LOS ANGELES, Dec. 3, 2012 /PRNewswire-iReach/ -- There are a few things that every American should know about Philadelphia:
- It's a city that's chock full of history -- specifically, it's where the Declaration of Independence was signed back in 1776.
- It's a city where people have a lot of passion -- for their city, their sports teams, and for their fellow Philadelphians. After all, they don't call it the "City of Brotherly Love" for nothing!
- Residents of Philadelphia now they have something else to be proud of -- the housing market in their beloved home is showing signs of substantial recovery. Like other metropolitan areas around the country, statistics show that Philadelphia is currently experiencing a housing upswing. Even more encouraging is the fact that realtors expect home sales to continue to increase next year. According to statistics compiled by local realtors, sales throughout the region have reached their highest rates since 2010. Plus, each of the 12 counties in the Philadelphia metro saw a boost in the number of homes sold in October when compared to the same time period last year. And, perhaps the most telling figure is this -- the average number of days that homes are on the market before being sold declined in each of the first nine months of 2012. Right now, the average listing price for homes in Philadelphia continues to hold steady at $215,323. Even though that's down about 1% from a year ago, it's a good thing. Specifically, it means that homeowners believe that their properties are continuing to hold their value. The median sales price has increased 17.2%, and now sits at $148,900. That indicates that buyers are willing to purchase more expensive homes than they were a year ago.
Another good sign? That increase shows there are fewer low-priced foreclosures on the market than there were this time last year. Among the 12 counties in the area, Chester, Buck, Montgomery, and Delaware Counties had the highest median sales prices during the first nine months of the year, and realtors expect sales to increase in those communities, and across the region in general. Philadelphia isn't the only part of the state of Pennsylvania where homes sales are up. In fact, in the tri-state area, during the first nine months of the year, Pennsylvania had a higher median sales price ($220,000) than New Jersey ($187,500) or Delaware ($179,900). Among those three states, Pennsylvania was also the only one to see that figure increase (up 2.3%) when compared to the same time frame a year ago (New Jersey dropped 1.1%, and Delaware fell 5.3%). And, after Hurricane Sandy destroyed much of the Jersey Shore, Pennsylvania (and Philadelphia specifically) could see some of the residents affected by the storm relocating to their communities.
So, what does all this mean? Well, for sellers, it means that you may actually be able to sell the home for its current value, or very close to that amount, while the rest of the country is experiencing a buyer's market. For buyers, it means there are still plenty of inventory to choose from within Philadelphia, and although home prices are increasing, there are still affordable options out there. All in all, it's a good sign for Philadelphia as we head into 2013!
Media Contact: Daniel Torelli RealtyPin.com, 1-(866) 960-8649, firstname.lastname@example.org
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