Report: November Real Estate Market Showing Positive Signs of Activity

Joan DocktorJoan Docktor, President of Berkshire Hathaway HomeServices Fox & Roach (Submitted Image)

DEVON, PA — “Home sales this past November have seen an increase in activity, closing in on November 2020’s robust sales totals,” remarks Berkshire Hathaway HomeServices (BHHS) Fox & Roach President Joan Docktor. The number of properties currently under contract, but not yet completed, have inched ahead of November 2020 numbers.

“We are still seeing a continued trend of not enough homes for sale and those that are available are selling quickly for higher prices,” Doctor adds. “This holiday season would be a good time to sell, especially considering these conditions. Data has shown that there is less housing inventory during the winter. Sellers who list their homes over the holidays often times find more serious buyers. The holiday season sends an inviting message to potential buyers with festive neighborhoods and a warm and cozy home. Another factor is life circumstances, such as end-of-year job transfers, leading to buyers making important relocation decisions.”

Number of Properties Sold Decreased Slightly

The number of properties sold overall in November of 2021, in the 12-county greater Philadelphia region, decreased by 0.3 percent from this time last year, according to (BHHS) Fox & Roach’s November HomExpert Market Report©. There were 8,247 homes sold in November 2021, compared to 8,268 sold in November 2020.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 1.9 percent, with 4,957 sold in November 2021, compared to November 2020’s 5,055 homes sold. Montgomery County had the biggest decrease, down 6.2 percent and Bucks County had the second biggest decrease, down 6.1 percent compared to November 2020. Chester County had a 5.8 percent decrease compared to November 2020.
  • In BHHS Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 2.3 percent, with 2,231 sold in November 2021 and 2,283 sold in November 2020. Camden County had the largest decrease, down 6.1 percent and Burlington County had the second largest decrease, down 1.9 percent compared to November 2020. Gloucester County had a 1 percent decrease.

Monthly Average Inventory Decreased

The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 12.2 percent, with 20,888 homes on the market in November 2021, compared to 23,788 for sale in November 2020.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average inventory is down by 9.6 percent, with 13,563 for sale in November 2021 and 15,000 for sale in November 2020. Montgomery County decreased 18.5 percent and Chester County decreased 15.9 percent. Bucks County decreased 11.8 percent and Delaware County decreased 10.6 percent compared to November 2020.
  • In BHHS Fox & Roach’s New Jersey market areas, the average inventory is down by 20.1 percent, with 5,200 sold in November 2021 and 6,505 sold in November 2020. Gloucester County had the largest drop, down by 23.8 percent and Burlington County had the second largest drop, down by 22.2 percent. Mercer County had a 19.4 percent decrease and Camden County had a 16.1 percent decrease compared to November 2020.
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Average Days on Market Decreased

The average days a house stayed on the market overall in the 12-county greater Philadelphia area has decreased by 12.9 percent compared to November 2020, with 27 average days on market in November 2021 and 31 average days on market in November 2020.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average days on market decreased 10.6 percent, from 28.4 days in 2020 to 25.4 average days on the market in November 2021. Bucks County’s average days on market decreased 21 percent and Chester County’s average days on market decreased 16 percent. Delaware and Montgomery counties’s average days on market decreased 8 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, the average days on market decreased 20 percent, from 38 average days on market in November 2020 to 30 average days on market in November 2021. Burlington County’s average days on market decreased by 24.3 percent and Salem County’s decreased by 23.5 percent. Mercer County’s average days on market decreased by 21.4 percent, compared to November 2020.

Average Sale Prices Increased

The average sale price in the 12-county greater Philadelphia region increased by 10.1 percent compared to November 2020, from $334,095 in November 2020 to $367,740 in November 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average sale price was $418,891 in November 2021 compared to $378,378 showing a 10.7 percent increase. Chester County had the highest increase of 15.3 percent compared to November 2020. Delaware County had the second highest increase in average sale price by 12.1 percent and Philadelphia County had an 11.1 percent increase.
  • In BHHS Fox & Roach’s New Jersey market areas, the average sale price was $303,218 in November 2021 compared to $268,724, showing a 12.8 percent increase from November 2020. Gloucester County had the highest increase in sale price of 16.9 percent. Mercer County had a 14.8 percent increase, and Burlington County had a 10.5 percent increase compared to November 2020.

Properties Under Contract Increased

The number of properties under contract overall in the 12-county greater Philadelphia region is up by 10.8 percent, with 8,043 homes under contract in November 2021, compared to 7,260 homes under contract in November 2020.

  • In BHHS Fox & Roach’s Pennsylvania market areas, properties under contract have decreased by 11.5 percent, from 4,334 under contract in November 2020 to 4,834 in November 2021. Philadelphia County had the biggest increase compared to November 2020, of 27.6 percent, while Bucks County increased 5.4 percent compared to November 2020 and Delaware County increased 4.7 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, properties under contract have increased by 6 percent from 2,071 under contract in November 2020 to 2,196 in November 2021. Salem County had the biggest increase compared to November 2020, of 24 percent, while Camden County increased 9.1 percent compared to November 2020.
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Main Line:

  • Home sales on the Main Line’s nine major municipalities/townships have increased 5.3 percent, with 296 homes sold in November 2021, compared to 281 homes sold in November 2020.
  • Average sale price increased by 9.6 percent, from $685,892 in November 2020 to $751,573 in November 2021.
  • Properties under contract have decreased by 11.7 percent, from 257 in November 2020 to 227 in November 2021.
  • Monthly average inventory decreased by 30.2 percent, with 556 homes for sale in November 2021 and 797 homes for sale in November 2020.
  • Average days on market decreased by 21 percent, from 38 days on market in November 2020 to 30 days on market in November 2021.

Delaware:

  • Total properties sold in Kent and New Castle Counties are up by 13.8 percent, from 910 sold in November 2020 to 1,036 sold in November 2021. New Castle County had a 15.1 percent increase in properties sold in November 2021, compared to November 2020 and Kent County increased by 10.6 percent.
  • Average sale price in Delaware is up by 10.2 percent, from $281,842 in November 2020 to $310,452 in November 2021. New Castle County sale price increased 6.3 percent and Kent County increased 14.6 percent.
  • Average days on market in Delaware decreased by 32.3 percent, from 31 days in November 2020 to 21 days in November 2021. The average days on market in New Castle County decreased 13 percent.
  • Monthly average inventory in Delaware decreased by 7.7 percent, from 1,117 homes for sale in November 2020 to 1,031 for sale in November 2021. In New Castle County, there were 4.3 percent less homes for sale, and in Kent County, there were 13.8 percent less homes for sale.
  • Properties under contract in Delaware increased by 17.3 percent, from 842 properties under contract in November 2020 to 988 properties in November 2021.

Jersey Shore:

  • Atlantic County’s home sales decreased by 26.9 percent, with 629 homes sold in November 2020 and 460 homes sold in November 2021. Average prices of homes are up by 2 percent, from $455,493 in November 2020 to $465,443 in November 2021. Properties under contract decreased by 3.4 percent, from 499 under contract in November 2020 to 482 under contract in November 2021. Average days on market is down by 25.9 percent compared to November 2020. Monthly average inventory is down by 13.3 percent.
  • Cape May County home sales decreased 27.4 percent, with 369 homes sold in November 2020 and 268 sold in November 2021. The average price of properties sold increased by 32 percent, from $646,692 in November 2020 to $855,666 in November 2021. The monthly average inventory is down by 15.1 percent and properties under contract are down by 22.2 percent, compared to November 2020.
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Lehigh Valley:

  • Home sales in the Lehigh Valley decreased by 15.2 percent, with 844 homes sold in November 2020 compared to 716 homes sold in November 2021.
  • Average sale price on homes is up by 7.1 percent, from $276,657 in November 2020 to $296,421 in November 2021.
  • Monthly average inventory is down by 25.4 percent, with 2,202 homes for sale in November 2020 compared to 1,642 homes for sale in November 2021.
  • Average days on market is up by 33.3 percent, from 21 days in November 2020 compared to 28 days in November 2021.
  • Properties under contract have increased by 9.9 percent, with 679 properties under contract in November 2020 and 746 under contract in November 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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