Philadelphia’s Inventory of Homes Has Hit an All-Time Low! Here’s What it Means to You.
Philadelphia real estate is moving at a record-breaking pace according to a recent article in Curbed Philly. Since 2oo1 the inventory of homes has never fallen below 4,000. The most recent count shows what everyone has been expecting to hear. Currently there are approximately 3,883 homes for sale in Philadelphia. Kevin Gillen, senior research fellow at the Lindy Institute for Urban Innovation, wrote “Combining such low supply with the current rapid pace of sales, it would take only 3.1 months to burn off the existing inventory of homes for sale.” This record breaking trend has created a solid seller’s market.
What Does it Mean for Sellers?
If you’re selling a home or thinking of putting your home on the market, there has never been a better time. The low inventory means that homes are not only moving fast, they are also going for at or above asking price in many cases. In fact according to a recent study the average time a home is on the market sharply decreased to 48 days. This is a 25% decline since early 2017. While the time on the market has declined, the prices are going up. The average home price has risen 7.4% since the first quarter of 2017.
The Conclusion: There’s never been a better time to sell your home faster and for more money.
Check Out These Hot Listings For Sale Right Now…
What Does it Mean for Buyers?
With low inventory comes more competition. For those looking to get a piece of Philadelphia’s red hot real estate, expect to be in contention with other offers. The days of low balling are all but gone. These days buyers should expect to come in at or even above asking price. Sellers now have more options and for properties in highly desired neighborhoods they are inundated with offers. The other factor is the time on market. Not only should buyers expect to pay asking price, the time frame of negotiation has dwindled as well. Homes are now moving at a record pace. Meaning if you really love a home and are interested in purchasing on it, you may not have time to sleep on it. By the time you wake up it could be gone.
The Conclusion: If you really love a home come in with best offer and do it fast.