February 2014 Market Update
Delaware Valley Real Estate
(Philadelphia Metropolitan Region, including parts of Delaware, New Jersey and Pennsylvania)
February 2014 Market Update: As expected, February was well below last year in terms of activity. The closed sales were down 11% and pending sales were down 13.5% from 2013. Year to date, that puts us 5% lower in closed sales and 11% lower in pending sales compared to the same time last year. Prices were strong though, with February’s Median Sold Price up 8% and Average Sold Price up 10.5% over a year ago. Year to date, Median Sold Price is up 7% and Average Sold Price is up 9%.
Certainly the weather had an impact on housing activity in January and February. Along with school and business closings, showings, home inspections and settlements were impacted by weather conditions causing delays, cancellations and rescheduling. Year to date, showing appointment requests are up about 4%, but the number of those that were cancelled is up 36%. So far this year, we have seen more than double the number of showing appointments cancelled compared to last year.
County Level Statistics – February 2014 (Video)
(Click on county name below to go to that county’s video)
- Chester County PA
- Delaware County PA
- Montgomery County PA
- Philadelphia County PA
- New Castle County DE
Looking Ahead in March 2014: We are expecting the number of closed sales in March to be below last year, but not by a significant amount because some of February settlements were postponed until March. So far this month, we haven’t seen a big pick up in activity. Both pending listings and new listings are running well below where they were a year ago. But, as we anticipate better weather, we’re expecting to have better news next month.
Thinking of Selling a Home? Find out: How’s the Market in Your Area? Contact me for market statistics relevant to your property. Also, call me with your real estate questions and for further assistance.
Letitia Stevenson, REALTOR® - Berkshire Hathaway HomeServices Fox & Roach, REALTORS®, a member of the franchise system of BHH Affiliates, LLC. Data Source: Multiple Listing Service (MLS) or public records, all residential properties. Information believed to be accurate but not warranted. Updated by the 10th of the month for the prior month (03/14). EHO.
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