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

7/15/20

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 June 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:

With the Philadelphia Metro real estate market fully opened for over a month and buyer demand strong, June was the first month on record new pending home sales exceeded 10,000. The area hit a new ten-year high for townhome median sale prices, as overall new listings fell in line with last June.

While closing volume improved by a record 31.9% from last month, it was still slowest June in nine years.

  • Philadelphia County saw success on several key measures:
    • The area hit a ten-year median sales price high on the strength of townhomes ($239.9K, up 4.3%). Point Breeze townhomes closed at a median price of $383.0K, up 25.8%.
    • It also marked a decade best 1,573 new pending townhome sales, up 17.0%. The Roxborough subdivision racked up 42 new pending townhome sales (+82.6%).
    • A June record of 1,944 new townhome listings (+2.1% from last year) occurred, as the 19146 zip code posted 139 new townhome listings (up 1.5%), a new high for the month.
  • Camden achieved a new decade best on median sales pricing. Prices rose 9.1% from last month, the county's best May to June gain on record. Sicklerville homes ($188.0K) closed at 7.4% higher prices compared to last June.
  • Montgomery County captured a decade best 982 new pending single-family home sales for the month (+37.7%).
  • While it was one of the lowest months for median days on the market, homes stayed up for sale slightly longer than last year.
    • Compared to last year, townhomes (20 days on the market) lingered for four additional days. Single-family homes (19 days) stayed on a day longer than in June 2019.