The spring home selling season is usually under way by Super Bowl Sunday, but it got a late start this year between the weather and the economy. This wait and the fear of rising interest rates seem to have released the pent-up demand among buyers who have been out in droves lately. We should start to see the back-log of inventory decline for well- priced house that are updated to today’s standards. Buyers’ expectations are also greater. Buyers in today’s market are a lot less willing to commit to homes that need work.

SELLERS: Pricing your Philadelphia home correctly from the beginning is vital. However the spring market may present a new opportunity to aggressive re-price and move a floundering property.

(click on graph for larger view)

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Potentially Related Posts:

Philadelphia House Prices Currently Back to 2003 Levels
Philadelphia Real Estate: Strong Buyers’ Market Persists
How’s the Philadelphia Real Estate Market?

 This makes it a good time to buy a home in Philly.

Not such a great time to sell unless you are selling and buying another home – you’ll sell low but also buy low.

The Philadelphia housing market continued its downward trend this past quarter, as both home sales and prices hit new lows. The typical Philadelphia home fell in value by an average of 4.2% on a quality and seasonally adjusted basis this past fall, according to the latest data from the City’s Recorder of Deeds.

With this most recent decrease, the average Philadelphia home has now fallen in value by a cumulative total of 15% since the bursting of the national housing bubble several years ago.

The decrease in house prices was citywide, with no area of the City being spared. From largest to smallest, the average decline in house prices by neighborhood were:

West Philadelphia  -10.1%
North Philadelphia -9.8%
Kensington/Frankford -8.5%
South Philadelphia -7.3%
Center City / Fairmount -5.4%
University City -3.5%
Upper Northeast Philadelphia -2.7%
Northwest Philadelphia -0.8%

Sales activity news was equally negative:

2,817 homes changed hands in Q4 - 15% decrease from Q3.
33% decrease from the same time last year.

However, even with the latest downbeat numbers, Philadelphia continues to weather the current housing downturn much better than most other major U.S. cities. According to Case-Shiller Macro Markets’ composite house price index, house prices have fallen by an average of 31% in the largest U.S. cities since the bursting of the housing bubble, compared to only 15% in Philadelphia. Currently, only two cities—Dallas and Denver— have experienced smaller total declines in average house values than Philadelphia.

Even with this quarter’s significant price drop, Philadelphia remains in third place of the twenty largest cities in the U.S. for the least house price declines.

Download the report (pdf) and Kevin Gillen’s (urban economist, Enconsult Corporation) commentary (pdf).

Potentially Related Posts:

Philadelphia Real Estate: Strong Buyers’ Market Persists

Philadelphia Real Estate: #2 Best Performing City of the Decade

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TREND is the Multiple Listing Service (MLS) for more than 32,000 real estate professionals in and around the Philadelphia metropolitan region. The report is a compilation of TREND data, government data and NAR (National Association of Realtors) analysis. The home sale statistics come from TREND, while the labor and industry data comes from government sources. All of the analysis is written by NAR economists. Complete 2010, 4th quarter report: Economic and Market Watch Report (pdf).

This information has been reprinted from the Economic and Market Watch Report with permission from TREND.

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.

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 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

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posted by janice SEARCH the Philadelphia MLS. No Registration Required!

A recent report by the Center City District looks at the economic resilience of Center City amid the recession and shows that it is smart to live downtown. The report shows home values in Center City are down a fraction of what other cities are experiencing – and Center City real estate prices have held up better than citywide.

**Center City housing markets have performed better in this recession than many other places because Philadelphia’s economy and the high skilled industries that define downtown have fared better.

**Philadelphia is built on an intimate-scale street grid, it has a broad range of amenities and the ability to walk, take transit or bike to work have all been factors in attracting and retaining residents who value convenience, cost-effectiveness and a sustainable lifestyle.

**For the first time in 50 years, Philadelphia’s population has begun to increase, led by growth in Center City and University City.

The success of Center City in turn creates opportunity in every city neighborhood.

FIND YOUR CENTER CITY HOME

posted by janice SEARCH the Philadelphia MLS. No Registration Required!

Here are this weeks updates on the Philadelphia real estate market for the week of November 1st, 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 $204,950

** 1,788 properties have been on the market for an average of 158 days

** Inventory and days on the market are basically unchanged and the Market Action Index is decreasing

** The market is not sending a strong directional signal for the near term outlook

Supply & Demand

The Philadelphia real estate market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks.

Market Action Index shows a Strong Buyers’ market with an index of 14.7. 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!

If you have good credit, a steady source of income and have been thinking about purchasing real estate then you owe it to yourself to get out there and start looking, unless of course you can afford to wait another 30 years or so for mortgage rates to be this low again.

 Todays Mortgage Rates:

30 Yr Fixed – 4.35% (.5 point) / 4.5% (0 points)

15 Yr Fixed – 3.75% (1 points) / 4% (0 points)

5 yr ARM – 3.25% (1 point) / 3.5% (0 points)

7 yr ARM – 3.5% (1 point) / 3.75% (0 points)

FHA 30 Yr Fixed – 4.25% (1  point) / 4.5% (0 points)

FHA 5Yr ARM – 3.75% (1 point) / 3.75% (0 points)

Investment – 4.75% (1 point) / 4.95% (0 points) 25% down payment required

*Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA) *Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply
Technorati: philly mortgage, mortgage market, carina marchese, center city mortgage company

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Brought to you by our favorite mortgage broker:

Carina Marchese
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267.238.5785

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1.  19102               (Broad to 16th, Pine to Callowhill)   $554,880

2.  19103               (Rittenhouse / Fitler)   $385,000

3.  19118               (Chestnut Hill)    $375,000

4.  19106               (Old City/Society Hill)    $372,500

5.  19107               (Center City East)   $332,500

Technorati: philly home sales, philly home buyers, philly home sellers, expensive zip codes

posted by janice       SEARCH the Philadelphia MLS. No Registration Required!

The most recent home sales data indicate a solidifying of the local housing market’s condition after several years of both declining sales and prices.

 
After two years of falling prices, prices held steady for the third consecutive quarter in 2009 Q4. The typical Philadelphia home rose in value by 0.5% on a quality- and seasonally- adjusted basis this past fall, according to the latest analysis by Econsult economist Kevin Gillen [pdf]. From the housing market’s peak in 2006 to the recent trough of last winter, the average Philadelphia home had fallen in value by a total of 10.5%. But with the market’s apparent stabilization in the latter part of 2009, the average Philadelphia home has recovered 3.5% of its lost value, thereby reducing its total loss to only 7% since the bursting of the national housing bubble several years ago.

Download the report and Kevin’s commentary.

Price changes across the city’s neighborhoods were essentially flat, with slight increases in some neighborhoods being offset by slight decreases in others.

Center City / Fairmount +1.6%
West Philadelphia +1.5%
Lower Northeast Philadelphia +1.2%
Upper Northeast Philadelphia  +0.8%
Northwest +0.1%

 University City -13.1%
South Philadelphia -0.6%
Kensington/Frankford  -0.4%
Northwest Philadelphia -0.1%

Philadelphia’s housing market continues to significantly outperform other major U.S. cities during the current economic downturn. 

According to Case-Shiller MacroMarkets’ composite house price index, house prices have fallen by an average of 30% in the ten largest U.S. cities since the bursting of the housing bubble, compared to only 7% in Philadelphia. Of the twenty largest cities in the U.S., all but one (Dallas) have experienced more severe house price declines than Philadelphia.

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Technorati: housing market, philly housing, buyers market, appreciation by neighborhood

posted by janice SEARCH the Philadelphia MLS. No Registration Required!