There has been a lot of discussion in the media about a glut of condos and townhomes in the Philadelphia market. To help answer this question, I took a look at data from May and June for the Rittenhouse Square area (zip code 19103). The graph below shows the number of active listings on the market for the two months.
Conclusion? Though it may feel as if there is quite a bit more inventory out there, the numbers say otherwise. Home and condo sales in the city are continuing at a good pace, even if somewhat slower than the frenzy of the past few years. When you factor in the seasonal lull that typically occurs during the summer, this assertion is even more strongly supported.
So what does this mean to you? If you’re a buyer, though you don’t have to write a check on the spot, don’t think that you have a week to think things over. Act decisively - a good agent should be able to contractually protect you should you suffer from “buyer’s remorse.” If you’re a seller, don’t accept “The market is changing” as an excuse from your agent. Homes are selling just as frequently, assuming they are priced correctly.
