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Lack of Homes for Sale as Sale Prices Continue to Rise According to New Report – MyChesCo

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DEVON, PA — “With the start of 2022, we are still seeing continued trends from this time last year. The lack of homes for sale, paired with high demand from buyers, is resulting in steadily rising average sale prices,” remarks Berkshire Hathaway HomeServices (BHHS) Fox & Roach President Joan Docktor. “There is no end in sight for the continued inventory shortage so we are expecting a continuation of increased prices in 2022,” Docktor adds.

Number of Properties Sold Decreased Slightly

The number of properties sold overall in January of 2022, in the 12-county greater Philadelphia region, decreased by 4.6 percent from this time last year, according to (BHHS) Fox & Roach’s January HomExpert Market Report©. There were 6,184 homes sold in January 2022, compared to 6,481 sold in January 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 1 percent, with 3,760 sold in January 2022, compared to January 2021’s 3,798 homes sold. Montgomery County had the biggest decrease, down 12.6 percent and Chester County had the second biggest decrease, down 7.1 percent compared to January 2021. Delaware County had a 4.7 percent decrease compared to January 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 7.1 percent, with 1,729 sold in January 2022 and 1,862 sold in January 2021. Gloucester County had the largest decrease, down 14.9 percent and Mercer County had the second largest decrease, down 10 percent compared to January 2021. Camden County had a 7.4 percent decrease.

Monthly Average Inventory Decreased

The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 19.9 percent, with 16,059 homes on the market in January 2022, compared to 20,060 for sale in January 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average inventory is down by 18.3 percent, with 10,376 for sale in January 2022 and 12,693 for sale in January 2021. Chester County decreased 32.9 percent and Montgomery County decreased 30.7 percent. Bucks County decreased 22.5 percent and Philadelphia County decreased 11.9 percent compared to January 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the average inventory is down by 27 percent, with 3,940 sold in January 2022 and 5,395 sold in January 2021. Gloucester County had the largest drop, down by 34.2 percent and Burlington County had the second largest drop, down by 27.2 percent. Mercer County had a 25.7 percent decrease and Camden County had a 24 percent decrease compared to January 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 8.8 percent compared to January 2021, with 31 average days on market in January 2022 and 34 average days on market in January 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average days on market decreased 11.4 percent, from 29.6 days in 2022 to 33.4 average days on the market in January 2021. Bucks County’s average days on market decreased 29 percent and Chester County’s average days on market decreased 24 percent. Montgomery County’s average days on market decreased 16 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, the average days on market decreased 12 percent, from 38 average days on market in January 2021 to 34 average days on market in January 2022. Mercer County’s average days on market decreased by 23.8 percent and Salem County’s decreased by 15.1 percent. Burlington County’s average days on market decreased by 5.9 percent, compared to January 2021.

Average Sale Prices Increased

The average sale price in the 12-county greater Philadelphia region increased by 8.7 percent compared to January 2021, from $332,123 in January 2021 to $361,172 in January 2022.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average sale price was $410,946 in January 2022 compared to $384,232 showing a 7 percent increase. Delaware County had the highest increase of 18.3 percent compared to January 2021. Chester County had the second highest increase in average sale price by 9.4 percent and Philadelphia County had a 6.3 percent increase.
  • In BHHS Fox & Roach’s New Jersey market areas, the average sale price was $309,395 in January 2022 compared to $272,721, showing a 13.4 percent increase from January 2021. Camden County had the highest increase in sale price of 17.7 percent. Burlington County had a 14.8 percent increase, and Mercer County had a 14.3 percent increase compared to January 2021.

Properties Under Contract Decreased

The number of properties under contract overall in the 12-county greater Philadelphia region is down by 5.7 percent, with 6,538 homes under contract in January 2022, compared to 6,932 homes under contract in January 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, properties under contract have decreased by 3.9 percent, from 4,017 under contract in January 2022 to 4,178 in January 2021. Chester County had the biggest decrease compared to January 2021, of 20 percent, while Montgomery County decreased 12.3 percent compared to January 2021 and Bucks County decreased 3.9 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, properties under contract have decreased by 11.9 percent from 1,966 under contract in January 2021 to 1,732 in January 2022. Gloucester County had the biggest decrease compared to January 2021, of 21.6 percent, while Camden County decreased 16.7 percent compared to January 2021.

Other January 2022 HomExpert Market Report© findings:

Main Line:

  • Home sales on the Main Line’s nine major municipalities/townships have decreased 10.1 percent, with 196 homes sold in January 2022, compared to 218 homes sold in January 2021.
  • Average sale price decreased by 1.6 percent, from $737,734 in January 2021 to $726,100 in January 2022.
  • Properties under contract have decreased by 26.9 percent, with 198 in January 2022 and 271 in January 2021.
  • Monthly average inventory decreased by 40.9 percent, with 381 homes for sale in January 2022 and 645 homes for sale in January 2021.
  • Average days on market decreased by 6 percent, with 34 days on market in January 2022 and 36 days on market in January 2021.

Delaware:

  • Total properties sold in Kent and New Castle Counties are up by 11.6 percent, from 804 sold in January 2021 to 683 sold in January 2022. New Castle County had an 11.1 percent increase in properties sold in January 2022, compared to January 2021 and Kent County increased by 24 percent.
  • Average sale price in Delaware is up by 14.2 percent, from $278,787 in January 2021 to $318,326 in January 2022. New Castle County sale price increased 15 percent and Kent County increased 13.2 percent.
  • Average days on market in Delaware decreased by 14.3 percent, from 28 days in January 2021 to 24 days in January 2022. The average days on market in New Castle County decreased 35.5 percent.
  • Monthly average inventory in Delaware decreased by 11.6 percent, from 963 homes for sale in January 2021 to 851 for sale in January 2022. In New Castle County, there were 13.3 percent less homes for sale, and in Kent County, there were 8.4 percent less homes for sale.
  • Properties under contract in Delaware decreased by 0.4 percent, from 774 properties under contract in January 2021 to 771 properties in January 2022.

Jersey Shore:

  • Atlantic County’s home sales decreased by 34.6 percent, with 308 homes sold in January 2022 and 471 homes sold in January 2021. Average prices of homes are up by 3 percent, from $438,347 in January 2021 to $450,726 in January 2022. Properties under contract decreased by 23.7 percent, from 619 under contract in January 2021 to 472 under contract in January 2022. Average days on market is up by 10.9 percent compared to January 2022. Monthly average inventory is down by 18.2 percent.
  • Cape May County home sales decreased 27.8 percent, with 174 homes sold in January 2022 and 241 sold in January 2021. The average price of properties sold increased by 29 percent, from $682,117 in January 2021 to $878,040 in January 2022. The monthly average inventory is down by 17.3 percent and properties under contract are down by 36.6 percent, compared to January 2021.

Lehigh Valley:

  • Home sales in the Lehigh Valley decreased by 0.9 percent, with 530 homes sold in January 2022 compared to 535 homes sold in January 2021.
  • Average sale price on homes is up by 17.2 percent, from $266,033 in January 2021 to $311,912 in January 2022.
  • Monthly average inventory is down by 33.2 percent, with 1,246 homes for sale in January 2022 compared to 1,864 homes for sale in January 2021.
  • Average days on market is down by 8.2 percent, from 25 days in January 2021 compared to 23 days in January 2022.
  • Properties under contract have decreased by 3.1 percent, with 529 properties under contract in January 2022 and 546 under contract in January 2021.

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.

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