Philadelphia housing price statistics provided by the TREND Multiple Listing Service for housing sales are now available for the 2nd quarter of 2009. According to the report the housing market in Philadelphia peaked in the 3rd Quarter of 2007. Average prices citywide have declined by 12.3% since that quarter, with most of the decline ( 84.1%) coming within the past 12 months.
The statistics provide an interesting snapshot of what Northwest Philadelphia home sales looked like in the 2nd Quarter of the Year where there were two types of buyers. Leading the way were 1st time home buyers who could take advantage of the $8000 Federal Tax Credit. The 1st time buyers were purchasing homes that were good buys, mostly in good to very good condition priced between $100,000 and $400,000, with most sale being in the $200,000 to $300,000 range. The other group of buyers were investors buying the lowest priced 'as is' properties that could be renovated for use as rental properties.
Sales of Northwest Philadelphia homes over $400,000 were rare. Overall there were 18 homes sold in the price range between $400,000 and $1,000,000. There were 2 sales of homes over $1,000,000.
The table below shows the Market Watch Statistics by zip code.
Northwest Philadelphia 2nd Quarter Home Sales Statistics*
Zip Code Median Price Avg Price Price Chg Ttl Sold % Chg DOM S/A
|
19118 |
$332,000 |
$449,900 |
-10.38% |
17 |
-46.88% |
52 |
96.2% |
|
19119 |
$239,000 |
$281,300 |
-1.19% |
66 |
-18.52% |
68 |
96.0% |
|
19127 |
$230,000 |
$251,200 |
-4.78% |
28 |
-28.21% |
91 |
97.0% |
|
19128 |
$232,500 |
$244,000 |
-0.77% |
138 |
4.55% |
70 |
96.9% |
|
19129 |
$235,750 |
$225,800 |
-2.29% |
36 |
-21.74% |
67 |
95.3% |
|
19126 |
$125,500 |
$133,100 |
-11.97% |
33 |
43.48% |
86 |
95.8% |
|
19150 |
$130,000 |
$124,500 |
-20.24% |
47 |
42.42% |
80 |
96.3% |
|
19144 |
$64,000 |
$112,500 |
-1.32% |
53 |
-14.52% |
59 |
96.6% |
|
19141 |
$80,000 |
$89,700 |
9.12% |
30 |
-21.05% |
76 |
94.1% |
|
19138 |
$65,000 |
$80,500 |
-2.66% |
58 |
11.32% |
58 |
94.7% |
*Data Provided by TREND Multiple Listing Service
Roxborough (19128) led the way in number of sales and only .077% decline in prices. This is a neighborhood where most houses fall into the $200,000 - $400,000 price range.
Chestnut Hill (19118) with the highest valued homes in the area saw a low number of sales and an apparent decline in prices due to most sales being in the strongest $200,000 - $400,000 price range.
Mt Airy (19119) had the widest range of sales from $40,500 to $1,795,000 while ½ of the sales fell into the $200,000 - $400,000 price range.
Cedarbrook/E Mt Airy (19150) saw the greatest decline in average price while sales increased, because this popular neighborhood for 1st time buyers in the $100,000 to $200,000 price range was also popular with investors picking up distressed properties at low prices.
The other areas with low median prices (19138, 19141, and 19144) also saw strong sales of the lowest price houses.
One statistic that was consistent in all neighborhoods was the ratio of selling price to asking price. Overall, homes were selling at around 95% of the asking price when an offer was received.
In summary under market homes are selling well, but with many available prices are low. Mid priced homes are selling well when the are in good condition and prices are stable. Larger, higher priced homes may or may not be holding their value, few are on the market and fewer are selling. Buyers are looking for value and make below asking price offers.
Kathleen Sheridan
NW Philadelphia Home Sales, Investment Properties, Short Sales
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