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The housing market is recovering, the housing market is plummeting, depending on the news source…

So while perusing today’s real estate news, CNN headlines read New Home Sales Show Signs of Recovery. The article states that The Commerce Department shows an increase in sales of 31,000 units, which is much better than expected in the midst of the recession. All signs are pointing to stabilization in market conditions, which is due to lower prices.  Additionally, the months it would take to sell through the inventory for March was 10.7 months, down from February 11.2 months, down from January’s level of 12.5 (check out the chart on my previous blog for info on this).  It also mentions thar sales for pre-existing homes are down 3%, as is prices.  So that is good news, not great news but good news.  
However, Philly Daily news headlines screams Northeast homes sales worst in the US, prices tumble The article states Northeast home sales dropped 20 percent last month from the year before, and median sales price tumbled 18 percent to $231,700.  Scary, right? I guess that’s the point. Otherwise, it would have stated that one big factor effecting that figure was from Manhattan sales which hit a record high average price of almost $1,600,00 last year, up over 17% over the previous year’s record high, was down 52%. It says Philadelpia median prices are down 7%.

I say the northeast is a big area and just because it is raining in New York, doesn’t mean it is isn’t sunny in Philadelphia. Plus every neighborhood in Philly, like in most cities are very different.  A million dollar house on 18th & Delancey, is hundreds of thousands dollars cheaper a few blocks south on 18th & Christian.  Speaking for myself, The Atacan Group has been very, very busy. This week alone we sold 1 property a day, ranging from a $20,000 foreclosure to a $2.3 million dollar investment property.  

This article also quotes a local real estate broker stating that the condo market is crashing because financing is so hard to find.  It is harder than the bubble haydays, but it is not impossible, especially if you are resourceful.  Newsflash, you do not have to go FHA, there are many local banks with great rates that are more than willling to mortgage a downtown condo.

So in my opinion, the bottom line is the Philadelphia Real Estate market, is not as great as its historic high, but it is good and getting better. This is an excellent time to buy and if you are not sure why call anyone of my very busy Realtors at 215-592-9522.

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