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    Market Trends: Philadelphia County, June 2018

    June sales were down 6.3% compared to last June while prices continued to exceed 2017 prices and were up 4.9% ($10,000) over last June and are now up 8.1% for the year.


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


    Inventory

    Total Inventory
    Jun. 2018
    5,193
    Jun. 2017
    5,861
    6,000

    Inventory Accumulation
    Jun. 2018
    3.7
    Jun. 2017
    4.1
    5
    Inventory increased by 1.9% during the month, and is 11.4% lower than this time last year. The Months Supply of Inventory increased to 3.7 months during June. There were 66 fewer new listings this year than in last June (-2.3%).

    Settled Listings

    June Settled Listings
    Jun. 2018
    1,833
    Jun. 2017
    1,957
    2,000

    Year-to-date Settled Listings
    Jun. 2018
    8,348
    Jun. 2017
    8,394
    9,000
    June sales were down 6.3% compared to last June and are down 0.5% year-to-date. In June the median Property Marketing Period of sales decreased from 20 days in 2017 to 14 days this year.

    Median Price

    June Median Price
    Jun. 2018
    $215,000
    Jun. 2017
    $205,000
    $250,000

    Year-to-date Median Price
    Jun. 2018
    $200,000
    Jun. 2017
    $185,000
    $250,000
    The June median sold price was $215,000, 4.9% higher than last June, and is up 8.1% year-to-date.

    Settled Listings / Original Price

    June Settled Price / Original Price
    Jun. 2018
    98.2%
    Jun. 2017
    97.6%
    100

    Year-to-date Settled Price / Original Price
    Jun. 2018
    97.4%
    Jun. 2017
    96.7%
    100
    The sold price to original list price ratio in June was 98.2%, which had typically been in the 93-95% range over the last year and stands at 97.4% year-to-date. The sold price to list price ratio was 99.2% compared to 98.6% last year.

    See even more statistics like these in the following reports:


    Average Showing Appointments Per Listing by Price Range

    All Listings
    9.2
    $0k - $99k
    13.1
    $100k - $199k
    10.0
    $200k - $299k
    8.6
    $300k - $499k
    6.9
    $500k +
    4.9
    15
    Appointments were down 6% compared to last month and up 4% compared to last June with the largest percentage increases in the $500,000+ price range.
    See even more buyer activity in the following report:



    What's happening in TREND's Market?


    For the first time since 2014 sales in the first half of the year have declined compared to the previous year. Year-To-Date sales are down 237 sales (0.6%) compared to 2017, largely due to the extremely low inventory. The low inventory level has caused the median property marketing period to drop to 28 days (half of all sales were on the market for 4 weeks or less) compared to 34 days in 2017. Many listings have had multiple offers from buyers and the median Sold Price to List price has risen from 98.3% in 2017 to 98.7% this year and the median Sold Price is up 2.3% from 2017.

    Settled Listings
    Category June 2017 June 2018 Change
    Residential 10,667 10,337 -3.1%
    Lots, Land and Farms 169 165 -2.4%
    Multi-Family 278 250 -10.1%
    Commercial 173 180 4.1%
    Sales in the TREND region were down 3.1% compared to last June, while Philadelphia County sales were down 6.3%. Year-to-date sales in TREND are down 0.6% and Philadelphia County is down 0.5% compared to 2017.
    Median Price
    Category June 2017 June 2018 Change
    Residential $235,000 $240,000 2.1%
    Lots, Land and Farms $55,500 $135,500 144.1%
    Multi-Family $159,000 $200,000 25.8%
    Commercial $145,000 $70,250 -51.6%
    The median sold price throughout the TREND region was down 2.1% from last June, while Philadelphia County was up 4.9%. Year-to-date the median sold price in TREND is up 2.3% while Philadelphia County is up 8.1%.


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