Hello Smart Philly! I want to call your attention to two recently published reports: (1) The House Price Indices from Lindy Institute for Urban Innovation; (2) The State of Center City 2018 report from the CCD. I commend these reports to all my serious Smart Philly real estate investors, sellers, and buyers. If you have the time read them, you can access the reports via the links below. If you don’t have the time, I summarize them here over the next several days in a bullet-point format. Just like the real-estate-tycoon-in-chief likes it : ). Here’s the first summary.
Lindy Institute overview for Q1
* Philadelphia home prices were -1.6% in Q1
* Lower Northeast +4.9%
* Center City / Fairmount +2.7%
* Northwest Philadelphia -0.9%
* South Philadelphia +0.1%
* Upper Northeast 0.0%
* Kensington/Frankford -2.8%
* North Philadelphia -2.9%
* West Philadelphia -2.9%
* University City -10.0%
* Philadelphia home prices are +4.3% than one year ago.
* Sales volume remains robust at 4,595 sales, the highest sales volume since Q1 2007.
* Million-dollar-plus home sales
* 2018 Q1: 22
* 2017 Q4: 49
* 2017 Q1: 30
So what does this mean? These findings are some of the most counter-intuitive and contradictory findings in a long time. The neighborhoods that have had the greatest price appreciation over the last several years (e.g. University City) contracted the most last Quarter. Additionally home sales are accelerating while prices are cooling off. I will have more commentary by submarket in an upcoming post.
Mark Newell, 267-250-8810
For the full report from Drexel click here.