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    Market Trends: Philadelphia County, July 2018

    July sales were down 1.0% compared to last July while prices continued to greatly exceed 2017 prices and were up 8.7% ($17,000) over last July 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
    Jul. 2018
    4,316
    Jul. 2017
    5,610
    6,000

    Inventory Accumulation
    Jul. 2018
    3.0
    Jul. 2017
    3.9
    4
    Inventory declined by 0.6% during the month, and is 23.1% lower than this time last year. The Months Supply of Inventory decreased to 3.0 months during July. There were 69 more new listings this year than in last July (+3.4%).

    Settled Listings

    July Settled Listings
    Jul. 2018
    1,525
    Jul. 2017
    1,541
    1,600

    Year-to-date Settled Listings
    Jul. 2018
    9,930
    Jul. 2017
    9,935
    10,000
    July sales were down 1.0% compared to last July and are down 0.1% year-to-date. In July the median Property Marketing Period of sales decreased from 19 days in 2017 to 15 days this year.

    Median Price

    July Median Price
    Jul. 2018
    $212,000
    Jul. 2017
    $195,000
    $240,000

    Year-to-date Median Price
    Jul. 2018
    $200,000
    Jul. 2017
    $185,000
    $240,000
    The July median sold price was $212,000, 8.7% higher than last July, and is up 8.1% year-to-date.

    Settled Listings / Original Price

    July Settled Price / Original Price
    Jul. 2018
    98.0%
    Jul. 2017
    97.5%
    100

    Year-to-date Settled Price / Original Price
    Jul. 2018
    97.5%
    Jul. 2017
    96.8%
    100
    The sold price to original list price ratio in July was 98.0%, which had typically been in the 93-95% range over the last year and stands at 97.5% year-to-date. The sold price to list price ratio was 99.9% compared to 98.5% last year.

    See even more statistics like these in the following reports:


    Average Showing Appointments Per Listing by Price Range

    All Listings
    8.4
    $0k - $99k
    11.4
    $100k - $199k
    8.9
    $200k - $299k
    8.2
    $300k - $499k
    6.5
    $500k +
    5.0
    12
    Appointments were down 9% compared to last month and up 4% compared to last July 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?


    Sales were up 3.1% over last July and bringing the year-to-date sales higher than 2017 by 0.6% while the median sold price was up 1.1% in July and is 1.6% ahead of 2017 year-to-date. The inventory shortage continues to keep sales near the year ago level. At the end of July there was 19% fewer homes on the market than a year ago. Although prices are rising slowly, the time on market has dropped significantly. This year the median property marketing period is 26 days compared to 32 days in 2017 and more than 40 days from 2014-2016.

    Settled Listings
    Category July 2017 July 2018 Change
    Residential 8,932 9,208 3.1%
    Lots, Land and Farms 139 151 8.6%
    Multi-Family 258 259 0.39%
    Commercial 156 158 1.3%
    Sales in the TREND region were up 3.1% compared to last July, while Philadelphia County sales were down 1.0%. Year-to-date sales in TREND are up 0.6% and Philadelphia County is down 0.1% compared to 2017.
    Median Price
    Category July 2017 July 2018 Change
    Residential $234,950 $237,500 1.1%
    Lots, Land and Farms $68,000 $62,500 -8.1%
    Multi-Family $165,750 $160,000 -3.5%
    Commercial $150,000 $134,250 -10.5%
    The median sold price throughout the TREND region was up 1.1% from last July, while Philadelphia County was up 8.7%. Year-to-date the median sold price in TREND is up 1.6% while Philadelphia County is up 8.1%.


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