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Philadelphia Real Estate – 1Q 2010

Now that the first quarter of 2010 has passed, let’s take a look at how Philadelphia Real Estate preformed. According to Trulia.com, a website that tracks real estate trends in markets nationwide, the median sales price of 3 bedroom Philadelphia real estate is up compared to first quarter of 2009 but down compared to the prior quarter (4q2009). 

From the below graphs, you can see how Philadelphia median sales prices and numbers of sales decreased during 1q2010. With the government extending the home buying tax credit until April 30, 2010 how did the median sales price decrease?

My opinion is that (1) the 1st tax credit expired in November 2009 and people were waiting to see if there would be an extension, (2) Philadelphia had an awful winter with record snowfall and rain, and (3) people in general are procrastinators, so with nicer weather and the tax credit deadline approaching we made see an uptick in sales.

Buyers are looking for the very best property they could buy for their money. And what they are choosing are the very best properties on the market. The houses with updated kitchens, bathrooms, new floors and paint.

The good news for home sellers is that if your house is in great shape (new kitchen, bathroom, a finished basement, refinished hardwood floors, and other WOW factors) then your house will sell now. And if you don’t have the updated house you will have a tough time selling.

So if you are thinking to sell your house, you should sell now if your house is perfect, since historical low interest rates and the $8,000 tax credit will not last much longer. If not, take what you can get. The Philadelphia Real Estate market is better than other areas of the country but we have a long way to go before the housing market recovers.

If you would like a free, no obligation offer on your house (whether it’s in excellent condition or needs work) give me a call at 1-877-SOLD-215 or check out our website for more information.

Philadelphia median sales prices
Philadelphia Recently Sold Homes
Number of sold homes in Philadelphia
Philadelphia Recently Sold Homes

April 7, 2010 - Posted by | Uncategorized | , , , , ,

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