This 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. He analyzes the Philadelphia real estate market using the city’s real estate database through Hallwatch, a watchdog group. The results are published in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s his methodology [pdf].
The report is always informative and I am glad I am able to present his efforts on Matrix -Jonathan Miller
The Philadelphia real estate market is characterized by level prices, falling sales activity and high inventory levels.
On a seasonally and quality-adjusted basis, house price appreciation was essentially flat during the first quarter of 2007…Citywide, Philadelphia homes appreciated an average of just 0.6% over the previous quarter.
Sales of single-family homes fell to their lowest level in four years this past quarter. The number of homes that changed hands this winter was just over 5,000; the lowest volume since 2003.
House prices are still up 6.9% citywide compared to this time last year, but this is primarily due to price growth that occurred earlier during 2006. Across neighborhoods, the majority of quarterly price changes, either up or down, were statistically negligible during the quarter.
More discussion concerning the report [Hallwatch.org]. 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.