The Spring quarter for Philadelphia's real estate market was the best it has been since mid-2007, with an increase in sale volume and prices.  According to an analysis of Berkshire Hathaway Home Services' second-quarter sales, done by Kevin Gillen, chief economist for Meyers Research and senior research fellow at Drexel University's Lindy Institute of urban innovation, the median price for a single-family home in the region increased by $5,000 from April 1st to June 30th.  The median sale price for a single-family in the Philadelphia county rose a whopping 21 perecent from 2014, while sales volume rose 15 percent.  Gillen's study covered Philadelphia and 10 surrounding counties, however he did not include condominium sales.  Another interesting stat found was that year over year, price appreciation or value -which is the comparison of a home's recent sale price to its' previous sale- favored the city over the suburbs.  

    This second-quarter bump in prices may not seem "very dramatic", Gillen says, because sale prices "actually fell during some of the intervening months before rising in the second quarter."  "It is not that prices were still declining," he says, "but rather that they've just been seesawing…ever since they stopped their post-bubble continuous decline three years ago."  Home prices in the region plummeted 23%  during that time from August 2007 to 2012.  Gillen found they increased 9% overall since then.  Although it is hard to find universal truths within the real estate market, because it is so highly localized, agents agree that the spring quarter in Philadelphia showed major improvement.  I would say anyone thinking or starting to think of buying in Philly should move forward with hast, while moderate sale prices can still be found.

 

Source: http://digital.olivesoftware.com/Olive/ODE/PhiladelphiaInquirer/

 

 Neighborhood Spotlight: PennsPort

 

 

 

 

 

August 24th, 2015

     Today we shine a spotlight on the Pennsport neighborhood of South Philadelphia. Pennsport is bound by Passyunk Square to the West, the Delaware River to the east, Queen Village to the north, and the Whitman neighborhood to the south.

     Most of you may know the area as home to many Mummers' clubs, but this corner of the city has more to offer than feathers and sequins. Pennsport, like most areas of the city, has deeply historical routes. Furness High School, at 3rd and Mifflin, and the Abigail Vare School, at Moyamensing and Morris, are listed on the National Register of Historic Places. Historic rowhouse synagogue, Congregation Shivtei Yeshuron Ezras Isreal, 2015 S. 4th St., was featured in the Hidden City Philadelphia 2013 Festival.

     South Philly has become known as the "go-to" area where foodies come to satisfy their desire for a wide range of cuisines.  If you're a brunch lover like me, you'll love 4th and Cross, an adorable new, diner-style spot, at you guessed it, 4th and Cross Sts., which features delicious ReAnimator Coffee. You can also find a good cup of joe at Grindcore House, 1515 S. 4th, and fresh baked treats at Federal Donuts, but get there early-they tend to sell out fast!  Later in the day, stop by 2nd Street Brew House, at Morris, for some cold drafts and bar food, or head over to Moonshine and Industry along Moyamensing Avenue. Bother offer an array of craft beers, cocktails, and innovative gastro-pub fare into the late night hours.

     As if yummy food steps from your door wasn't reason enough to check out the 'hood. Pennsport is home to a lovely park and playground area, known as Dickinson Square, that hosts Farmers' Markets on certain days. The area is also very conveniently located next to several shopping areas. Target, Marshall's, Ikea, Lowe's, The Home Depot, Old Navy-and the list goes on-are just blocks away. In addition, Columbus Blvd, and access to I-95 and the Sports Complex are "right 'round the corner".

     Currently, there is a fairly large inventory of homes for sale in Pennsport, with an average sale price right around $250,000. With the recent buzz about neighboring hot spot Dickinson Narrows, sale prices are increasing rapidly. Pennsport should not only be on every potential buyer's radar, but on a short list of affordable, accessible, and community-oriented possibilities.

 

   -Laura Cipparone