Philadelphia Market Conditions « The Philly Pretzel

Archive for Philadelphia Market Conditions

Center City Philadelphia: It’s Smart to Live Downtown

November 24, 2010 at 12:24 pm · Filed under Condos, First Time Home Buyers, For Home Buyers, Philadelphia Market Conditions

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!

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Philadelphia Market Updates Week of November 1, 2010

November 5, 2010 at 12:27 pm · Filed under For Home Buyers, Philadelphia Market Conditions

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.

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

$204, 950

$255,619

$134

158

1,788

$6,995,000

$19,900

45%

11%

1,568

3.0

2.0

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!

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Philly Mortgage Rate Update: July 2nd 2010

July 2, 2010 at 2:23 pm · Filed under First Time Home Buyers, For Home Buyers, Philadelphia Market Conditions

WOW!!

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

APPLY FOR A MORTGAGE ONLINE

Brought to you by our favorite mortgage broker:

Carina Marchese
Center City Mortgage
267.238.5785

email Carina for today’s rate

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Philadelphia Real Estate: 5 Most Exclusive City Neighborhoods

March 13, 2010 at 8:45 pm · Filed under Philadelphia Market Conditions, YO Philly

Most Expensive Zip Codes

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!

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Philadelphia Housing Shows Further Signs of Stabilization in Q4

March 8, 2010 at 12:27 pm · Filed under For Home Buyers, For Home Sellers, Philadelphia Market Conditions

Prices hold steady, sales activity exhibits unusual increase.

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.