Philadelphia Home Prices Stabilize

November 8th, 2010

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Greater Philadelphia Home Sales and Housing Prices Hold Steady First Nine Months of 2010

The results are in: Greater Philadelphia home sales and housing prices held steady in the first nine months of 2010, according to the Prudential Fox & Roach, Realtors HomExpert Market Report©. Home sales are up 1.3 percent overall in the first nine months of 2010 compared to the first nine months of 2009. The median price of homes sold in the region remains virtually unchanged at $215,000 compared to the same time last year and the average number of days a home stayed on the market dipped from 88 days to 85.

So what does all this mean? The housing market appears to be stabilizing, which is good news for potential and current home sellers. While concerns about the economy and job security will continue to impact the housing market in the months ahead, the data suggests that the market rebounding since the expiration of the federal tax credit in July. And interest rates remain at historic lows, making it a great time to buy a home.

Below are some bright spots from the regional report.

• Philadelphia County posted the highest number of homes sold in the first nine months of 2010 at 9,372, a 5.1 percent increase compared to the first nine months of 2009, followed by Montgomery County (5,766, +1.5 percent), Bucks County (4,154, +3.9 percent), Delaware County (3,693, -0.6 percent), and New Castle County (3,399, -5.2 percent).

• Kent County, DE experienced the largest increase in existing home sales at 11.3 percent.

• Chester County performed the best in region at $304,000, a 6.7 percent increase compared to the first nine months of 2009, followed by Bucks County ($284,000, +5.2 percent) and Montgomery County ($259,950, +4.0 percent).

• Homes sales in Center City, Philadelphia increased 12.2 percent, with 932 homes sold in the first nine months of 2010 compared to 831 homes sold in the first nine months of 2009.

Main Line*
• Main Line median home prices increased 8.6 percent to $380,000 in the first nine months of 2010, compared to the median sale price in the first nine months of 2009, which stood at $350,000. In the first nine months of 2010, the Main Line saw 1,639 homes sold, a slight 1.7 percent increase compared to 1,611 homes sold in the first nine months of 2009.

New Jersey Shore Counties (Outside the Greater Philadelphia Region)
• In the first nine months of 2010, Atlantic County saw 1,968 homes sold, a 5.4 percent increase, compared to 1,866 homes sold in the first nine months of 2009. Home sold faster this year compared to the same time last year, down from 120 days in the first nine months of 2009 to 112 days in the first nine months of 2010.

Greater Philadelphia Region
Median Sale Price of Homes Sold

Southeastern Pennsylvania led the tri-state region in highest median sale price in the first nine months of 2010 at $222,453, followed by Delaware at $207,500, and Southern New Jersey at $198,500.

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