By Noah Ostroff
What is the current state of the Philadelphia Real Estate Market? Is it time to buy or time to sell? In the first quarter of 2008, employment declined by 20,385 jobs in January and February. The job losses brought about an increase in the average monthly unemployment rate from 5.8% in the first quarter to 7% for the first two months of the second quarter. Despite the job losses, the job situation still remains strong in Philadelphia County. Combined with historically low mortgage rates, home sales should continue at a strong pace. (trendmls)
According to the economic data report from trend mls, the average price for a home in Philadelphia went up to $188,000 from $184,200 in the previous quarter. Their are currently 10,194 homes on the market, with 2791 homes sold in the 1st quarter of 2008. There were also 44 new homes built, which was down a bit from last quarter where their were 87 new homes built. It is also taking a bit longer to sell a home these days, with buys having more to choose from, they are shopping around for the best deal now. The average days on the market from the time a home was listed to the time it has sold went up to 74 days from 65 days the previous quarter.
Philadelphia has not been hit as hard as some of the other major cities in the US. The Philadelphia real estate market is actually a great market right now for buyers. On a scale from 1-5 with 1 being a buyers market, and 5 being a sellers market, the Philadelphia market is ranked at a 2, which means it is a good buyers market right now. There are alot of really great deals out there and with sellers pushing their prices down to be competitive, homes are selling much faster than a year ago.
If you would like to find out more information about specific zip codes and the detailed statistics at each of the zip codes, please send an email to nostroff@cbpref.com or click here Noah Ostroff Coldwell Banker Preferred Licensed PA Realtor Coldwell Banker Preferred is a real estate agency specializing in residential and commercial sales for buyers and sellers in the Philadelphia and surrounding areas. Noah Ostroff Article Source: http://EzineArticles.com/?expert=Noah_Ostroff |
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