February real estate sales in Philadelphia were 20.4% higher than a year ago, erasing the deficit from January and bringing the year-to-date sales to 8% above 2014.
Pending sales were up 31% over last February and a promising sign for sales in the next 2 months. These charts reflect residential real estate activity in Philadelphia County both single-family and condo.
Inventory declined by 0.5% during the month and is just 2.1% higher than last year. The absorption rate dropped from 7.1 months to 7.0 months during the month compared to 7.0 a year ago.
February sales were 20.4% higher than February 2014 and are now 8.2% above 2014 year-to date.
February’s median sold price is $1,050 lower than last February and year-to-date the median sold price is within $100 of the 2014 year-to-date sold price.
Settled Listings / Original Price
The sold price to original list price ration in February was 91.7%, above the 89.5% last February. Year-to-date the ration is almost 10% higher than in 2014.
Keep in mind that these are the real estate statistics for the whole county of Philadelphia and they can vary greatly by neighborhood.
We really had a good February and we are off to a good start. We think March sales will be even better, we are projecting 15% increase over last year. Inventory is pretty close to last year.
Prices have been generally flat but despite that some neighborhood prices have improved.
Mortgage rates are around 3.75% and there is some easing of credit so no reason not to expect an excellent strong spring season.