Tag Archives: homes

Philadelphia Housing Quarterly Market Update: Q1 2014

Philadelphia’s Housing Continues to Exhibit Bipolar Symptoms in 2014 Q1  by Kevin Gillen

Prices and sales continue to rise in affluent neighborhoods, but decrease or remain flat in others.

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April 14, 2014: Although it has been two years since Philadelphia house prices hit their post-recession bottom, its recovery has not only proceeded in fits and starts, but has also been unevenly—and inequitably—spread across the City’s neighborhoods. The latest stats continue to confirm this trend, indicating improved market conditions in either relatively high-income or gentrifying areas, but continued stagnation or even decline in the rest of the City. The average house value in Philadelphia declined by 4% in Q1, according to the latest data from the City’s Recorder of Deeds. However, this citywide average blends price increases in some neighborhoods with price decreases in others.

 

House prices generally increased in Philadelphia’s more affluent or revitalizing neighborhoods, but fell in most remaining parts of the City, with the poorest neighborhoods experiencing the largest declines. From smallest to largest, the average change in house prices by neighborhood in Q1 were: West Philadelphia (-17.5%), North Philadelphia (-12.9%), Kensington/Frankford (-6.1%), Upper Northeast Philadelphia (-5.9%), Lower Northeast Philadelphia (-5.7%), Northwest Philadelphia (-2.2%), South Philadelphia (+2.5%), University City (+2.7%) and Center City/Fairmount (+6.8%).

 

The median house price in Philadelphia fell to $110,000 in Q1, a 13% decrease from $127,000 in the previous quarter.

 

Home sales volume continued to increase this past quarter on a seasonally-adjusted basis, although activity remains relatively skewed towards the higher-priced vicinities of the City. There were 3,148 arms-length transactions in Q1, up from 2,849 a year ago and up from 2,503 in their post-recession low three years ago. While sales activity is trending positively, overall volume still remains below its historic average of approximately 3,800 sales per quarter. Notably, however, sales of million-dollar homes continue to run well above their historic average, providing further evidence that Philadelphia’s housing recovery remains skewed towards the upper segment of the market.

 

Although price changes remain varied across neighborhoods, this quarter’s citywide average decline has returned Philadelphia’s house price index to near its post-recession low of two years ago. Currently, the index has a value of 375.4, which is only slightly above its value of 372.0 in 2012 Q2.

 

Inventories of homes listed for sale also continued their decline in Q1. Currently, there are 6,798 homes listed for sale in the city, which is very close to the pre-bubble historic average of approximately 6,000, and down significantly from its peak of over 12,000 back in 2006. This decline in surplus inventory combined with the upward trend in sales activity should provide some optimism that supply and demand are continuing to move towards being back in balance with each other.

 

To what extent this quarter’s mixed numbers may be attributable to the adverse effects of an exceptionally cold polar vortex-induced winter is unclear. However, while some neighborhoods in Philadelphia appear to be in full resurgence, the lack of citywide price appreciation stands in marked contrast to those of most other U.S. cities.

 

According to Case-Shiller’s house price indices for the twenty largest U.S. cities, price recovery remains strong and steady in most other cities, compared to Philadelphia’s variance and unevenness. That Philadelphia’s recovery will continue in this way for the near future is supported by the most recent house price forecast from Zillow, which is projecting Philadelphia’s house prices to rise only 1.3% over the course of the next twelve months, while forecasting a 3% increase for the U.S. as a whole.

 

 

 

 

 

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1300 Kater Street

One things for sure. When they need to fill their gas tank, they can walk right over to Hess. What a spot for these 22 new homes being built at 1300 Kater Street. This development has been underway since last year and we are starting to see this development take shape. Designer Harman Deutsch has worked on several projects in and around Philadelphia. From architectural to consulting services, this team of designers focuses on balance in esthetics.

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Esthetics next to Hess? These homes will be 50′ tall and four stories high, making them the largest market rate homes in Hawthorne. This vicinity has been booming with similar projects. Although, I can’t say Id want to look out my window at a Hess Gas Station every day. On the flip side, your tank should never touch E.

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Recent Residential Listings

New to market in Queen Village, a single family row home. Located at 135 Fitzwater, three bedrooms, one bath offering exposed brick, glass walls, wood burning fire place, patio/garden area and more. A spacious layout with updated appliances. A quaint part of Queen Village with tree lined streets and walking distance restaurants, this single family is listed at $575,000. Open house will be held August 22nd at 7pm.

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Screen shot 2013-08-19 at 9.51.53 PM(Image Source: realtor.com)

Just a few blocks south in Pennsport, a four story, single family has been recently listed. Listed at over half a million, this three bedroom, two and a half bath, 2,700+ square foot single family offers a roof deck, patio/den, updated appliances and a garage. At 129 Ellsworth, this property has had only two owners previously and conveniently located walking blocks from Society Hill, Headhouse Square and Queen Village. While a leisure cab ride would tap your wallet at under $10 to most center city attractions and restaurants.

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If you’re looking for something a little larger and closer to Center City, Bella Vista has a single family, three bedroom, three bath available at 727 S. Jessup Street. State of the art appliances, garage, roof deck (with city skyline views), hardwood floors, granite counter tops, walk in closets and more sure make this property quite appealing at a listing price of $715,000. Built in 2006, this deluxe property includes a finished basement and gas fireplace for all entertaining and family needs. Within walking distance of several churches, schools, parks and famous Philadelphia restaurants (including the forever battling cheesesteaks; Pats and Geno’s).

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Screen shot 2013-08-19 at 10.19.45 PM(Image Source: zillow.com)

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Bella Vista Townhouse Update

In Bella Vista: The Zoning Board has approved the construction of 25 single-family townhouses at 8th and Montrose. Each home will be approximately 1,900-2,100 square feet. Parking included! There will be 25 off street parking spaces surrounded by the development. This space was occupied by a 7-UP bottling plant (who knew?!) and a dingy awning covered garage. Let’s hope these town homes prove to be just as crisp and clean!

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photo source: google.com)

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photo source: planphilly.com)

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