Feature Photo by Olu Eletu on Unsplash
There has been a lot of talks about this year’s real estate market. From the boom in property value, new construction, as well as a shift in inventory, many folks are wondering how this year’s market stacks up against 2016. Well the latest stats are in and you may be surprised by some of the figures. TREND has broke down a year to year comparison of the October 2017 market to the October 2016 market. Everything from Median Price to average showing appointments to settled listings.
These stats are a great way to get a better understanding on the current pricing as well as well as gauging what the future markets may look like. The biggest takeaway from 2017 is the decline in overall inventory. Philadelphia experienced a decrease in inventory for the entire year, therefore the October stats come as no surprise. However, what is interesting is the settled as well as settled price. Although, there were less homes to purchase the ones on the market in 2017 experienced more settlements at or above the original asking price. To get a better idea of this year’s market, check out the graphs below and see how 2017 compares.
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