Philadelphia Real Estate Blog

We received this useful bit of information here in Center City Philadelphia this month from Prudential Fox and Roach’s Research Division. The numbers indicate that Philadelphia sellers need to be very cautious when pricing their homes andcondos for sale in the current market and they may experience somewhat longer than expected marketing time. Month’s supply of inventory refers to how many months it would take to sell the inventory (homes for sale) based on the rate of sales (homes sold).

Month’s Supply of Inventory by Price Range, July 2007-July 2009:

Price Range                 July 2007          July 2008          July 2009          % Change 07-09

All Price Points                7.3                     9.4                    9.8                     34.4

$1,000,000+                    23.7                    26.9                 43.4                    83.6 

$1,000,000-$750,000       12.4                    17.2                 24.2                    95.1 

$750,000-$500,000            9.3                     12.4                18.0                    92.9 

$500,000-$300,000           7.9                     10.1                  12.0                   51.6 

$300,000-0                       6.5                     8.6                     8.1                   25.5  
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Philadelphia Buyers on the other hand, have a larger inventory from which to select their home and interest rates remain at a very low, affordable level. First time home buyers also have until November 30 to take advantage of the $8000 tax credit.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106