Q: I have been trying to sell my condo in the Far Northeast for quite a while now and I need to know what I can do to get it sold once and for all. Do you have any suggestions?
A: There are 91 condos for sale in the Far Northeast with the Median price of $129,900. Without my knowing the specifics of your condo, hopefully you are able to price your condo under that number to compete with your competition. Since most condos in Philadelphia are not FHA approved, you are limited in potential buyers to only conventional mortgage or cash.
In the last quarter, 53 condos have sold in the Far Northeast with the average price of $115,000. If your sale price is closer to this number, that’s good. You probably won’t get much more than the average price of the condos in your specific condo development. For instance, in the last quarter, 18 condos were sold in Delair Landing with the median price of $85,000. So don’t expect $115,000 if you’re selling there.
Buyers are definitely looking for a good deal in the Far Northeast as the average current price of condo sales pending is 116,000, which is very close to the average sold price. The thing about the average current price of pending sales, however, is that we won’t know at what price the condo actually sold for until that happens. But it is a good indicator what price attracts the most buyers.
Zip Codes used in this analysis were 19114, 19115, 19116 and 19154. No restrictions on the amount of bedrooms or bathrooms were used. As always, real estate is very local, so your zip code would shed more light of where to price for your condo.