(PRWEB) April 23, 2012
A new report from Homes.org details the latest trends and activity happening in the Philadelphia real estate market during Q1 2012. Using recent sales figures and expert opinions, the Homes.org report paints a clear picture of what's happening in Philadelphia and what is driving the market.
According to the Q1 figures that were recently published by the Greater Philadelphia Association of Realtors, the Philadelphia real estate market is still trying to recover but the progress is slow. Below are some key indicators:
- Q1 Total Sales are 7.4% lower than Q4 2011 but 4.1% higher than Q1 2011
- Median Sales Price is up slightly across the board
- Average Sales Price is down slightly across the board
- Q1 2012 inventory levels are 9.1% lower than Q1 2011
- Q1 2012 Pending Sales were much higher - 21.7% higher than Q4 2011 and 8.3% higher than Q1 2011
- Q1 2012 Distressed Sales were higher - 5% higher than Q4 2011 and 4.8% higher than Q1 2011
Distressed sales will likely hold the average and median sales price down, but there is definitely growing interest among buyers in the Philadelphia area. The number of pending sales is a good indicator that the months ahead will likely be active as buyers try to get a deal on a home before prices begin to creep upward.
This is a trend happening around the nation and supported by a recent survey conducted by Fannie Mae. A full one third believed that prices would begin rising soon and 73% said now was a good time to buy. Paired with positive job growth and near record-low mortgage interest rates Philadelphia is set to have a much better year in 2012.
Philadelphia Real Estate Market Latest Information and Statistics
Zip Codes in the City: 19102-19104, 19106-19108, 19111-19116, 19118-19154
Population (City/County Combined): 1,526,006
Population (Metro): 5,965,343
Total Households (2006-2010): 574,488
Median Value Owner Occupied Housing (2006-2010): $135,200
Q1 2012 Single-family Home Sales in Philadelphia: 1,932
Q1 2012 Condo Sales in Philadelphia: 198
Q1 2012 Average Sale Price for Single-family Homes in Philadelphia: $151,229
Q1 2012 Average Sale Price for Condos in Philadelphia: $328,222
Number of Distressed Sales in Philadelphia in Q1:
- 337 REOs
- 126 Short Sales
Renters vs. Owners (2006-2010): 44.7% vs 55.3%
Type of Home:
23% Single Family
Popular Philadelphia Neighborhoods Seeing Improvement in Sales
- Cedar Park
- Hunting Park
- Logan / Fern Rock
To learn more about the Philadelphia real estate or search for licensed real estate agents in Philadelphia, PA, please visit: Homes.org
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.