Philly’s Real Estate Market Q2 2015
Philadelphia ranks number one in the state, two in the east, and fifth in the country on population counting a little more than 1.5 million. With the historic backdrop and sprawling parks, Philadelphia is very favorable to growth and activities. The residential market continued to show signs of strength throughout the Philadelphia region as low interest rates and an improving economy helped lift the housing sector.
Kevin Gillen, chief economist of Meyers Research LLC and senior research fellow at the Lindy Institute for Urban Innovation at Drexel University says that Philadelphia had its best quarter in ten years this past spring, as both house prices and sales surged throughout the City. The report further states that –
After a series of tepid starts and stops since hitting bottom in early 2012, the average house value in Philadelphia soared by 7.3% in Q2 on a quality- and seasonally-adjusted basis, according to the latest data from the City’s Recorder of Deeds. This was the largest quarterly increase in house prices since the second quarter of 2005, when the market was in the throes of the housing boom. With this increase, average Philadelphia house prices are up 5.4% from where they were one year ago, and up 14.4% since their bottom in 2012 Q1
Zillow is currently forecasting Philadelphia house prices to rise an average of 2.3% over the next year, and that home values has increased by 4.5%.
Another legend, Long & Foster reports that there is an increase of sales by 21% in June 2015 when compared to May 2015. There were 2,289 new listings and 1,222 current contracts. This month, the average number of days on market was 60, lower than the average last year, which was 64, a decrease of 6%.
Looking forward to a great Q3 2015!