In a recent national report by Zip Realty they researched the selling prices of various zips in hte usa and found that the average house in some zips sell over asking price, while in some zips houses sell for almost 30% under asking. The 7 of the top 10 hottest zips were in California, mostly in the bay area, while 7 of the top 10 coldest zips were in Florida.
The #1 hottest zip was in Berkley with homes selling 8% OVER asking. Surprisingly followed by condos in the Loop in Downtwn Chicago selling 7% OVER asking.
The #1 Coldest zip was in Winchester, Connecticut where homes were selling almost 29% under asking, followed by 5 zips in sunny Florida where it looks like people are dying to get out.
So I checked to see what the 10 Hot and Cold zips are in Center City and its nearby neighborhoods was for the 1st 2 quarters of 2010. While zips nationally had homes selling on average over asking, it was not to shabby either with 19146 (Fitler Sq/Grad Hospital), 19125 (Fishtown) and 19130 (Art/Fairmount) coming in with 96% of the asking price.
The coldest zips if you want to call it that was Rittenhouse coming in with 92% of asking.
For Sellers this means that you can expect that your home will sell on average between 3%-8% under asking. For buyers this means do not expect low ball offers to be entertained and that you should be looking at home no more than 5%-8% over what you have been qualified for by a banker.
The raw data including the amount of homes sold high low and high average price and days on the market is below.
