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
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.