May 2024 Market Statistics

As we dive into the residential real estate market data from May 2024, compared to May 2023, several interesting trends emerge across Bucks, Berks, Montgomery (Montco), Chester, Northeast Philadelphia (NEPHL), and Mercer counties. This market snapshot provides a friendly overview of how key metrics have evolved over the past year.

Inventory Trends: A Mixed but Improving Picture

The inventory levels reflect a varied but generally positive trend across the tracked markets. Here’s how each area fared:

Overall, most markets saw an increase in inventory, indicating a gradual improvement in supply.

Sold Units: Varied Performance Across Markets

The number of sold units presents a mixed bag, with some areas experiencing growth and others a decline:

While some areas like Mercer and Berks counties showed strong performance, Northeast Philadelphia faced a notable decline.

Pending Contracts: Positive Signs Ahead

Pending contracts, which indicate future sales, generally improved, suggesting a potentially strong future market:

Most regions saw an increase in pending contracts, pointing to stronger market activity in the coming months.

Median Sold Pricing: Across-the-Board Increases

All tracked markets experienced increases in median sold prices, reflecting robust buyer demand:

These price increases highlight a competitive market where homes are appreciating in value.

Year-to-Date Unit Volume: Mixed Results

Year-to-date unit volumes provide a broader view of market performance:

While some regions saw declines, Chester and Mercer counties posted gains, indicating resilience in those markets.

Days on Market: Homes Selling Faster

The average number of days homes spent on the market (CDOM) has generally decreased, indicating faster sales:

Most areas saw homes selling more quickly, a sign of strong buyer interest and efficient market conditions.

Sold-to-List Price Ratios: Shifting Seller Advantage

The ratio of sold price to list price reveals how close to the asking price homes are selling:

While some markets like Bucks County saw a decrease, indicating a softening seller advantage, others like Chester and Berks counties improved, suggesting stronger seller positions.

Conclusion

The May 2024 real estate market presents a diverse picture with improvements in inventory and median prices, mixed results in sold units and pending contracts, and generally faster selling times. This snapshot provides a helpful perspective for buyers, sellers, and real estate professionals navigating these dynamic markets. Keep an eye on these trends as we move further into 2024.