Home Selection: Slim in PA, Flush in NJ

If you’ve been following our corporate blog, you know that we’ve been a little preoccupied with inventory (or lack thereof) lately.  First we told you about all the competitive offer situations our agents and clients have been getting into in places where the inventory shortage is a real problem, like San Francisco and Seattle.

Then we surveyed our customers, just to see how they were feeling about the market, and 63% of them told us low inventory was a major concern.   So we looked into the nationwide inventory shortage some more and found that over the last year, inventory had shrunk in every single one of our markets.  And desperate times call for desperate measures: home buyers are going door-to-door making offers on houses that aren’t for sale, and our agents are receiving emails asking if they have any pocket listings (homes that are for sale, but not listed).

Float over any county on the map or its colored bar on the table for more details about inventory in that city.

So what’s the story in Philly? Compared to the rest of the country, the inventory situation isn’t so bad.  Of the markets where Redfin operates, Philly is 4th on the list after Chicago in terms of the number of listings per 1,000 households.

But at the county level, the Philadelphia market has some interesting differences. For example, in Philadelphia County, home buyers have the least selection with just 15.7 homes on the market for every 1,000 households. Moving outside of the city, listings become more plentiful.  In Chester County, there are 20.4 listings for every 1,000 households, and New Jersey home buyers have hit the jackpot with as many as 34.3 listings per 1,000 households in Salem County.“With most counties still seeing falling home prices, homeowners in the pricier areas such as Montgomery and Bucks Counties are probably waiting for prices to start to rise before they think about selling,” explained Linda Wolbers, Redfin’s Philadelphia Area Manager. “Unemployment may also be a contributing factor, as some of the counties with more homes for sale also have higher levels of unemployment.”

Float over any county on the map or its colored bar on the table for more details about inventory in that city.

How do you feel about the selection of homes for sale in Philly?  Please join us to meet our agents and talk about inventory and celebrate our arrival in Philly at our community launch party on March 28th!