Spring Real Estate Market With Prices Up, Less Homes Available

Press release from BHHS:

June 3, 2022

“As the spring real estate market continues, homes are selling quickly and for top dollar. With many sellers hesitant to list their homes and enter the buyer’s market themselves, the demand for homes remains strong,” remarks Berkshire Hathaway HomeServices (BHHS) Fox & Roach President Joan Docktor. While the number of homes available for sale is down compared to this month last year, the number has increased compared to the first few months of 2022. “We are confident that with the slight increase in the supply of homes for sale, this will slow the pace of price growth,” Docktor adds.

Number of Properties Sold Decreased Slightly
The number of properties sold overall in April of 2022, in the 12-county greater Philadelphia region, decreased by 10.5 percent from this time last year, according to (BHHS) Fox & Roach’s April HomExpert Market Report©. There were 7,118 homes sold in April 2022, compared to 7,950 sold in April 2021.

• In BHHS Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 9.8 percent, with 4,394 sold in April 2022, compared to April 2021’s 4,872 homes sold. Philadelphia County had the biggest decrease, down 13.1 percent and Chester County had the second biggest decrease, down 10.8 percent compared to April 2021. Delaware County had a 7.1 percent decrease compared to April 2021.
• In BHHS Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 12.4 percent, with 1,888 sold in April 2022 and 2,156 sold in April 2021. Mercer County had the largest decrease, down 19.7 percent and Gloucester County had the second largest decrease, down 17.4 percent compared to April 2021. Burlington County had a 12.9 percent decrease.

Monthly Average Inventory Decreased
The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 13.9 percent, with 19,928 homes on the market in April 2022, compared to 23,138 for sale in April 2021.

• In BHHS Fox & Roach’s Pennsylvania market areas, the average inventory is down by 12 percent, with 12,940 for sale in April 2022 and 14,707 for sale in April 2021. Chester County decreased 29.9 percent and Bucks and Delaware counties decreased 18.3 percent. Montgomery County decreased 16.2 percent and Philadelphia County decreased 3.3 percent compared to April 2021.
• In BHHS Fox & Roach’s New Jersey market areas, the average inventory is down by 18.7 percent, with 5,024 sold in April 2022 and 6,183 sold in April 2021. Gloucester County had the largest drop, down by 26.1 percent and Mercer County had the second largest drop, down by 20.1 percent. Burlington County had a 16.3 percent decrease and Camden County had a 14.1 percent decrease compared to April 2021.

Average Days on Market Decreased
The average days a house stayed on the market overall in the 12-county greater Philadelphia area has decreased by 22.6 percent compared to April 2021, with 24 average days on market in April 2022 and 31 average days on market in April 2021.

• In BHHS Fox & Roach’s Pennsylvania market areas, the average days on market decreased 22.9 percent, with 21.6 days in 2022 and 28 average days on the market in April 2021. Bucks County’s average days on market decreased 37 percent and Chester County’s average days on market decreased 27 percent. Montgomery County average days on market decreased 24 percent.
• In BHHS Fox & Roach’s New Jersey market areas, the average days on market decreased 20.5 percent, from 32 average days on market in April 2021 to 26 average days on market in April 2022. Burlington County’s average days on market decreased by 41.2 percent and Camden County’s decreased by 23.3 percent. Gloucester County’s average days on market decreased by 20.8 percent, compared to April 2021.

Average Sale Prices Increased
The average sale price in the 12-county greater Philadelphia region increased by 8.2 percent compared to April 2021, from $356,194 in April 2021 to $385,338 in April 2022.

• In BHHS Fox & Roach’s Pennsylvania market areas, the average sale price was $439,415 in April 2022 compared to $411,938, showing a 6.7 percent increase. Bucks County had the highest increase of 14.9 percent compared to April 2021. Chester County had the second highest increase in average sale price by 9.7 percent and Montgomery County had a 7.3 percent increase.
• In BHHS Fox & Roach’s New Jersey market areas, the average sale price was $323,913 in April 2022 compared to $290,883, showing a 11.4 percent increase from April 2021. Salem County had the highest increase in sale price of 23.1 percent. Gloucester County had a 17.5 percent increase compared to April 2021.

Properties Under Contract Decreased
The number of properties under contract overall in the 12-county greater Philadelphia region is down by 9.2 percent, with 8,634 homes under contract in April 2022, compared to 9,506 homes under contract in April 2021.

• In BHHS Fox & Roach’s Pennsylvania market areas, properties under contract have decreased by 10.2 percent, from 5,316 under contract in April 2022 to 5,918 in April 2021. Chester County had the biggest decrease compared to April 2021, of 25.4 percent, while Delaware County decreased 14.9 percent compared to April 2021 and Bucks County increased 11.5 percent.
• In BHHS Fox & Roach’s New Jersey market areas, properties under contract have decreased by 8.4 percent from 2,560 under contract in April 2021 to 2,346 in April 2022. Gloucester County had the biggest decrease compared to April 2021, of 16.9 percent, while Mercer County decreased 12.8 percent compared to April 2021.

Main Line:

• Home sales on the Main Line's nine major municipalities/townships have decreased 23.5 percent, with 228 homes sold in April 2022, compared to 298 homes sold in April 2021.
• Average sale price increased by 3.1 percent, from $714,182 in April 2021 to $736,596 in April 2022.
• Properties under contract have decreased by 13 percent, with 322 in April 2022 and 370 in April 2021.
• Monthly average inventory decreased by 26.2 percent, with 583 homes for sale in April 2022 and 790 homes for sale in April 2021.
• Average days on market decreased by 32 percent, with 21 days on market in April 2022 and 31 days on market in April 2021.

Delaware:

• Total properties sold in Kent and New Castle Counties are down by 9.1 percent, from 899 sold in April 2021 to 817 sold in April 2022. New Castle County had a 5 percent decrease in properties sold in April 2022, compared to April 2021 and Kent County decreased by 19.5 percent.
• Average sale price in Delaware is up by 15.3 percent, from $289,753 in April 2021 to $334,035 in April 2022. New Castle County sale price increased 12.7 percent and Kent County increased 18.1 percent.
• Average days on market in Delaware decreased by 30 percent, from 25 days in April 2021 to 18 days in April 2022. The average days on market in New Castle County decreased 21.7 percent.
• Monthly average inventory in Delaware decreased by 12.5 percent, from 1,091 homes for sale in April 2021 to 955 for sale in April 2022. In New Castle County, there were 13.5 percent less homes for sale, and in Kent County, there were 10.3 percent less homes for sale.
• Properties under contract in Delaware decreased by 5.9 percent, from 1,001 properties under contract in April 2021 to 942 properties in April 2022.

Jersey Shore:

• Atlantic County's home sales decreased by 26 percent, with 463 homes sold in April 2022 and 626 homes sold in April 2021. Average prices of homes are up by 11 percent, from $465,284 in April 2021 to $517,954 in April 2022. Properties under contract decreased by 19.2 percent, from 595 under contract in April 2021 to 481 under contract in April 2022. Average days on market is down by 21.8 percent compared to April 2022. Monthly average inventory is down by 9.2 percent.
• Cape May County home sales decreased 29.1 percent, with 219 homes sold in April 2022 and 309 sold in April 2021. The average price of properties sold increased by 27 percent, from $664,779 in April 2021 to $842,702 in April 2022. The monthly average inventory is down by 8.1 percent and properties under contract are down by 14.5 percent, compared to April 2021.

Lehigh Valley:

• Home sales in the Lehigh Valley decreased by 2.4 percent, with 599 homes sold in April 2022 compared to 614 homes sold in April 2021.
• Average sale price on homes is up by 9.2 percent, from $285,293 in April 2021 to $311,677 in April 2022.
• Monthly average inventory is down by 25.8 percent, with 1,545 homes for sale in April 2022 compared to 2,083 homes for sale in April 2021.
• Average days on market is down by 34.9 percent, from 22 days in April 2021 compared to 14 days in April 2022.
• Properties under contract have increased by 0.3 percent, with 774 properties under contract in April 2022 and 772 under contract in April 2021.

*Editor’s Note: 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. Main Line data includes Malvern Borough, Tredyffrin Township, Willistown Township, Easttown Township, Haverford, Newtown, Radnor, Narberth, and Lower Merion. Center City data includes zip codes 19102, 19103 (Rittenhouse Square), 19106 (Old City), 19107 (Washington Square), 19123 (Northern Liberties/Fishtown), and 19130 (Fairmount/Art Museum). The Lehigh Valley region includes both Lehigh and Northampton Counties. Additional charts and graphs available upon request. Top municipalities listed include 20 or more sales. 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.

This press release was produced by BHHS. The views expressed here are the author's own.