RISMEDIA, August 5, 2008-Greater Philadelphia region* median home prices decreased 0.5 percent to $224,900 in the first half of 2008, according to Prudential Fox & Roach, Realtors® HomExpert Market Report©. The median sale price in the first half of 2007 was $226,000.
In the first half of 2008, the region saw 27,839 homes sold, a 29 percent decrease, compared to 39,206 homes sold in the first half of 2007. The average number of days a home remained on the market increased from 66 days in the first half of 2007 to 77 days in the first half of 2008.
Additionally, monthly average inventory for the first half of 2008 was 61,159 compared to 57,985 in the first half of 2007. To sell the entire inventory listed on the market during June 2008, it would take 10.2 months, compared to 6.7 months during June 2007 and 5.5 months during June 2006.
Salem County posted the largest percent increase in median sale price in the Greater Philadelphia Region, increasing 6.6 percent in the first half of 2008 to $177,500, followed by Philadelphia County at 2.1 percent to $143,000, Mercer County at 1.9 percent to $275,000 and both Chester County and New Castle County remained unchanged at $310,000 and $225,250 respectively.
Chester County posted the highest median sale price at $310,000, followed by Bucks County at $282,000, Mercer County at $275,000, Montgomery County at $265,000 and Burlington County at $231,824.
Philadelphia County posted the highest number of homes sold in the first half of 2008 at 6,471, a 28.4 percent decrease, followed by Montgomery County (3,878, -24.3 percent), Delaware County (2,595, -28.5 percent), Bucks County (2,570, -26.8 percent) and New Castle County (2,418, -33.4 percent).
Other First Half 2008 HomExpert Market Report© findings:
– Thornbury Township in Chester County posted the largest percent increase in median sale price in the Greater Philadelphia Region, increasing 47.9 percent to $624,309 in the first half of 2008, followed by East Bradford Township in Chester County at 44.2 percent to $470,000, Salem City in Salem County at 43.1 percent to $114,500, Hainesport Township in Burlington County at 43 percent to $426,000 and Concord Township in Delaware County at 24.6 percent to $415,000.
– Princeton Township in Mercer County posted the highest median sale price in the Greater Philadelphia region at $882,500, followed by Princeton Borough in Mercer County at $729,000, Thornbury Township in Chester County at $624,309, Easttown Township in Chester County at $622,000 and Radnor Township in Delaware County at $578,750.
– The Newark/Glasgow area in New Castle County posted the highest number of homes sold in the first half of 2008 at 734, a 34.1 percent decrease, followed by the Wilmington area in New Castle County (414, -35.7 percent), Upper Darby Township in Delaware County (385, -34.6 percent), the Brandywine area in New Castle County (384, -25 percent) and the Elsmere/Newport/Pike Creek area in New Castle County (367, -27.2 percent).
– Delaware and Pennsylvania both led the tri-state region in highest median sale price in the first half of 2008 at $225,000, followed by New Jersey at $219,950.
– In the tri-county market, all three states saw median sale price decreases in the first half of 2008. Pennsylvania decreased 0.8 percent to $225,000, followed by Delaware decreasing 1.7 percent to $225,000 and New Jersey decreasing 2.2 percent to $219,950.
– Pennsylvania led the tri-state region in the number of homes sold in the first half of 2008 at 17,826 (-26.9 percent), followed by New Jersey at 6,969 (-31.7 percent) and Delaware at 3,044 (-33.9 percent).
* 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. Additional charts and graphs available upon request. Top municipalities listed include 20 or more sales in the first half of 2008. 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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