Archive for December, 2010
How’s the Philadelphia Real Estate Market?
Here are this weeks updates on the Philadelphia real estate market for the week of December 27th, 2010. Keep in mind, these numbers will vary depending on the Price Range and the Specific Neighborhood you are buying or selling in.
** Median list price in Philadelphia this week is $199,900
** 1,654 properties have been on the market for an average of 170 days
** Inventory has been lightening lately and the Market Action Index has been trending up
** Though days-on-market is increasing, these are mildly positive indications for the market
Supply & Demand
Home sales have been exceeding new inventory for several weeks. Since this is a Buyer’s market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing.
Median List Price
Average List Price
Asking Price per Square Foot
Average Days on Market
Inventory of Properties Listed
Most Expensive Property Listed
Least Expensive Property Listed
Average Age of Listing
Percent of Properties with Price Decrease
Percent Relisted (reset days on market)
Percent Flip (price increased)
Median House Size (square feet)
Median # of Bedrooms
Median # of Bathrooms
$199,900
$247,558
$130
170
1,654
$6,995,000
$13,900
56
44%
10%
4%
1,552
3.0
2.0
Market Action Index shows a Strong Buyers’ market with an index of 14.5. The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of inventory. Index above 30 implies a seller’s advantage. Below 30 conditions give the advantage to the buyer.
If you’d like more in-depth statistics for a specific neighborhood send us an email. we’ll get the results to you within 24 hours.
posted by janice SEARCH the Philadelphia MLS. No Registration Required!
Philadelphia Real Estate: #2 Best Performing City of the Decade
Philadelphia real estate has performed exceptionally well this past decade. Philadelphia, despite the current downturn, came in number 2 out of the 75 largest cities in the country. The study calculated the change in home values over the last 10 years and ranked the cities by total appreciation in that time period.
The median home value in Philadelphia has risen 121 percent, from $51,207 in October 2000 to $113,160 in October 2010. Philadelphia never quite saw the housing bubble burst the way many other major U.S. cities did, with 17 consecutive months of annualized appreciation greater than 20 percent. Home values peaked in Philadelphia in May 2007 at $120,353 and remained relatively flat for some time. However, this trend has changed in recent months, from September to October home values fell 2 percent.
Read the complete article: Top 20 Best Performing Cities of the Decade
posted by janice SEARCH the Philadelphia MLS. No Registration Required!
Friday’s Links
Just a collection of random stories and articles from the week that we found interesting and thought we’d share.
Hiring a Lawyer for Loan-Modification Help (NY Times)
Philly Brownstoner calls it quits (Brownstoner)
Will rising mortage rates hurt housing market? (Wall Steet Journal)
Kensington’s bright side has its adherents (Inquirer)
Top 20 Best Performing Cities of the Decade: Philly is # 2! (Zillow)
Contact Us for a Hassle-Free Listing Consultation
posted by janice SEARCH the Philadelphia MLS. No Registration Required!
