Real Estate

Report: Still Not Enough Homes for Sale to Meet Buyer Demand

- by MyChesCo
Joan DocktorJoan Docktor, President of Berkshire Hathaway HomeServices (BHHS) Fox & Roach

DEVON, PA — “The number of homes for sale are still not enough to meet the demand, as prices go up and days on the market continue to decline,” remarks Berkshire Hathaway HomeServices (BHHS) Fox & Roach President Joan Docktor. “We are confident that the traditional spring buying market will pick up in pace and offer more options for buyers and sellers,” Docktor adds.

Number of Properties Sold Decreased Slightly

The number of properties sold overall in February of 2022, in the 12-county greater Philadelphia region, decreased by 6.7 percent from this time last year, according to (BHHS) Fox & Roach’s February HomExpert Market Report©. There were 5,299 homes sold in February 2022, compared to 5,681 sold in February 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 3.8 percent, with 2,819 sold in February 2022, compared to February 2021’s 2,931 homes sold. Chester County had the biggest decrease, down 14.7 percent and Bucks County had the second biggest decrease, down 3.5 percent compared to February 2021. Philadelphia County had a 3.2 percent decrease compared to February 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 12.1 percent, with 1,471 sold in February 2022 and 1,674 sold in February 2021. Gloucester County had the largest decrease, down 27.9 percent and Camden County had the second largest decrease, down 15.3 percent compared to February 2021. Burlington County had a 6.5 percent decrease.

Monthly Average Inventory Decreased

The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 12.4 percent, with 16,412 homes on the market in February 2022, compared to 18,745 for sale in February 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average inventory is down by 9.6 percent, with 9,843 for sale in February 2022 and 10,888 for sale in February 2021. Chester County decreased 25.6 percent and Bucks County decreased 19.2 percent. Montgomery County decreased 12.2 percent and Delaware County decreased 4.9 percent compared to February 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the average inventory is down by 19.6 percent, with 4,102 sold in February 2022 and 5,099 sold in February 2021. Gloucester County had the largest drop, down by 27 percent and Burlington County had the second largest drop, down by 26.2 percent. Camden County had a 14.3 percent decrease and Mercer County had a 12.2 percent decrease compared to February 2021.

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 5.4 percent compared to February 2021, with 35 average days on market in February 2022 and 37 average days on market in February 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average days on market decreased 6.1 percent, from 33.8 days in 2022 to 36 average days on the market in February 2021. Bucks County’s average days on market decreased 25 percent and Chester County’s average days on market decreased 12 percent. Montgomery County’s average days on market decreased 5 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, the average days on market decreased 9.4 percent, from 42 average days on market in February 2021 to 38 average days on market in February 2022. Gloucester County’s average days on market decreased by 23.8 percent and Burlington County’s decreased by 17.9 percent. Mercer County’s average days on market decreased by 5 percent, compared to February 2021. 

Average Sale Prices Increased

The average sale price in the 12-county greater Philadelphia region increased by 9.6 percent compared to February 2021, from $316,267 in February 2021 to $346,717 in February 2022.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average sale price was $397,101 in February 2022 compared to $362,943 showing a 9.4 percent increase. Chester County had the highest increase of 13.7 percent compared to February 2021. Delaware County had the second highest increase in average sale price by 12.6 percent and Philadelphia County had a 10.2 percent increase.
  • In BHHS Fox & Roach’s New Jersey market areas, the average sale price was $294,714 in February 2022 compared to $270,798, showing a 8.8 percent increase from February 2021. Burlington County had the highest increase in sale price of 13.6 percent. Gloucester County had a 10.7 percent increase, and Camden County had a 9.1 percent increase compared to February 2021.

Properties Under Contract Increased

The number of properties under contract overall in the 12-county greater Philadelphia region is up by 9.8 percent, with 7,086 homes under contract in February 2022, compared to 6,452 homes under contract in February 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, properties under contract have increased by 11.8 percent, from 3,841 under contract in February 2022 to 3,437 in February 2021. Delaware County had the biggest increase compared to February 2021, of 18.9 percent, while Philadelphia County increased 15 percent compared to February 2021 and Montgomery County increased 13.7 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, properties under contract have increased by 2.1 percent from 1,839 under contract in February 2021 to 1,877 in February 2022. Salem County had the biggest increase compared to February 2021, of 33.3 percent, while Mercer County increased 13.7 percent compared to February 2021.

Other February 2022 HomExpert Market Report© findings:

Main Line:

  • Home sales on the Main Line’s nine major municipalities/townships have decreased 18 percent, with 146 homes sold in February 2022, compared to 178 homes sold in February 2021.
  • Average sale price increased by 12.3 percent, from $622,663 in February 2021 to $699,441 in February 2022.
  • Properties under contract have increased by 7.5 percent, with 244 in February 2022 and 227 in February 2021.
  • Monthly average inventory decreased by 24.1 percent, with 432 homes for sale in February 2022 and 569 homes for sale in February 2021.
  • Average days on market decreased by 32 percent, with 30 days on market in February 2022 and 44 days on market in February 2021.

Delaware:

  • Total properties sold in Kent and New Castle Counties are down by 1.3 percent, from 682 sold in February 2021 to 673 sold in February 2022. New Castle County had an 8 percent decrease in properties sold in February 2022, compared to February 2021 and Kent County increased by 17.2 percent.
  • Average sale price in Delaware is up by 10.4 percent, from $271,788 in February 2021 to $300,169 in February 2022. New Castle County sale price increased 12.5 percent and Kent County increased 8.3 percent.
  • Average days on market in Delaware decreased by 2 percent, from 26 days in February 2021 to 25 days in February 2022. The average days on market in New Castle County increased 4.5 percent.
  • Monthly average inventory in Delaware decreased by 3 percent, from 874 homes for sale in February 2021 to 848 for sale in February 2022. In New Castle County, there were 2 percent less homes for sale, and in Kent County, there were 4.9 percent less homes for sale.
  • Properties under contract in Delaware increased by 22.9 percent, from 712 properties under contract in February 2021 to 875 properties in February 2022.

Jersey Shore:

  • Atlantic County’s home sales decreased by 33.8 percent, with 310 homes sold in February 2022 and 468 homes sold in February 2021. Average prices of homes are up by 2 percent, from $437,291 in February 2021 to $447,560 in February 2022. Properties under contract decreased by 21.2 percent, from 553 under contract in February 2021 to 436 under contract in February 2022. Average days on market is down by 26.9 percent compared to February 2022. Monthly average inventory is down by 14.8 percent.
  • Cape May County home sales decreased 26.9 percent, with 179 homes sold in February 2022 and 245 sold in February 2021. The average price of properties sold decreased by 2 percent, from $668,650 in February 2021 to $653,236 in February 2022. The monthly average inventory is down by 12.9 percent and properties under contract are up by 0.4 percent, compared to February 2021.

Lehigh Valley:

  • Home sales in the Lehigh Valley decreased by 6.2 percent, with 409 homes sold in February 2022 compared to 436 homes sold in February 2021.
  • Average sale price on homes is up by 13 percent, from $266,427 in February 2021 to $301,193 in February 2022.
  • Monthly average inventory is down by 27.1 percent, with 1,190 homes for sale in February 2022 compared to 1,633 homes for sale in February 2021.
  • Average days on market is up by 6.5 percent, from 23 days in February 2021 compared to 25 days in February 2022.
  • Properties under contract have increased by 30.6 percent, with 602 properties under contract in February 2022 and 461 under contract in February 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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