Philadelphia Real Estate Home Prices Stabilize
Philadelphia Real Estate Home Prices Stabilize
By Larry Flick, Prudential Fox & Roach, Realtors
Greater Philadelphia Home Sales and Housing Prices Hold Steady First Nine Months of 2010
The results are in: Greater Philadelphia home sales and housing prices held steady in the first nine months of 2010, according to the Prudential Fox & Roach, Realtors HomExpert Market Report©. Home sales are up 1.3 percent overall in the first nine months of 2010 compared to the first nine months of 2009. The median price of homes sold in the region remains virtually unchanged at $215,000 compared to the same time last year and the average number of days a home stayed on the market dipped from 88 days to 85.
So what does all this mean? The housing market appears to be stabilizing, which is good news for potential and current home sellers. While concerns about the economy and job security will continue to impact the housing market in the months ahead, the data suggests that the market rebounding since the expiration of the federal tax credit in July. And interest rates remain at historic lows, making it a great time to buy a home.
Below are some bright spots from the regional report.
• Philadelphia County posted the highest number of homes sold in the first nine months of 2010 at 9,372, a 5.1 percent increase compared to the first nine months of 2009, followed by Montgomery County (5,766, +1.5 percent), Bucks County (4,154, +3.9 percent), Delaware County (3,693, -0.6 percent), and New Castle County (3,399, -5.2 percent).
• Homes sales in Center City, Philadelphia increased 12.2 percent, with 932 homes sold in the first nine months of 2010 compared to 831 homes sold in the first nine months of 2009.
Main Line*
• Main Line median home prices increased 8.6 percent to $380,000 in the first nine months of 2010, compared to the median sale price in the first nine months of 2009, which stood at $350,000. In the first nine months of 2010, the Main Line saw 1,639 homes sold, a slight 1.7 percent increase compared to 1,611 homes sold in the first nine months of 2009.
Greater Philadelphia Region – Median Sale Price of Homes Sold
Southeastern Pennsylvania led the tri-state region in highest median sale price in the first nine months of 2010 at $222,453, followed by Delaware at $207,500, and Southern New Jersey at $198,500.
To search Philadelphia Real Estate listings for condos, homes and apartments click here.
Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
www.CenterCityTeam.com
