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    Market Trends: Philadelphia County, January 2017

    Sales in January were down 1.1% from last January, but prices continued to rise as January was up 10.3% over last January.


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    Residential activity in Philadelphia County (Single-family and Condo)


    Inventory

    Total Inventory
    Jan. 2017
    5,429
    Jan. 2016
    6,561
    8,000

    Inventory Accumulation
    Jan. 2017
    4.1
    Jan. 2016
    5.5
    10
    Inventory decreased by 0.9% during the month, and is now 17.3% lower than this time last year. The Months Supply of Inventory stayed at 4.1 months during January compared to 4.9 months a year ago.

    Settled Listings

    January Settled Listings
    Jan. 2017
    966
    Jan. 2016
    977
    1,000

    Year-to-date Settled Listings
    Jan. 2017
    966
    Jan. 2016
    977
    1,000
    January sales were down 1.1% from last January. In January the Property Marketing Period of sales has dropped from 52 days in 2016 to 39 days this year.

    Median Price

    January Median Price
    Jan. 2017
    $171,000
    Jan. 2016
    $155,000
    $200,000

    Year-to-date Median Price
    Jan. 2017
    $171,000
    Jan. 2016
    $155,000
    $200,000
    January median sold price was $16,000 (10.3%) higher than last January.

    Settled Listings / Original Price

    January Settled Price / Original Price
    Jan. 2017
    95.1%
    Jan. 2016
    93.9%
    100

    Year-to-date Settled Price / Original Price
    Jan. 2017
    95.1%
    Jan. 2016
    93.9%
    100
    The sold price to original list price ratio in January was 95.1%. Philadelphia has consistently been in the 93-95% range over the last year but the high level of sales activity may be pushing this ratio higher.

    See even more statistics like these in the following reports:


    Average Showing Appointments Per Listing by Price Range

    All Listings
    7.4
    $0k - $99k
    7.3
    $100k - $199k
    7.1
    $200k - $299k
    8.7
    $300k - $499k
    7.6
    $500k +
    5.8
    10
    Appointments were up 30% compared to last month and +15% compared to January 2016 with the largest increase year-over-year in the $500,000+ price range.
    See even more buyer activity in the following report:



    What's happening in TREND's Market?



    Mild weather in January helped sales got off to a fast start in 2017, exceeding 2016 by over 5%. The median sales price of those sales was down $1,000 from last year from $199,000 to 198,000 this year. Philadelphia and Montgomery counties were the only counties with a decline in year-over-year sales, but both had increases in the median sales price of 10.3% in Philadelphia and 5.6% in Montgomery. Pending sales were up 22% with all counties showing an increase. Tight inventory continues to reduce Days On Market of sold listings and Jan. sold in a median of 8 weeks (55 days) compared to 9 weeks (62 days) in 2016.





    Settled Listings
    Category Jan. 2016 Jan. 2017 Change
    Residential 4,870 5,126 5.3%
    Lots, Land and Farms 111 108 -2.7%
    Multi-Family 188 208 10.6%
    Commercial 152 140 7.9%
    Sales in the TREND region were up 5.3% compared to last January, while Philadelphia County sales were down 1.1%.
    Median Price
    Category Jan. 2016 Jan. 2017 Change
    Residential $199,000 $198,000 -1.5%
    Lots, Land and Farms $60,000 $60,000 0%
    Multi-Family $160,000 $125,000 -21.9%
    Commercial $96,750 $120,000 24.0%
    The median sold price throughout the TREND region was down 1.5% compared to last January, while Philadelphia County was up 10.3% compared to last January.


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