In a housing market where nobody has been able to predict for certain when a real estate recovery will take place locally, Northeast Philadelphia’s number of units sold actually increased in 2012.
Sure, we took a few hits in sale price over the past several years in many of our neighborhoods with short sales and foreclosures at an all time high, but does this increase in sales mean are the Northeast is finally poised for recovery?There is some good news for sellers; *statistics prove sales really are picking up. From January 2012 to December 2012, sold units equaled 2,673, compared to 2011 where we saw only 2,469 units sold. 204 more units were sold, but also there were fewer properties on the market for buyers to choose from in 2012, since there were 78 fewer units listed in 2011.
Affordability reached a high in 2012, so it proved to be a good year for buyers in Northeast Philly. With a combination of historically low mortgage interest rates, and an average sold price that decreased, homebuyers can feel confident with their purchase in 2012. Although some neighborhoods sold higher than others, the average sold price in the Northeast Philadelphia went from $148,525 in 2011 to $144,793 in 2012.
Coming into 2013, we are seeing a lower inventory. Not as many homes are on the market as last year. If the buyer pool remains high, there could be hope for Northeast Philly homeowners to see an increase in sale price driven by demand. Only time can tell how 2013 will play out with regards to interest rates and supply and demand, but it seems promising. We’re in between a buyers market and a sellers market right now. Check NEastPhilly.com in January 2013 to see how we did.
*Market Statistics were compiled from zip codes 19111, 19114, 19115, 19116, 19135, 19136, 19149, 19152, and 19154, with sale price between 0 and $999,000 from TrendMLS.com© “Information Deemed Reliable but Not Guaranteed.”