Posted Apr 16, 2022, 5:26 PM
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Join Date: Oct 2011
Location: Philadelphia
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Rising inventory is good news for homebuyers, but Philadelphia's residential market is still 'on fire'
Quote:
While options for Philadelphia-area homebuyers continue to be scarce, there is some promise for those looking to buy in the city this spring.
Inventory within the city limits was up nearly 5% year over year in March, according to Bright MLS, and up 10% from February. While total inventory across the region hit record lows in both January and February, a 7% month-over-month regional increase in March was the greatest gain since August, according to Bright MLS.
Still, options in the suburbs are sparse. Inventory in each of Philadelphia’s four collar counties was down more than 11% last month compared to March 2021 as "for sale" signs continue to come down as quickly as they go up. In Chester County, inventory was down more than 30% year over year in each of the first three months of 2022.
The city, however, saw a 5% bump not only in total active listings but also in new listings compared to last March. Philadelphia, along with Kent and New Castle counties in Delaware, were the only areas in the region that saw more listings hit the market in March 2022 than March 2021. Greater Philadelphia as a whole saw a 5% decrease in new listings year over year.
Homebuyers looking in the city also had a bit more time to secure their homes than the hurried bidding process in the suburbs. Philadelphia homes spent a median of 17 days on the market last month – the most in the region – while none of the collar counties had a median higher than seven. Though much higher than in the suburbs, that was still a significant decrease from the 29 days Philadelphia homes spent on the market in February. For the region as a whole, the median number of days on the market in March was nine – the first time it hit single digits since August.
Just because Philadelphia's inventory is higher than in other counties doesn't mean homes aren't being gobbled up. There were 2,056 pending sales in Philadelphia County last month, a 20% increase compared to February but down 7% year over year. Philadelphia also saw an increase in closed sales, while each collar county besides Delaware County saw a decrease.
Rachel Rothbard Heller, an agent for Coldwell Banker, said that if a city home has the right characteristics — parking and private outdoor space, for example — "it's going to fly. There is still a demand for the city, people still want the city."
Philadelphia is also drawing interest as a cheaper option for people relocating from other cities, Realtors said.
Fuscia said he's seen homebuyers relocating to the Philadelphia area from New York and looking to live in the city, and Heller is seeing imports from both New York and California.
"They want the condo with the doorman, they want the easy living and being able to walk everywhere," Heller said.
"The city is still on fire," said Heller, whose properties are split down the middle between the city and suburbs. "The city is still thriving."
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Article behind paywall here:
https://www.bizjournals.com/philadelphia...hias-housing-market-inventory-march.html
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