Another market update from Bright. If you were wandering why it is so hard to find/buy anything this article may shed the light.
Philadelphia Metro median sales price at new January record of $240,000; Closed sales at January record despite decade level inventory lows
The following analysis of the Philadelphia Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on January 2020 Bright
• The Philadelphia Metro area started 2020 with a new January high median sales price of $240,000, a 9.6% gain over last January. The Philadelphia Metro has generally seen year-over year price appreciation since early 2012.
• Regional sales volume this month of just under $1.5 billion was up 23.3% from last year.
• Closed sales were up 9.4% compared to last year to 4,909, the second month in a row of year over-year gains in closed sales.
• New listings of 7,545 were down 5.4% compared to last year, the 4th month in a row of declines.
• As a result, active inventories again declined this month, to just 14,925, 31.1% less than last January and at the lowest overall inventory level of the past decade.
• The average percentage of original list price received at sale was 94.6%, up from last January’s 94.0%.
• Median days-on-market was 37, down 10 days from last January’s 47.
Here is the link for the full report https://www.brightmls.com/services/sites/default/files/pdfs/philadelphia%20metro%20housing%20market%20update%20-%20january%202020.pdf
@Yuriy Skripnichenko Interesting post, Thanks for sharing. Other reports I've read claims that the Philly market is HyperSupply phase, but I guess this report slightly contradicts that given median days on the market is decreasing
@Ley Nezifort some of those claims are warranted in specific pockets of the city, namely south philly. But there are so many other pockets that are still up and coming with inventory scarcity.