Philadelphia proves to be a competitive market still when it comes to buying homes, which means if you are ready to sell your home, you will have an easy time and get most of your asking price.

 

TREND recently released their latest report for Philadelphia County, which shows the numbers for the first quarter of this year. Here are some more takeaways from the study.

 

It is a seller’s market.

From this report, I see that it is a seller’s market, which has not changed from the end of last year The Philadelphia housing market saw an increase median sales price of 10.3 percent from Q4 2017. Sellers also received 94.9 percent of original asking, a figure that is also up from last quarter.

 

 

There is a demand for housing, but a limited supply.

The chart above shows that the amount of homes for sale in Philadelphia is on a steady decline. During Q1 2018, only 4,127 homes were placed on the market. And of the homes for sale, 3,291 closed. The gap between homes for sale and closed sales is closing compared to previous first quarters.

 

In addition, the chart below shows how although the trend for median sales price has increased in the last ten years, it has actually decreased from this time last year.

 

Home sellers are receiving most of what they ask for.

A high percentage of sellers received their original asking price, with Rittenhouse and the Art Museum area’s asking price percentage going up since this time last year. The number of closed sales is generally down from last year, but less homes were placed on the market. This could be a reason for less closed sales.

 

 

Zip Code

Area

Median Sale Price

% of Original Price Received

Average Property Marketing Period

Closed Sales

 

 

Q1-2018

1-Yr Change

Q1-2018

1-Yr Change

Q1-2018

1-Yr Change

Q1-2018

1-Yr Change

19102

Center City

$305,000

-55.1%

94.6%

-1.8%

180

+19.2%

17

-19.0%

19103

Rittenhouse

$529,010

-0.7%

95.1%

+1.2%

88

-6.4%

65

+4.8%

19106

Society Hill/Old City

$349,000

-14.9%

93.6%

-1.0%

105

+16.7%

49

-14.0%

19107

Washington Square

$275,000

-16.0%

91.0%

-3.6%

86

-1.1%

21

-34.4%

19123

Northern Liberties

$385,000

-16.3%

95.0%

-0.6%

85

-12.4%

65

-5.8%

19130

Art Museum

$361,250

+4.7%

94.8%

+1.2%

65

-20.7%

96

-10.3%

19146

Graduate Hospital

$359,000

+9.4%

94.3%

-0.7%

67

+21.8%

206

+2.0%

19147

Queen Village

$424,900

+6.2%

95.3%

-0.4%

66

-5.7%

149

-5.1%

19148

Pennsport

$237,500

+13.1%

94.9%

-1.1%

60

+22.4%

138

+2.2%


 

The chart below shows that Philadelphia’s housing market is still competitive. People are still buying in the most sought-out neighborhoods in the city. Pennsport, while has not seen as much properties for sale, is in high demand, since all seven units put up for sale were sold.

 

Zip Code

Area

Units Listed

Units Sold

Average Original Listing Price

Average Sold

Price

19102

Center City

13

1

$748,000

$670,000

19103

Rittenhouse

42

20

$697,960

$672,232

19106

Society Hill/Old City

21

4

$654,500

$611,250

19107

Washington Square

9

2

$674,500

$658,750

19123

Northern Liberties

43

18

$693,750

$661,300

19130

Art Museum

48

26

$651,258

$628,800

19146

Graduate Hospital

84

38

$648,937

$624,142

19147

Queen Village

74

52

$677,363

$661,062

19148

Pennsport

7

7

$545,386

$536,129

Total

 

341

168

$5,991,654

$5,723,665


 

To recap, if you are thinking about selling your home, especially in one of the hottest neighborhoods in Philadelphia County, now is a great time.

 

VIEW FULL PDF


JOIN MY COMMUNITY- INSTAGRAM l FACEBOOK l LINKEDIN