Bright MLS Releases its May Residential Real Estate Market Summary for the Philadelphia Metro Area

6/11/20

Nations leading MLS shares the latest trends and the impact COVID-19 is having on the market

Bright MLS, the leading multiple listing service (MLS) in the Mid-Atlantic US representing 95,000 real estate professionals in Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia, today released its May housing trend report for the Philadelphia Metro market.

The data is provided by MarketStats by Showing Time based on listing activity from Bright MLS. Highlights of the report include that:

- The effects of the COVID-19 Crisis continued in May as the median sale price of homes ($260.0K) fell -4.4% from last month, the sharpest April to May decline in a decade.

- However, indications of positive change occurred as state restrictions lifted:

  • Despite month to month declines, median home sales prices hit a ten year May high.
  • New pending homes sales (7,400) doubled April's volume.
  • Single-family homes moved briskly off the market in a decade-low 17 days.
  • As well, while total new listing volume (8,096) spiked 79.7% month to month.