Dsutton42, Both Buyer and Seller in Philadelphia, PA

what is the real estate market like in Philadelphia , pa right now?

Asked by Dsutton42, Philadelphia, PA Mon Feb 20, 2012

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12
montgomery county is doing well?
0 votes Thank Flag Link Mon Mar 19, 2012
has elkins park is doing in market value?
0 votes Thank Flag Link Mon Mar 19, 2012
not bad...certain places its on fire, in others its pretty good. i have had 4 places sell withing 2 weeks which has been unusual in recent years.
0 votes Thank Flag Link Wed Feb 29, 2012
Hi

As you can tell from the answers, it depends, compared to what and what area do you want to consider. The Delaware Valley,the Greater Philadelphia area or Philadelphia County? Considering Philadelphia County only, it has fared well over the last 5 years. In 2007 there were 15,791 residential sales at an average sold price of $185,072 and market time of 65 days. As of the end of 2011 there were 9,755 sales at an average price of $180,351 with 85 days on market. This is per TrendMLS for any residdential unit in the county.
Therefore the number of units sold is down about 40% and the time to sell has increased 28 days or abot 30% but the good news is the average sold price is down about $5,000 or only 3%. Considering the doom and gloom elsewhere in the country this is great news.

Fran and Mark Redding
Prudential Fox & Roach Realtors
1010 Stony Hill Road
Yardley PA 19067
215-321-3307 Direct
215-208-7169 Cell
mark@franandmark.com
http://www.franandmark.com
Web Reference: http://www.franandmark.com
0 votes Thank Flag Link Mon Feb 20, 2012
Dsutton,

The city proper, has fared better than its suburbs, though within Philadelphia, there is wide variation. The entire region has done much better than most of the country. Homes that are properly priced to their condition sell, and the nice ones often very quickly. Homes that are in so-so shape, only sell at a discount

Hope this is useful to you.

John Leonard
Long & Foster Real Estate
610-742-9389
john.leonard@lnf.com
0 votes Thank Flag Link Mon Feb 20, 2012
Dear Dsutton42:

Philadelphia is a large city with many diverse residential neighborhoods and vast outlying residential suburbs. The market in the most dense urban areas has been strong. The more suburban areas are lagging behind in sales by comparison. That being said, the city on the whole, has fared well over the past few years and 2012 is coming in strong.

Ana Barlow, Coldwell Banker Preferred
anabarlow@gmail.com
Web Reference: http://www.anabarlow.com
0 votes Thank Flag Link Mon Feb 20, 2012
Philadelphia is one of only 6 major cities to be included on the nahb of top 72 markets the others being Denver,Honolulu,Dallas,Nashville and Indianapolis. To be on this list you needed 6 straight months of appreciation and increased sales. You can have a complete view if the group by going to http://www.nahb.org/iml
My office recently put a property under agreement in 5 days because it had the secret ingredient of being priced right and showing well

Dennis Conwell
Prudential,Fox&Roach
215-272-0360
0 votes Thank Flag Link Mon Feb 20, 2012
I think the Philly Market is good and steady, is also is marketing and a little bit of luck. Prices have remained steady for the past 6 months and i think will be a good spring
Michael P Cohen remax access 610-642-0347
Web Reference: http://www.philyreo.com
0 votes Thank Flag Link Mon Feb 20, 2012
It depends what part of the city you are referring to.

Center City and the peripheries are doing well. The outer parts are still having issues.

Properly priced homes in great condition in the right areas are flying off the shelf.

Fred Glick
U S Spaces, Inc
Web Reference: http://fredglick.com
0 votes Thank Flag Link Mon Feb 20, 2012
Good properties priced correctly are selling timely. This is the essence of the current market in the Center City area. There are still more properties available than ready buyers, but prices on good listings are moderately strong and there is no sign of that letting up. It is a good time for buyers that are ready to step up for the good listings, and it is a good time for reasonable sellers to sell.
0 votes Thank Flag Link Mon Feb 20, 2012
Hi, Dsutton42.

That's a pretty general question, but I'll do my best.

Overall, Philadelphia has fared very well as a city for overall real estate values. Some neighborhoods had their losses, but other neighborhoods actually experienced gains.

If you interested in Philadelphia real estate, please reach out to me and we'll go over some specifics. All of my contact information is below.

Best,
Tim

Timothy M. Garrity | REALTOR® & Consultant
U S Spaces, Inc. | #RS314897
215-829-8850 x267 - Office
267-879-2716 - Mobile
PhillyUrbanLiving@gmail.com
PhillyUrbanLiving.com
0 votes Thank Flag Link Mon Feb 20, 2012
What part of Philadelphia are you speaking about? There are very distinct differences in the market in different sections of the city.

Andrew Himes
0 votes Thank Flag Link Mon Feb 20, 2012
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