Regional Spotlight – Greater Philadelphia Region 4th Quarter Market Report

RISMEDIA, February 17, 2009-According to the Prudential Fox & Roach HomExpert Market Report, the 12-county Greater Philadelphia Region median sale prices decreased 4.6% to $210,000 in the fourth quarter of 2008, compared to $220,000 in the fourth quarter of 2007. The median home sale price in the third quarter of 2008 was $230,000. The region saw a 26.9% decrease in homes sold to 11,510 in the fourth quarter of 2008 compared to 15,748 in the fourth quarter of 2007. The number of homes sold in the third quarter of 2008 was 16,356.

The five-county Southeastern Pennsylvania area saw:

- 3.3% decrease in median sale price of existing homes to $212,700 in the fourth quarter of 2008 compared to $220,000 in the fourth quarter of 2007. This is down from the median sale price of existing homes in the third quarter of 2008, which was $235,000.
- The number of homes sold decreased 25.8% to 7,260 in the fourth quarter of 2008 compared to 9,789 sold in the third quarter of 2007. The number of homes sold in the third quarter of 2008 was 10,409.
- The number of days homes remained on the market increased 13.6% from an average of 66 days in the fourth quarter of 2007 to an average of 75 days in fourth quarter of 2008. The average number of days a home remained on the market in the third quarter of 2008 was 68.
- Monthly average inventory of homes on the market decreased 7.7% to 32,788 in the fourth quarter of 2008 compared to 35,515 in the fourth quarter of 2007.

The five-county Southern New Jersey saw:

- 6.1% decrease in median sale price of existing homes to $205,000 in the fourth quarter of 2008 compared to $218,250 in the fourth quarter of 2007. This is down from the median sale price of existing homes in the third quarter of 2008, which was $222,000.
- The number of homes sold decreased 28.1% to 2,929 in the fourth quarter of 2008 from 4,072 sold in the fourth quarter of 2007. The number of homes sold in the third quarter of 2008 was 4,225.
- The number of days homes remained on the market increased 16.1% from an average of 81 days in the fourth quarter of 2007 to an average of 94 days in the fourth quarter of 2008. The average number of days a home remained on the market in the third quarter of 2008 was 84.
- Monthly average inventory of homes on the market decreased 4.9% to 17,286 in the fourth quarter 2008 compared to 18,172 in the fourth quarter of 2007.

The combined counties of Kent and New Castle in Delaware saw:

- 6.1% decrease in median sale price of existing homes to $215,000 in the fourth quarter of 2008 compared to $228,900 in the fourth quarter of 2007. This is down from the median sale price of existing homes in the third quarter of 2008, which was $225,000.
- The number of homes sold decreased 30% to 1,321 in the fourth quarter of 2008 compared to 1,887 sold in the fourth quarter of 2007. The number of homes sold in the third quarter of 2008 was 1,722.
- The number of days homes remained on the market increased 27.4% from an average of 62 days in the fourth quarter of 2007 to an average of 79 days in the fourth quarter of 2008. The average number of days a home remained on the market in the third quarter of 2008 was 69.
- Monthly average inventory of homes on the market increased 0.6% to 6,493 in the fourth quarter of 2008 compared to 6,454 homes for sale in the fourth quarter of 2007.

For more information, visit http://www.homexpertreport.com/.