Sales numbers for Philadelphia Condo’s have grown steadily despite the housing downturn that we have been dealing with since August 2007.  The Philadelphia Inquirer reported that Condo sales nearly doubled from the first quarter to the second this year and Data from the Recorder of Deeds Office showed that 604 condo sales closed citywide between April and June.  The majority of these sales occur in Center City and the surrounding neighborhoods.

“The Center City Condo market is definitely making a comeback, in that condos priced according to the current market are selling in under 90 days and in about 5% less than the listed prices.”   (Antonio Atacan Keller Williams Philadelphia Realtor)

The now expired federal tax credits played a big role in sales to first-time buyers during this period and the market below $500,000 remained very healthy compared to the market above $1 million.  It was only off by 10-15% compared to 20-40%.  Other good news for the Philadelphia Real Estate market is that the number of bank repossessions after foreclosures was extremely low.  Only 11 of 604 sales were bank owned properties during this time period.

If you are interested in Philadelphia Condos, be sure to check out the most extensive Philadelphia Condo Directory in the city.

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