This condo quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. This is a supplement to his quarterly market report. He analyzes the Philadelphia condo market using the city’s real estate database through Hallwatch, a watchdog group. The results are published in a research paper called Philadelphia Condo Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s the methodology [pdf].
Its great stuff. -Jonathan Miller
Download the full report [pdf].
Read the Hallwatch article on the market: Philly Condos: Prices Stagnate as Demand Softens.
Condo prices level out as newly completed units continue to hit the market
- 906 units closed this quarter, a record amount, but up only slightly from prior quarter.
- Condo inventory rose to a record 2,052 units
- Average of days on market increased to a record 95 days
- The area around Center City increased 4.9%
- Center City decreased 5.6%
- Northwest decreased 0.1%
- Northeast Philadelphia increased 2.2%
Hallwatch is a private and independently maintained watchdog website that does a lot of in-depth, independent and investigative pieces on city politics, as well as real estate.
[Real Estate Brotherly Love Staredown: 3rd Quarter 2006 Market Report For Philadelphia, PA]