Philadelphia Real Estate Blog

Center City Philadelphia
Condos and Lofts

 

Subscribe To Receive
 Blog Updates By Email

Calendar

June 2017
M T W T F S S
« Apr    
 1234
567891011
12131415161718
19202122232425
2627282930  
 
 

September 27, 2016

Rising home prices, quick sales – Philly’s in a sellers’ market (Mark’s Two Cents on Philly.com)

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums,State of Marketplace — Center City Philadelphia Real Estate Agent @ 9:54 am

Alan J. Heavens, Philly.com’s Real estate writer says, “The city of Philadelphia is officially a sellers’ real estate market, as a continued shortage of inventory has pushed up prices for properties listed for sale.”
skyline_west

Economist Kevin Gillen, senior research fellow at Drexel University’s Lindy Institute for Urban Innovation, said the second quarter of 2016, which ended June 30, saw median prices 13 percent higher than April-through-June 2015.

…Gillen isn’t exactly sure why homeowners aren’t rushing to list their houses, but Mark Wade, an agent with Berkshire Hathaway Home Services Fox & Roach Realtors, cites several factors.

Mostly, it is “because many buyers in town over the last few decades have been empty nesters who believe they have made their final move and don’t need to downsize or adjust their living quarters to match their future needs,” Wade said.

The “flip side of rising house prices is decreased housing affordability,” Gillen said.

“Prices are now rising faster than household incomes, which implies that home buyers must now sacrifice a greater portion of their wealth to buy a home than they would otherwise, or else must defer the purchase of a home altogether,” he said.

Click here to read the full article on Philly.com.

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com ~ 215.521.1523

Tags: , ,

• • •

No Comments

No comments yet.

Comments RSSTrackBack URI

Sorry, the comment form is closed at this time.

 
 

530 Walnut Street, Suite 260
Philadelphia, PA 19106
Direct: 215.521.1523 ~ Office: 215.627.6005
Fax: 215.627.3142
Email: Mark@CenterCity.com
Copyright Mark Wade | All rights reserved.
Site Admin | Log Out