Get the real story about the Philly real estate market.
IS PRICE THE REAL STORY? OR IS VOLUME THE REAL STORY?
The real story about the real estate market is not the dollar amount for homes sold. Average sold prices really obscure the real news. The real news is not that prices in Philadelphia County for September 2008 are 6% higher than in 2007. The real news is that sales volume for September 2008 was only 37% of sales volume for 2007.
(click on graph for larger view)
» Sales volume has declined at a faster rate than sales prices.
» Market reports that tell the price story are reflecting only what has happened in a time frame.
» Market reports that tell the volume story are reflecting buyer activity.
» Buyers are speaking with their consumption, not their checkbook.
There are 9,638 Active Single Family homes/condo listed for sale in Philadelphia County as of 9/18/2008. The absorption rate is 9 months.
SELLERS: Agents’ market reports that only report monthly sales are only half of the story about the real estate market. When selling you home you cannot rely on national news or even local news for the state of our local Philly market. You need to know all the facts to make better pricing decisions.
Technorati: Phila real estate market, real estate news, pricing your home
posted by janice SEARCH the Philadelphia MLS. No Registration Required!
pa real estate guy said
This is great info to have. SO the prices have gone up buy there are fewer homes for sale this year.
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