Philadelphia Home Demand Index, October 2021

[Yuriy Skripnichenko]

Hi all, new report from Bright MLS.

Philadelphia Metro: Median Sales Price Up 9%, Overall Sales Down 12.8% YoY

While the market remains solid, there is growing tension between several key market metrics: supply, prices, and sales. The number of new listings in the Philadelphia Metro was down 12.9% compared to last October, while sales activity saw a 5.9% monthly decline.

Median Sales Price: $304,000 in October 2021, a 9.0% increase over October 2020

Overall Sales: 7,834 homes sold in Metro area, down 12.8% from October 2020

Median Days on Market: 11, +1 day from September

Buyer demand for homes in the Philadelphia Metro market area was unchanged in October. The Bright MLS | T3 Home Demand Index remained at 111, reflecting a Moderate level of buyer interest. Although unchanged over the month, the Index was nearly 13 percent lower than one year earlier.Buyer interest was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand for higher-priced single-family homes fell a modest five percent over the month, exceeded only by the drop in the already-weak lower-priced single-family segment. Demand was essentially unchanged among other types of homes. The months' supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.8 months for higher-priced condos. The months' supply for each type of home changed little over the month, except for higher-priced condos, which rose from 4.9 to 5.8 months.

NE Philadelphia still stays hottest area of the city. 

Cheers, 

Yuriy

[Alex Uman]

Northeast looks hot 🔥 

[Joseph Micheal]

Yuriy - Thanks for faithfully posting this information faithfully!

Newbie question: On the map does limited refer to limited sales > ie SUPER SLOW 

                           or does limited refer to unable to compare to prior > ie inconclusive 

[Yuriy Skripnichenko]

@Joseph Micheal

That means limited demand index (lower than 35). 

The Bright MLS | T3 Home Demand Index is an index that is designed to track the level of interest and activity of actively engaged home buyers and is a measurement of home buying demand in a specific region. The Bright MLS | T3 Home Demand Index does not track home prices or the number of sales. Instead, it measures activities that happen before sales transactions are completed, and is thus considered a leading indicator of market activity.

Cheers, 

Yuriy

[Eric Greenberg]

Thanks Yuriy!

[Jack Perfett]

@Yuriy Skripnichenko thank you for the valuable market Information!