Philadelphia House Prices Hit Post-Recession High Following on the Heels of a Strong Performance in 2015.
In April 2016 there were 1,293 real estate sales, according to the year-to-date market report produced by Trend MLS, an increase of 8.9% compared to the 1,119 sales in April 2015. Year-to-date sales in 2016 have seen an increase of 16.6% from 2015. The 8.9% increase over April 2015 is the smallest increase Philadelphia County has seen this year, but still a strong performance.
Inventory, which is normally increasing at this time of year, declined by 0.3% during the month of April, and is 15.6% lower than this time last year. The Months Supply of Inventory stayed 5.3 months during April compared to 6.5 months a year ago, a 19.2% decrease. Appointments were up 6% in April compared to March and +24% compared to April 2015 with the largest increase in the $300,000-$500,000 price range.
Graduate Hospital and Point Breeze neighborhoods are in the forefront once again helping to drive the recovery of Philadelphia real estate. In the 19146 ZIP code, which includes both of the South Philly neighborhoods, 94 homes sold in the month of April – a 13 percent jump from the 83 homes that sold in that area in the same month last year.
Three other ZIP codes that cover the rest of South Philadelphia – 19147, 19148 and 19145 – took the next three spots in the rankings, totaling another 184 homes sold for the month of April.
Other neighborhoods in Philly that had strong interest from homebuyers in April stretch from Fishtown, Port Richmond and parts of Kensington to the Northeast’s Fox Chase neighborhood, and also include the northwest section of the city, Roxborough, Manayunk and Wissahickon.