February 2020 Housing Market Update

[Yuriy Skripnichenko]

Hi all, 

While everyone is worried with the covid, Philadelphia market hitting new February high. 

• The median sales price in the Philadelphia Metro Area gained for the nineteenth straight month, with attached home pricing (up by an average of +7.2%) outpacing detached homes (up +5.3%) over that time.
• Philadelphia County celebrated its 51st consecutive month of year-over-year median close price gains, dating back to December 2015.
• The number of closings in the Philadelphia Metro (4,445) hit a new February high.
• Activity in the Philadelphia Metro continues to flourish, as new pending home sales saw a best ever for the month of February. All home categories improved by double digits. Philadelphia County saw its tenth consecutive month of year-over-year gain.
• New listings rose on a year-over-year basis for the first time in four months. Both detached (4,687, +6.2%) and attached (3,979, +5.3%) units gained from last February.
• Units came off the market nine days earlier compared to February last year, as detached homes came off-market more than a week and a half sooner (48 days, -11).