Philadelphia Real Estate is on Fire!
It is only early March, not yet Spring, and properties are flying off the shelf at a super fast brisk pace. Even listings that have not sold in 6 months are going pending. What is going on? Simple - our local real estate market is on fire!! Inventory is super low, buyers are feeling confident and interest rates are at 60 year lows. Multiple offers are back and we have quickly turned from a buyers market to a sellers market.
Renters, instead of renewing inflated leases, are opting to buy as the pent-up demand is being unleashed.
Many sellers should not wait until spring (view our timeless blog) as the prime opportunity is now before AVI hits next year as well as being up against more listings.
Personally, we sold 3 of our listings that have been on the market for less than a month in the last week and have seen similar statistics for other listings in Northern Liberties, Fishtown and Old Kensington as well as all over the City of Philadelphia!
In taking a quick glance of inventory in Northern Liberties for example, there are only 15 properties on the market between $300K and $400K (I took out one condo building's listings as they do not count anymore). And of the 15, several are condos, and two are Active-O (pending) meaning the seller has instructed showings to continue until a contingency is finalized or the listing agent still wants to get leads from Zillow or Trulia during that time and confuse consumers.
In all of 19125 (Fishtown, Old Richmond and East Kensington) there are only 25 properties available between $250K and $300K. I just went to settlement on one of my personal renovations this past week - 2405 E Huntingdon St.
This activity bodes very well for everyone in the industry, not to mention each specific neighborhood as it is obvious that 2013 will be another positive year of appreciation, and when you combine that with 2012 that will just fuel the fire that much more and provide a lot of strength going into the AVI headwinds of 2014. Can you only imagine what the market would be doing without all of the fears and concerns of AVI?
Simply put... we are on fire!
If you need help selling your Philadelphia home or need assistance in buying a Philadelphia home, it is easy to contact us!
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