Matrix Blog

Philadelphia

The Real Estate Brotherly Love Staredown Continues: Philadelphia, PA In 1Q 2007

May 7, 2007 | 1:02 pm |

This quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. He analyzes the Philadelphia real estate market using the city’s real estate database through Hallwatch, a watchdog group. The results are published in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s his methodology [pdf].

The report is always informative and I am glad I am able to present his efforts on Matrix -Jonathan Miller

Download the full report [pdf].

Read the Hallwatch article on the market: Local real estate market soft, outlook uncertain

The Philadelphia real estate market is characterized by level prices, falling sales activity and high inventory levels.

  • On a seasonally and quality-adjusted basis, house price appreciation was essentially flat during the first quarter of 2007…Citywide, Philadelphia homes appreciated an average of just 0.6% over the previous quarter.

  • Sales of single-family homes fell to their lowest level in four years this past quarter. The number of homes that changed hands this winter was just over 5,000; the lowest volume since 2003.

  • House prices are still up 6.9% citywide compared to this time last year, but this is primarily due to price growth that occurred earlier during 2006. Across neighborhoods, the majority of quarterly price changes, either up or down, were statistically negligible during the quarter.

More discussion concerning the report [Hallwatch.org]. Hallwatch is a private and independently maintained watchdog website that does a lot of in-depth, independent and investigative pieces on city politics, as well as real estate.



Its Always Sunny In Philadelphia?: 3rd Quarter 2006 Condo Report

November 28, 2006 | 10:47 pm |

This condo quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. This is a supplement to his quarterly market report. He analyzes the Philadelphia condo market using the city’s real estate database through Hallwatch, a watchdog group. The results are published in a research paper called Philadelphia Condo Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s the methodology [pdf].

Its great stuff. -Jonathan Miller

Download the full report [pdf].

Read the Hallwatch article on the market: Philly Condos: Prices Stagnate as Demand Softens.

Condo prices level out as newly completed units continue to hit the market

  • 906 units closed this quarter, a record amount, but up only slightly from prior quarter.
  • Condo inventory rose to a record 2,052 units
  • Average of days on market increased to a record 95 days
  • The area around Center City increased 4.9%
  • Center City decreased 5.6%
  • Northwest decreased 0.1%
  • Northeast Philadelphia increased 2.2%

Hallwatch is a private and independently maintained watchdog website that does a lot of in-depth, independent and investigative pieces on city politics, as well as real estate.

[Real Estate Brotherly Love Staredown: 3rd Quarter 2006 Market Report For Philadelphia, PA]



Real Estate Brotherly Love Staredown: 3rd Quarter 2006 Market Report For Philadelphia, PA

November 13, 2006 | 12:01 am |

[This quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. He analyzes the Philadelphia real estate market using the city’s real estate database through Hallwatch, a watchdog group. The results are published in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s his methodology [pdf].

Its informative and I am glad I am able to present his efforts on Matrix] -Jonathan Miller

Download the full report [pdf].

Read the Hallwatch article on the market: Buyers and Sellers “In a Staring Contest”.

The Philadelphia real estate market nominal price gains as inventory continued to climb.

  • Average appreciation from the prior quarter was 0.6% while appreciation from the prior year quarter was 11.4%

  • Citywide, total sales volume stood at 6,723 (arms-length) transactions, the slowest 3rd quarter in 3 years

More discussion concerning the report [Hallwatch.org]. Hallwatch is a private and independently maintained watchdog website that does a lot of in-depth, independent and investigative pieces on city politics, as well as real estate.



Real Estate Brotherly Love: 2nd Quarter 2006 Market Report For Philadelphia, PA

August 10, 2006 | 1:27 pm |

[This quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. He analyzes the Philadelphia real estate market using the city’s real estate database through Hallwatch, a watchdog group. The results are published in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s his methodology [pdf].

Its informative and I am glad I am able to present his efforts on Matrix] -Jonathan Miller

Download the full report [pdf]

The Philadelphia real estate market posted normal gains but inventory is up 50% in the second quarter.

  • Average appreciation was 4.7%

  • Citywide, the average, quality-controlled house price appreciation rate was 4.7%. Across neighborhoods, the rate of appreciation ranged from a low -0.1% in Lower Northeast Philly, to a high of 6.8% in South Philly.

  • Citywide, total sales volume stood at 7,229 (arms-length) transactions.

More discussion concerning the report [Hallwatch.org]. Hallwatch is a private and independently maintained watchdog website that does a lot of in-depth, independent and investigative pieces on city politics, as well as real estate.



Real Estate Brotherly Love: 1st Quarter 2006 Market Report For Philadelphia, PA

May 22, 2006 | 12:01 am |

[This quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. He analyzes the Philadelphia real estate market using the city’s real estate database through Hallwatch, a watchdog group. The results are published in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s his methodology [pdf]

Its informative and I am glad I am able to present his efforts on Matrix] -Jonathan Miller

Download the full report [pdf]

The Philadelphia real estate market continued to cool in the first quarter

  • The number of houses on the market jumped by 39%, but the number of actual sales fell to its lowest level in 2 years.

  • Across neighborhoods, the trend was the same: homes appreciated less than 5%.

  • Compared to other cities, Philadelphia is “on the fence”: it is not considered as safe as cities in the country’s interior, but it is nowhere near at-risk as some of the other coastal so-called “bubble markets”.

  • The percentage of Philly home sales that we’re financed with relatively risky mortgages (e.g. interest-only and negative amortization) varies from 7-19%.

  • The percentage of Philly homes purchased as investments in 2005 was 10%, compared to 15-20% in these other markets.

More discussion concerning the report [Hallwatch.org]. Hallwatch is a private and independently maintained watchdog website that does a lot of in-depth, independent and investigative pieces on city politics, as well as real estate.


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