We just sent out our “How’s the Market?” emails, which are our custom market report series that take a look at quarterly market stats for the current year and how they compare to the same quarter one, five and ten years ago. While the market can be very different not only zip code to zip code, but even neighborhood to neighborhood, there was a general trend 1st QTR 2019 vs the same last year: fewer homes sold, but prices continued to climb. No shocker there, considering that we continue to face historically low inventory.
While prices were up by more than 10% in a lot of zip codes, we wanted to highlight one zip code that had noteworthy stats across the board, and in some areas bucked city-wide trends:
Not only does Manayunk stand out for not seeing a decline in the number of houses sold in the first quarter, but the number practically doubled, from 17 units to 32. Also defying the overall market was the significant dip in the amount of time it took these homes to sell—days on market have steadily been declining here over the past 5 years, but a year-over-year drop of over three weeks is notable.
Then of course there’s the 12% increase in average sales price. Yes, there was a new construction townhome that sold for over $1 million, but the jump isn’t just attributed to that and a couple of other high sales—the median price went from $197,000 to $217,000.