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Philly Real Estate Market: What's the Data Showing Us?

Posted by Admin PhillyLiving on Thursday, May 24th, 2018 at 10:45am.

The first quarter of 2018 equaled the opening quarter of 2017 showing that there are still buyers eager to purchase their first, or next home! Interest rates are hovering around 4% and while the number of homes sold was ↓ 3%, the median sales price for these homes ↑ 7%.

Data also shows us that there is an overall low number of homes on the market, this tells us that we are still leaning towards a seller's market. This meaning that homes in good repair and priced appropriately are anticipated to sell quickly. Although in the midst of a seller's market, homeowners cannot price their homes too aggressively. We witnessed in December the average number of appointments for a listing before it went pending was 6. Since that time, this has gone up to 10 appointments per listing. This suggests sellers are starting to overshoot the market, pricing their properties higher than they really should.

As always, real estate is local, so please download your FREE report to see your specific neighborhood data! We've also got information for Blue Bell & the Main Line!

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