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.
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- 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.