BHHS Fox & Roach: We Are Still In a Seller’s Market

Real Estate Sales

DEVON, PA — “We are seeing a build-up in inventory, with 20% more houses on the market than this time last year,” explains Joan Docktor, president, Berkshire Hathaway HomeServices Fox & Roach, “which is due to a slowdown in sales. With an increase in new listings, at year-end we are still 14% behind last year,” Docktor adds. “We are still in a seller’s market.”

Number of Properties Sold Decreased

The number of properties sold overall in December of 2022, in the 12-county greater Philadelphia region, decreased by 39.1 percent from this time last year, according to (BHHS) Fox & Roach’s December HomExpert Market Report©. There were 5,219 homes sold in December 2022, compared to 8,573 sold in December 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 40 percent, with 3,078 sold in December 2022, compared to December 2021’s 5,126 homes sold. Philadelphia County had the biggest decrease, down 43.1 percent and Delaware County had the second biggest decrease, down 41.7 percent compared to December 2021. Chester County had a 41.4 percent decrease compared to December 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 35 percent, with 1,507 sold in December 2022 and 2,317 sold in December 2021. Gloucester County had the largest decrease, down 41 percent and Mercer County had the second largest decrease, down 38.4 percent compared to December 2021. Camden County had a 35.7 percent decrease.

Monthly Average Inventory Decreased

The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 5 percent, with 17,097 homes on the market in December 2022, compared to 18,000 for sale in December 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average inventory is down by 1.5 percent, with 11,367 for sale in December 2022 and 11,542 for sale in December 2021. Chester County decreased 20.9 percent and Delaware County decreased 16.5 percent. Montgomery County decreased 12.1 percent and Bucks County decreased 8.4 percent compared to December 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the average inventory is down by 11.3 percent, with 4,061 sold in December 2022 and 4,579 sold in December 2021. Mercer County had the largest drop, down by 20.5 percent and Salem County had the second largest drop, down by 19.2 percent. Camden County had a 11.5 percent decrease compared to December 2021.

Average Days on Market Increased

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The average days a house stayed on the market overall in the 12-county greater Philadelphia area has increased by 20.7 percent compared to December 2021, with 35 average days on market in December 2022 and 29 average days on market in December 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average days on market increased 13.2 percent, with 30.8 days in 2022 and 27.2 average days on the market in December 2021. Bucks County’s average days on market increased 33 percent, while Philadelphia County’s average days on market increased 28 percent. Montgomery County average days on market decreased 8 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, the average days on market increased 49.3 percent, from 40 average days on market in December 2021 to 60 average days on market in December 2022. Burlington County’s average days on market increased by 25.9 percent while Camden County’s increased by 23.1 percent.

Average Sale Prices Increased

The average sale price in the 12-county greater Philadelphia region increased by 7.8 percent compared to December 2021, from $361,779 in December 2021 to $389,943 in December 2022.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average sale price was $445,988 in December 2022 compared to $408,082, showing a 9.3 percent increase. Bucks County had the highest increase of 19 percent compared to December 2021. Delaware County had the second-highest increase in average sale price by 10.7 percent and Chester County had a 6.3 percent increase.
  • In BHHS Fox & Roach’s New Jersey market areas, the average sale price was $329,555 in December 2022 compared to $306,866, showing a 7.4 percent increase from December 2021. Salem County had the highest increase in sale price of 15.9 percent. Camden County had a 10.4 percent increase compared to December 2021 and Gloucester County increased 5.9 percent.

Properties Under Contract Decreased

The number of properties under contract overall in the 12-county greater Philadelphia region is down by 27.5 percent, with 4,164 homes under contract in December 2022, compared to 5,740 homes under contract in December 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, properties under contract have decreased by 30.8 percent, from 2,366 under contract in December 2022 to 3,417 in December 2021. Bucks County had the biggest decreases compared to December 2021, of 34.1 percent, while Chester County decreased 33 percent compared to December 2021 and Philadelphia County decreased 30.6 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, properties under contract have decreased by 22.3 percent from 1,627 under contract in December 2021 to 1,264 in December 2022. Mercer County had the biggest decrease compared to December 2021, of 28.2 percent, while Burlington County decreased 23.2 percent compared to December 2021.
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Main Line:

  • Home sales on the Main Line’s nine major municipalities/townships have decreased 40.2 percent, with 177 homes sold in December 2022, compared to 296 homes sold in December 2021.
  • Average sale price increased by 8.7 percent, from $699,794 in December 2021 to $760,817 in December 2022.
  • Properties under contract have decreased by 23.8 percent, with 131 in December 2022 and 172 in December 2021.
  • Monthly average inventory decreased by 6.4 percent, with 408 homes for sale in December 2022 and 436 homes for sale in December 2021.
  • Average days on market decreased by 13 percent, with 26 days on market in December 2022 and 30 days on market in December 2021.

Delaware:

  • Total properties sold in Kent and New Castle Counties are down by 43 percent, from 628 sold in December 2021 to 1,101 sold in December 2022. New Castle County had a 40.7 percent decrease in properties sold in December 2022, compared to December 2021 and Kent County decreased by 48.3 percent.
  • Average sale price in Delaware is up by 5.2 percent, from $312,745 in December 2021 to $329,101 in December 2022. New Castle County sale price increased 7.9 percent and Kent County increased 2.4 percent.
  • Average days on market in Delaware increased by 53.7 percent, from 21 days in December 2021 to 32 days in December 2022. The average days on market in Kent County increased 77.3 percent.
  • Monthly average inventory in Delaware decreased by 10.3 percent, from 915 homes for sale in December 2021 to 821 for sale in December 2022. In New Castle County, there were 16.3 percent less homes for sale, and in Kent County, there were 1.6 percent more homes for sale.
  • Properties under contract in Delaware decreased by 22.1 percent, from 680 properties under contract in December 2021 to 530 properties in December 2022.

Jersey Shore:

  • Atlantic County’s home sales decreased by 41.7 percent, with 309 homes sold in December 2022 and 530 homes sold in December 2021. Average prices of homes are up by 13 percent, from $466,398 in December 2021 to $525,962 in December 2022. Properties under contract decreased by 36.9 percent, from 358 under contract in December 2021 to 226 under contract in December 2022. Average days on market is down by 11.8 percent compared to December 2022. Monthly average inventory is up by 2.5 percent.
  • Cape May County home sales decreased 43.2 percent, with 162 homes sold in December 2022 and 285 sold in December 2021. The average price of properties sold decreased by 6 percent, from $857,651 in December 2021 to $805,223 in December 2022. The monthly average inventory is up by 5.4 percent and properties under contract are down by 37.4 percent, compared to December 2021.
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Lehigh Valley:

  • Home sales in the Lehigh Valley decreased by 30.7 percent, with 513 homes sold in December 2022 compared to 740 homes sold in December 2021.
  • Average sale price on homes is up by 12.8 percent, from $311,912 in December 2021 to $351,979 in December 2022.
  • Monthly average inventory is down by 17.2 percent, with 1,339 homes for sale in December 2022 compared to 1,617 homes for sale in December 2021.
  • Average days on market increased by 35.1 percent, from 19 days in December 2021 compared to 25 days in December 2022.
  • Properties under contract have decreased by 20.8 percent, with 385 properties under contract in December 2022 and 486 under contract in December 2021.

Note, the Greater Philadelphia region includes counties in Southeastern Pennsylvania, Southern New Jersey and Delaware, which are: Philadelphia, Bucks, Chester, Delaware, Montgomery, Burlington, Camden, Gloucester, Mercer, Salem, Kent and New Castle. Main Line data includes Malvern Borough, Tredyffrin Township, Willistown Township, Easttown Township, Haverford, Newtown, Radnor, Narberth, and Lower Merion. Center City data includes zip codes 19102, 19103 (Rittenhouse Square), 19106 (Old City), 19107 (Washington Square), 19123 (Northern Liberties/Fishtown), and 19130 (Fairmount/Art Museum). The Lehigh Valley region includes both Lehigh and Northampton Counties. Additional charts and graphs available upon request. Top municipalities listed include 20 or more sales. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract.

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