Real estate is a local product. Much like cars and tomatoes and alcohol, prices are different depending on where you live. The same is true for real estate. It's local. The national and local media outlets all report that the real estate market is crashing, the bubble is bursting, builders overbuilding, sub-prime lenders lending money to sub-prime borrowers, who would have thought it? But that is what is happening overall, not what is happening right here. Who cares how much gasoline costs in Nevada if you buy it here? What good is knowing the price of tomatoes in Sante Fe if you need them here in Philadelphia? The same is true for real estate, I don't care what's happening anywhere except where I am going to buy it, sell it, build it or rent it. If the housing market in Los Angeles is sky-rocketing, what does that mean to you, if you live in Philadelphia?
The fact is our local market is robust and growing at its regular rate. Here are the facts for the zip code of 19107 Wash West; sales, volume and days on market are all up from the same period last year. This means that so far in 2007, there were more properties sold for more money than in 2006. Now they took longer to sell, almost 10 days longer, but I can handle 10 extra days if I am selling for more money. (If you would like a copy of the specific data please email me.)