Posts Tagged ‘pricing’

Center City Philadelhia Real Estate Monthly Statistics for 19106, 19103, 19102, 19107, 19146, 19147, 19123

Pricing Details of Sold Units 

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The ability to learn faster than your competitors may be the onlyu sustainable competitive advantage – Arei De Geus

When the market shifts, it may resemble something like a monster truck crushing the cars on its path in one of those monster truck rallies. It has a stream roller effect on the market. The survival instintcs kick in and you end up with less and pickier buyers. Those who remain claim that if they can’t get a steal now, they’ll just wait a longer until the market ‘bottoms out’. Only properties that appear to be serious bargains get serious attention. 

This shift in buyer’s perspective is one of the most challenging aspects of pricing a property in a buyer’s market. Sellers must realize now that they must stand out or they’ll be chasing the market. However, Sellers naturally fear underselling their house, and rightfully so. But make no mistake, nothing is more detrimental to selling your property than overpricing your home in a buyer’s market. Unlike the golden ages, the market will no loger come to rescue on a declining market. Now you have to outthink the other sellers, the ‘tryers’ and speculators by getting ahead of them. The time is not on your side.

This figure below demonstrates the concept of pricing ahead.

Bottom line: Whether it’s a buyer’s market or a seller’s market, you should always price to the market you are headed.

Some concepts and figure in this article are courtesy of the SHIFT from
Millionaire Systems.

The following is the address of every home that sold in the first half of 2008 in East Falls

Lowest Price     Highest Price
$127,500         $480,000

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The following is the address of every home that sold in the first half of 2008 in  South Philadelphia neighborhoods.  

                                     Lowest SOLD Price                 Highest SOLD Price

Pennsport                        $70,000                                     $545,000

Italian Market               $139,850                                   $340,500

Passyunk Square           $160,000                                  $305,000

Grays Ferry                      $12,000                                    $126,000

Girard Estates               $37,000                                      $524,900

Packer Park                    $230,000                                    $559,000

Point Breeze                   $45,000                                       $159,000

Whitman                        $90,000                                        $210,000

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In the Art Museum/ Fairmount area there were 76 house sales  and 60 condos sales in the 1st half of 2008. The highest priced House sold for $1,051,501 and the deal of the neighborhood sold at $112,000.  The Average Sale Price for a House was $408,383 and it took 75 days to settle from the time it was listed in the MLS. The highest priced Condo sold for $665,000 and the lowest sold for $105,000.  The Average Sale Price was $308,871 and it took 98 days to settle from the time it was listed in the MLS. To View EVERY Art Museum property that sold between January 1, 2008 to May 31, 2008, click here!     Read the rest of this entry »

In Northern Liberties there were 29 house sales  and 14 condos sales in the 1st half of 2008. The highest priced House sold for $805,000 and the deal of the neighborhood sold at $160,000.  The Average Sale Price for a House was $438,520 and it took 100 days to settle from the time it was listed in the MLS. The highest priced Condo sold for $635,000 and the lowest sold for $152,500.  The Average Sale Price was $305,164 and it took 103 days to settle from the time it was listed in the MLS. To View EVERY NORTHERN LIBERTIES property that sold between January 1, 2008 to May 31, 2008, click here!    

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In the Graduate Hospital Area there were 101 house sales  and 20 condos sales in the 1st half of 2008. The highest priced condo sold for $445,000 and the deal of the neighborhood sold at $169,000.  The Average Sale Price for a Condo was $268,870 and it took 116 days to settle from the time it was listed in the MLS. The highest priced House sold for $1,075,000 and the lowest sold for $75,000.  The Average Sale Price was $359,179 and it took 92 days to settle from the time it was listed in the MLS. To View EVERY Rittenhouse Square property that sold between January 1, 2008 to May 31, 2008, click here!    Read the rest of this entry »

In Logan Square, 19103 there were 18 house and condo sales, combined in the 1st half of 2008. The highest priced home sold for $2,000,000 and the deal of the neighborhood sold at $350,000.  The Average  Price for a Home was $711,695 and it took 146 days to settle from the time it was listed in the MLS. To View EVERY Logan Square property that sold between January 1, 2008 to May 31, 2008, click here!     Read the rest of this entry »

In Queen Village & Bella Vista, 19147 there were 55 house sales  and 9 condos sales in the 1st half of 2008. The highest priced condo sold for $499,500 and the deal of the neighborhood sold at $244,000.  The Average Sale Price for a Condo was $374,833 and it took 90 days to settle from the time it was listed in the MLS. The highest priced House sold for $910,000 and the lowest sold for $135,000.  The Average Sale Price was $384,725 and it took 88 days to settle from the time it was listed in the MLS. To View EVERY Queen Village & Bella Vista property that sold between January 1, 2008 to May 31, 2008, click here!    Read the rest of this entry »

In Society Hill, 19106 there were 17 condo sales and 11 house sales in the 1st half of 2008. The highest priced condo sold for $2,375,000 and the deal of the neighborhood sold at $270,000.  The Average Sale Price for a Condo was $520,000 and it took 62 days to settle from the time it was listed in the MLS. . The highest priced House sold for $2,375,000 and the lowest sold for $652,200.  The Average Sale Price was $1,184,000 and it took 155 days to settle from the time it was listed in the MLS. To View EVERY Society Hill property that sold between January 1, 2008 to May 31, 2008, click here!   

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For Condos in Old City there were 60 sales and 1 house sale (highlighted in yellow) in the 1st half of 2008. The highest priced condo sold for $2,475,000 and the deal of the neighborhood sold at $185,000.  The Average Sale Price for a Condo was $436,611 and it took 94 days to settle from the time it was listed in the MLS. To View EVERY Condo that sold between January 1, 2008 to May 31, 2008, click here!  Read the rest of this entry »

For Houses in Washington Square there were 17 sales in the 1st half of 2008. The highest priced condo sold for $950,000 and the deal of the neighborhood sold at $185,100.  The Average Sale Price for a Condo was $478,156 and it took 115 days to settle from the time it was listed in the MLS.  To View EVERY House that sold between January 1, 2008 to May 31, 2008, click here!  

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 Today the U.S. Commerce Department issued a report with the following data:

* ”April’s rebound was led by a huge 41.7 percent surge in sales in the Northeast”

*  “Sales were up 8.3 percent in the West”

* “5.8 percent in the Midwest”

However, the report that made headlines everywhere was the May, 2008  Standard & Poor’s/Case-Shiller index. Their 20 city metro area index showed home prices falling 14.1 percent in the first quarter compared with a year earlier in places like Los Angeles, Miami, Phoenix, Las Vegas, San Diego and Tampa where prices SKY ROCKETED to riduculously over-inflated numbers for years. Las Vegas, formerly a flipper’s haven had the worst quarterly performance, falling 25.9%, followed by Miami and Phoenix.  Many anaylsts believe the adjustment is warranted and good.

However, THAT DOES NOT SELL NEWS!

The latest data from the National Association of Realtors shows what buyers and sellers in Center City Philadelphia already know, namely that the condominium market is strong.  Sales of Condominiums and Cooperatives in the Northeast have been increasing since January of 2008 and are up 4.3% from March 2008 to April 2008.   Sale prices for Condominiums and Cooperatives in the Northeast are flat- 0% change from April 2007 to April 2008.

Here is latest quote from Real Trends Report. I would like to hear your comments.

“Along with a growing number of professionals, we see positive indications  for the real estate industry. Based on the strong signals in the REAL Treads report and data gathered from arange of other sources, it appears that inventory leveling off or shrinking in most markets, and that prices should become firmer in the next two quarters.”

“We think it is irresponsible for studies that focus on a handful of states or metropolitan areas to be releasing unrealistic house price or listing data that misleads housing consumers as to the real level of housing activity across the country.”