Ok, since you are only concerned with a little corner of the universe here ya go.

For zip
19103

Monthly Statistics for the Date Range Selected


Inventory Accumulation for the Last 12 Full Months

Pricing Details of Sold Units for the Date Range Selected



11 months of inventory in your zip. 19103

Adding two new Listings a day while only one sells.

Not good stats.

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Hello? You are the one who chose to put this thread in the Center City Forum!

Now thanks for the info........fwiw.

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Nationally, it's ahead of us. Here in Philadelphia, home prices will fall, but we never had the issues that places like Miami did.

Seriously though, home prices are still outpacing rents, salaries, and inflation. It has to adjust, and it will. I personally don't think we're anywhere near the bottom yet.

CC Philadelphia home prices will not fall. Let's not forget CC Philadelphia today is a very different CC of 10-20 years ago

perhaps prices might fall a little, but only a little bit.

I was speaking about Philadelphia as a whole, not just CC.

Most places in CC will stay right where they are, most likely, with little change in valuation. You'll see some change in SW CC toward the Graduate Hospital area, where there was major price inflation over the past several years (some homes on Fitzwater jumped nearly 200% in price), and areas in the Northeast & the ManaRoxaWissaFalls area will drop, along with South Philly, where there was also some bad overpricing.

Center City is a twi tiered market. You have the brand new stuff including major renovations, some of which was grossly over priced. Prices for that stuff will come down if it hasn't already although if it was never sold or lived in it is debateable whether a reduction in the asking price constitutes a real drop in price. People who paid top dollar for these places will take a hit if they try to sell IMO. Then you have the older condos in established buildings, many of which offer more amenities then newly renovated buildings plus well located single family houses and these prices will hold steady or continue to climb since it is a limited stock that isn't being added to. Again......IMO

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CC seems strong all around.

From yesterday's Inqy:
Philadelphia area homes off 32% for quarter

By Alan J. Heavens
Inquirer Real Estate Writer
Existing-home sales in the region and nation continued their decline in the first quarter of 2008, although the Philadelphia area continued to fare better than most other parts of the country.
Sales in the eight-county region fell 32 percent for the quarter, according to Prudential Fox & Roach's HomExpert, which is based on data from the Trend Multiple Listing Service.
Median prices overall fell 0.5 percent in the combined counties of Bucks, Montgomery, Chester, Delaware and Philadelphia. In Burlington, Camden and Gloucester Counties, prices dropped 2.4 percent combined.
Existing-home sales nationally fell 22 percent in the first quarter from the same period in 2007, the National Association of Realtors reported.
The median national existing single-family home price was $196,300, down 7.7 percent from the first quarter of 2007 median of $212,600, the NAR reported.
When calculating median price regionally, HomExpert includes New Castle and Kent Counties in Delaware and Mercer and Salem Counties in New Jersey because Prudential Fox & Roach handles house sales in those areas.
For the 12 counties HomExpert covered, median prices fell 1.4 percent in the first quarter from the same period in 2007.
The NAR's calculations for the region, also based on MLS data, put the year-over-year loss at just 0.7 percent. The NAR includes Delaware's New Castle, Kent and Sussex Counties and Salem but not Mercer in its calculations.
"The national housing market shows no sign of a bottom," said Mark Zandi, chief economist of Moody's Economy.com in West Chester. "Sales, construction and prices are falling in most places across the country."
Commerce Bancorp Inc. chief economist Joel F. Naroff said: "Everything considered," the numbers here are not horrible, "given what is going on in other areas."
City sales were down 29.9 percent, HomExpert reported, but prices were 1.5 percent higher. The NAR and HomExpert numbers include single-family houses, as well as existing condos and co-ops.
In his analysis of city transactions, Wharton economist Kevin Gillen said prices in Philadelphia had fallen 8 percent in the nine months since spring 2007. The "value" of city single-family houses declined 2.7 percent.
Gillen said the 8 percent drop in nine months was twice the rate at which house prices fell during Philadelphia's last housing downturn (in the early 1990s), erases 2007 gains, and "effectively resets citywide home values to mid-2006."
Gillen uses just single-family homes and not condos. His data are transactions from the Philadelphia Recorder of Deeds, collected by hallwatch. com.
Inventory was flat at 11,000, but days on market rose to an average of 77 from 60 in the fall, Gillen said.
Gillen did say that his 8 percent, nine-month price drop is much smaller than the recent Case-Shiller Index, which shows house prices down an average 14 percent from their peak in the 10 largest U.S. cities.
Case-Shiller does not include Philadelphia. "The Philadelphia market is one of the best big-city housing markets in the country," Zandi said. "Everything is soft, but conditions are not crumbling."

It is curious how sales here are off so much and yet prices just refuse to fall. Anyway if one subscribes to my "two market theory" then statistics won't reflect the true story. It seems to depend on what you are selling, when you bought it and for how much, and where it is.

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Another point of view FWIW

Posted on Fri, May. 16, 2008


Phila. property still sells
Center City sales defy the trend
By Joseph A. Slobodzian

Inquirer Staff Writer

Last year, while the housing and mortgage crises hammered Miami, Detroit, Atlanta and Las Vegas, Center City Philadelphia held its own, buffered by a large resident workforce and a lower cost of living.
That is one finding in the Center City District's annual "State of Center City Report," made public yesterday.

"We are not Miami, and we are not Las Vegas. This is not speculative housing; this is not investor housing," said Paul R. Levy, the district's president. "We know in general that 63 percent of Center City residents work in Center City and the prime attraction of people buying condos downtown is because they work downtown."

Throughout this decade's Center City real estate boom, Philadelphia's population of veteran cynics have asked two questions: Who is buying these things? What happens when the bubble bursts?

The answer to the first question, said Levy, is that Center City is being repopulated with young, affluent professionals and empty-nester retirees. The district's questionnaire to new condo purchasers showed that almost a quarter were retired.

As for the real estate bubble that popped in other U.S. cities, Levy said Center City appeared to have avoided that crisis, although he acknowledged that houses now took longer to sell than they did a few years ago.

"Housing prices have remained strong," Levy said. "There's no doubt there's a cooling in the market, but there's no evidence of a bubble bursting downtown."

Levy noted that Philadelphia has the lowest mortgage foreclosure rate - 0.49 percent - among the 10 largest metropolitan areas, far below Atlanta's 2.53 percent or Detroit's 4.92 percent.

Levy said the survey showed that last year the average Center City condominium sold for $428,596, while the average sales price for a single-family home was $286,616. Center City condominiums increased in price about 6.4 percent over 2006, while single-family homes increased in price by 9 to 15 percent, depending on neighborhood.

The number of Center City condominium units that sold for more than $1 million went from 49 in 2006 to 115 last year.

On the commercial side, Levy said, there have been positive trends, though the city still lags behind the suburban counties.

For the first time in 15 years, Levy said, Philadelphia increased its share of the regional office market - by 1 percent - thanks to the opening of the Comcast Center office tower.

Office vacancy rates continued to drop to 10.6 percent and the average rental rate for Class A office space reached $29.47 a square foot, a 14 percent increase over 2006.

Still, Levy noted, the increasing office occupancy rate was caused in part by the conversion of some Class A space, such as the conversion of the upper floors of Two Liberty Place into luxury condominiums.

Levy said Center City now had slightly more office space than it did 18 years ago.

Nor has Center City recovered as quickly as the suburbs from the national recession that followed the Sept. 11, 2001, terrorist attacks.

"We are still below 2000 levels in terms of office employment, so there's a rebound, but nowhere near as dynamic as the suburbs and not enough yet to offset the loss experienced starting from the recession in 2000-2001," Levy said.

But, Levy added, continued decreases in the city's business taxes - usually blamed for the loss of jobs to the suburbs - and the increasing price of gasoline could position Center City for another growth spurt.

"This is why I'm saying we're not gloomy about what is obviously a national downturn," Levy said. "It's not to say we're immune to it, but we happen to think we're incredibly well-buffered from it."



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Contact staff writer Joseph A. Slobodzian at 215-854-2985 or jslobodzian@phillynews.com.

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