Philly neighborhood market data, our new and current listings, and Philly happenings. If you’d like to discuss real estate or anything in this newsletter please send me an email: [email protected] This edition of Around the Block was originally published on Friday, 1/14/22.
Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
2020 to 2021 Philly Market Comparison
How is the market? That is a question I get a lot. While the most general answer is “good,” it is important to understand the nuances. One way to break it down is by neighborhood, and then that can be broken down into three different types of property: (1) residential single family, (2) condominium, and (3) multi-unit. Now even this does not tell the whole story. Far from it. All neighborhoods can be broken down by micro-neighborhood or block. And there can be significant differences even within neighborhoods. Very significant. And even on the same block, the features, layout, condition, and how the home was marketed will make a huge difference.
If you want the specifics on your property or immediate neighborhood, please contact me directly. Also, as Philly is a city of neighborhoods, I did not include every single neighborhood. I think I hit most. This neighborhood data is based on information entered by Realtors in the MLS, so while there may be some inaccuracies, most of the sample sizes are large enough to cover for them.
Also, keep in mind, as if you need a reminder, 2020 was a weird year. January and February were record-breaking, and we were poised for an all-time year. Then came March 2020… and the world changed forever. And real estate stopped! Temporarily. The real estate timing, never a sure thing, was thrown off, the Spring Market was more of a summer/fall market, and the pent-up demand continued through winter and right into 2021. So, the percentage changes in sales are somewhat skewed. I think looking at all of these numbers is fun, but perhaps keep your primary focus on the price appreciation.
To get started, this week, let’s look at the stats from BrightMLS that I compiled by neighborhood (next week I will include more analysis of the results):
Single Family. Single family includes primarily townhomes, as that is the most common Philly housing stock, though UCity and the Northwest also include twins and singles.
Condominiums. Generally, a mix of high-rises, brownstones, stacked, and some townhome-style.
Multi-unit. Generally, 2-4 unit properties, as buildings with 5+ units are considered commercial.
Ok, so as an overall bottom line: The City real estate market is doing great. Especially houses and multi-units, but condos as well. As I often say, I expect this to continue until our next national downturn. There is nothing in the fundamentals of our city that would indicate that this would change prior to then.
Next week, I will parse this data further and discuss some specific neighborhoods and results. I am really looking forward to it.
If you are having trouble seeing the data, please click here.
Please enjoy your weekend, still, be careful out there, and GO EAGLES!!
CBT in the Press
This Dwell article by Kathryn M. features Jeff’s listing 56 W Queen Lane and includes insights from the seller, architect Jim Cassidy of C2 Architecture.
*All Open House attendees, including the hosting agent, are required to wear facemasks and to register (contactless registration) prior to entering.
12:30 pm – 2:00 pm
8 Units Remain Available
7111 Germantown Avenue
105 S 12th Street #304-305
Brand New Listing
3 BD | 3 BA | 3,005 SF | Large Office Plus Bonus Area | Excellent Storage | Pet Friendly | $1,225,000
The White Building #304-05. Pristine corner loft residence in the always desirable White Building. 2,700 square feet (+ 305 foot bonus loft space), 3 bedrooms, 3 full baths, large office (or 4th bedroom) plus bonus area (e.g., sitting room, 2nd office, play room).
An absolute premier loft residence, 15′ ceilings, significant exposed brick (both walls and vaulted ceilings), hardwood floors, and huge double hung arched windows throughout–with south and west exposures. Exposed beams and ductwork. Excellent storage. JUST AMAZING. The perfect combination of authentic, open loft space and delineated bedrooms.
Midtown Village is already one of Philly’s best neighborhoods–not just ordinary places to walk to, but the City’s very best restaurants, coffee shops, and retail. And the neighborhood is transforming into a very desirable, high-end residential village with so many new restaurants, coffee shops, shopping, high-end residential. All within 1-2 blocks.
The White Building is a professionally managed, well run building with a bike room, and a small fitness center, and secure storage rooms available (for an additional fee). PARKING within half block. Pet Friendly! 100 WalkScore. McCall School Catchment.
NOTE: The residence also includes a nice Bonus Loft Space. It has lower headroom, but provides an additional 305 sq/ft making the total square feet for the unit 3,005. The unit also includes a huge attic storage room, easily accessible with pull down stairs. Extra storage available in building, but you will not need it.
From Jan 14-17 at the African American Museum is a weekend-long MLK Day celebration with the theme, “Grassroots and Grand Strategies.” The event features art workshops, scavenger hunts, open mics, film screenings, and virtual discussions.
Throughout the weekend, the National Liberty Museum is offering a special gallery guide all about the legacy of Martin Luther King’s advocacy and service. Also at the museum are hands-on workshops on Sunday and Monday where participants can learn to make sustainable art and household items.
This weekend visitors can “meet” Rev. Richard Allen, at the Betsy Ross House. Allen was one of early America’s Black leaders, the first African American to be ordained in the ministry of the Methodist Episcopal Church, and the founder of the African Methodist Episcopal Church.
At the Museum of the American Revolution, Martin Luther King Jr. weekend programming includes a first-person theatrical performance, “Meet James Forten” and a painting featuring Forten. (James was a free Black Revolutionary War veteran from Philly.)
During Martin Luther King Jr. Day weekend head to the Philadelphia Museum of Art to catch the last chance to see late Black artist Emma Amos’s body of work spanning from the 1950s to the 2010s.
Jurassic Quest at the Pennsylvania Convention Center
Head to the Pennsylvania Convention Center to see over 100 realistic animatronic dinosaurs come to life duringJurassic Quest. The nine-day event features displays dedicated to the Cretaceous, Jurassic, and Triassic periods and the types of creatures who lived during those times. There will also be dinosaur-themed rides, “live” dinosaur shows, photo opportunities, interactive science and art activities, a soft play area for younger kids, and more.
On MLK Day admission is free at the National Constitution Center! Included in the MLK Day programming are readings of Dr. King’s “I Have A Dream” speech, a family-friendly concert, storytelling, and arts and crafts. Guests are also encouraged to perform an act of service and donate to the museum’s school-supplies drive which supports the School District of Philadelphia.
On Martin Luther King Jr. Day, the Benjamin Franklin Museum also has free admission.
At 1:00 pm on Monday, the Philadelphia Orchestra performs its annual free (with registration) tribute concert. The performance will feature works from Black composers, excerpts from Dr. King’s “I Have a Dream” speech and vocals from the Philadelphia High School for Creative and Performing Arts Chorus.
Check out a hybrid in-person and online event commemorating Dr. King’s 1963 “Letter from Birmingham Jail” at Eastern State Penitentiary. The letter will be split into four acts with intermissions between each section, so the audience can reflect. Also for those who come in-person there will be a volunteer service project and activities to participate in.
As always, please know that I’m humbled by and appreciative of your introductions and referrals. If you have a friend, colleague, or family member that is in need of Expert Real Estate Representation, please have them contact me.
Be assured, I will do my best to exceed their expectations! Thanks for taking the time to read this issue of Around the Block.
Some imagery in this e-newsletter was sourced via UWISHUNU, thephiladelphiacitizen.org, jurassicquest, easternstate, and Canva.