 new pending sales, 521 new listings (down 10.9% from the prior year) and just over 12,000 showings. At the end of March there were 505 active listings (–2.5% from March 2023) which equates to 1.05 months of supply.
Montgomery County, PA: Closed sales are 539, which is down 9.7% since this time last year. Median days on market was 7 days in March. In March there were 765 new pending sales, 727 new listings (down 11.9% from the prior year) and almost 20,000 showings. At the end of March there were 714 active listings (-6.9% from March 2023) which equates to 1.07 months of supply.
Mercer County, NJ: Closed sales are 204, which is down 14.6% since this time last year. Median days on market was 15 days in March. In March there were 286 new pending sales, 290 new listings (down 20.5% from the prior year) and over 9,000 showings. At the end of March there were 330 active listings (-7.8% from March 2023) which equates to 1.26 months of supply.
If you have any questions or would like to discuss the real estate market, please call or email me today! If you would like to sell your home and/or buy a new home, please consider the services that I offer and read testimonials from past clients.