May Prices Mostly Up As Inventory Remains Low

May Prices Mostly Up As Inventory Remains Low

After plunging in April, the number of new listings in Bucks, Montgomery, and Chester Counties rebounded somewhat in May but remained down significantly from May of last year. Average sale prices mostly trended up.

Homes for Sale Still at Low Levels

Inventory in 2019 was already low, and many hoped to see this trend reverse in 2020. The latest numbers, however, show the problem persists.

Comparing May 2020 to May 2019, the number of new listings fell by the following percentages:

  • Montgomery County       - 38.21%
  • Bucks County    - 32.51%
  • Chester County    - 32.71%
Prices Rise Compared with One Year Ago

Amid low inventory, prices rose when compared with one year ago. All three counties recorded higher average sale prices in May 2020 than in May 2019. Here are the percentage increases:
  • Montgomery County      + 3.84%
  • Bucks County    + 5.14%
  • Chester County    + 8.36%
Prices Mixed from April to May of This Year

In Bucks and Chester Counties, prices also rose from April to May of this year, whereas prices in Montgomery County fell during that period. Here are the percentage changes from April 2020 to May 2020:
  • Montgomery County    - 3.5%
  • Bucks County   + 0.83%
  • Chester County    + 7.23%
Sale prices typically reflect contracts negotiated 40 to 60 days in advance of closing.

Low inventory generally means a good market for sellers, so for those who have been wondering whether to sell, now may be a good time.

Housing statistics from BrightMLS.

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