Philadelphia Metropolitan Area Luxury Housing Market Update December 217
Philadelphia Metropolitan Area - December 217 The real estate market is always changing, and if you re buying or selling a home especially a luxury property it s critical to understand the current market conditions. More than simply seeing what s happening to real estate as a whole in your local area, you need insights on what s taking place in the highend market, specifically with uncommon and unique homes like yours or those for which you re shopping. That s why Long & Foster publishes our exclusive LuxInsight report giving consumers like you invaluable information on the luxury market performance in your local area. Published monthly, LuxInsight provides you with A broad overview of real estate trends in the high-end real estate market. From median sale prices and active inventory to the current housing Demand and available active listings, LuxInsight gives you access to essential statistics you need to know. Beyond this valuable market information, Long & Foster s team of luxury sales associates is available to guide you through the real estate process. We believe luxury real estate is all about the individual, and when you work with us, you'll receive an experience tailored to your unique needs. You'll enjoy exceptional service and expertise, provided by agents who specialize in marketing and selling the most stunning luxury homes. You'll gain our exclusive connections around the world and get a luxury home experience with proven results. AT A GLANCE Active Inventory 1,488 New Listings 114 Units Sold Median Sale Price $964, 7 35 $1,1, 6 5 3 25 $1,5, 4 2 $1,, 3 2 15 1 $95, 1 5 $9, D-14 M-15 J-15 S-15 D-15 M-16 J-16 S-16 D-16 M-17 J-17 S-17 D-17 D-14 M-15 J-15 S-15 D-15 M-16 J-16 S-16 D-16 M-17 J-17 S-17 D-17 $85, D-14 M-15 J-15 S-15 D-15 M-16 J-16 S-16 D-16 M-17 J-17 S-17 D-17 Down -9.1% Up 7.5% Up 1.3% Up 4.2% 2
Philadelphia Metropolitan Area - December 217 Compared to last December, the total number of homes more than $75, available this month was lower by 9.1% and lower by 11.6% compared to December 215. Active inventory this December was 14.6% lower than the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $75K + 8.34% $75K - $2M 7.1% $2M - $5M 1.8% $5M+.25% 2,5 ACTIVE INVENTORY 2, 1,5 1, 1,623 1,597 1,662 1,78 1,985 2,153 2,169 2,164 2,133 2,195 2,125 1,99 1,684 1,683 1,772 1,973 2,138 2,182 2,28 2,154 2,47 2,98 2,51 1,921 1,637 1,648 1,74 1,886 2,13 2,112 2,115 2,33 1,928 2,11 1,949 1,742 1,488 5 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 7 6 5 4 3 2 1 136 13 77 13 111 16 114 6 1,7 1,6 1,5 1,4 1,3 1,684 1,637 1,488 3
Philadelphia Metropolitan Area - December 217 This month s units sold for homes more than $75, was higher than at this time last year, an increase of 1.3% versus last December and an increase of 33.3% versus December of 215. There was an increase of.6% in luxury units sold in December compared to November of this year. 2 15 1 5 129 UNITS SOLD Versus Previous Years 156 35 UNITS SOLD 3 32 25 2 15 1 5 135 8 61 95 132 144 238 238 186 127 131 126 129 18 86 19 116 143 233 228 217 156 134 162 156 121 84 126 215 25 242 145 171 Sold Date City Zip Code RECENT SELECTED LUXURY SALES Final List Price Final Sale Price Sale Price as % of List Price December 21, 217 Gladwyne 1935 $3,95, $3,8, 96.2% 175 December 8, 217 Newtown Square 1973 $2,25, $2,175, 96.7% 21 December 8, 217 Bryn Mawr 191 $1,375, $1,375, 1.% 8 December 18, 217 Bryn Mawr 191 $1,398,875 $1,375, 98.3% 98 December 8, 217 Villanova 1985 $1,265, $1,235, 97.6% 182 December 4, 217 Bala Cynwyd 194 $1,1, $1,12, 11.8% 148 December 15, 217 Doylestown 1891 $1,15, $95, 82.6% 139 December 27, 217 Bryn Mawr 191 $85, $85, 1.% 1 December 29, 217 Newtown 1894 $895, $844, 94.3% 175 December 29, 217 Conshohocken 19444 $869,5 $835, 96.% 46 DOM Buyer Long & Foster Represented Seller 4
Philadelphia Metropolitan Area - December 217 In December, the median sales price for homes more than $75, was $964,, an increase of 4.2% compared to last year. The current median sales price was lower by.6% than in November. $98, $96, $94, $92, $9, $88, $91, MEDIAN SALES PRICE Versus Previous Years $925, $964, $1,1, MEDIAN SALES PRICE $1,5, $1,, $95, $9, $85, $93, $985, $975, $1,5, $895, $946,5 $937,5 $9, $925, $95, $937, $94, $91, $92,17 $939,5 $925, $917,978 $94, $892,5 $912,56 $95, $996,755 $93, $95, $925, $935, $92, $98,823 $915,85 $932,5 $937,5 $921,25 $95, $923,24 $95, $97, $964, $8, $4,, TOTAL DOLLAR VOLUME SOLD $35,, $3,, $25,, $2,, $15,, $1,, $5,, $ $171,66,538 $139,121,135 $174,143,181 $26,8,923 Total volume sold this December was 18.8% higher than the same month one year ago. 5
Philadelphia Metropolitan Area - December 217 In December, the average sale price for homes more than $75, was 95.2% of the average list price, which is.2% lower than at this time last year. This month, the average number of days on market was 98, lower than the average last year, which was 123, a decrease of 2.3%. 1% 98% 96% 94.9% 94% 92% 9% SALE PRICE AS % OF LIST PRICE 96.7% 95.4% 95.2% DAYS ON MARKET 16 14 12 1 8 6 143 123 112 12 15 16 8 9 96 84 78 131 131 115 119 116 98 13 18 119 123 15 113 88 115 15 15 99 87 81 79 119 98 86 1 84 77 4 2 MONTHS OF SUPPLY In December, there were 8.7 months of supply available, compared to 1.5 in December of 216. That is a decrease of 17.1% versus a year ago. 3 25 2 15 1 5 12. 2. 27.3 18.7 15. 15. 9.1 9.1 11.5 17.3 16.2 15.8 13.1 15.6 2.6 18.1 18.4 15.3 9.5 9.5 9.4 13.5 15.3 11.9 1.5 13.6 2.7 15. 11.7 9.8 6.6 8.1 8. 11.7 13.4 1.2 8.7 6
Philadelphia Metropolitan Area - December 217 References & Definitions PHILADELPHIA METROPOLITAN AREA: LISTING SOURCE, REPORTING AREA, & DEFINITION Based on data supplied by TREND MLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Counties & cities included in this area are: Bucks, Chester, Delaware, Montgomery, and Philadelphia Counties in Pennsylvania and Gloucester, Camden, Burlington and counties in New Jersey. Analysis dates for all regions are December 1, 214 through December 31, 217. MEDIA CONTACT Vicki Bendure, Bendure Communications Email: Vicki@bendurepr.com Phone: (54) 687-336 Contacts & Disclaimers CREATED BY Michael Bystry, Long & Foster Real Estate, Inc. Senior Market Research Analyst DISCLAIMER "Information contained in this report is based on data provided by the local area Multiple Listing Service and its member Association(s) of REALTORS. No representation, expressed or implied, should be taken from information herein. Neither these organizations nor Long & Foster Real Estate, Inc. guarantee or are in any way responsible for the accuracy of these results, which do not reflect all activity in the marketplace. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are December 1, 214 through December 31, 217. Information contained in this report is not limited to transactions done by Long & Foster Real Estate, Inc. The data reported is solely for residential real estate transactions. Information contained in this report is deemed reliable but not guaranteed, should be independently verified and does not constitute an opinion of Long & Foster Real Estate, Inc. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are December 1, 214 through December 31, 217". Material appearing in this report may be reproduced or copied without permission. Please use the following acknowledgement for citation: Source: Long & Foster Real Estate, Inc. and also cite the appropriate MLS. 7