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
The Philadelphia real estate market is characterized by a modest increase in prices, but a lower level of sales activity. Here’s a few salient points made by Kevin:
6,058 homes changed hands under arms-length conditions during the second quarter, the slowest second quarter since 2003. Volume was up 17% from this past winter, but down 16% from a year ago.
The price indices indicated that prices rose a healthy 3.7% on a quality- and seasonally-adjusted basis, a shade less than last year’s increase of 4.4%.
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.