Around the Block: 10/27/23

October 30, 2023 BY JEFF CITY BLOCK

By the numbers continued, our new and current listings.

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, 10/27/23.

10/27/2023

Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block

By The Numbers,
continued…

2023 has seen the most significant drop in the number of sales since the Great Recession, both nationwide and in Philadelphia. As per the recently released Compass Philly Q3 Market Report, this trend continues in the 3rd Quarter, where the number of residential sales in Philly was down 17.5% compared to the same period in 2022. Days on Market were up about 23%. So, fewer sales and a longer time to sell, how about prices–up 3% compared to Q3 2022.

How do these numbers compare with the 2nd Quarter, which I analyzed in late July? Well, the drop in sales and the increase in DOM have lessened. In Q2 the number of sales was down 24.3% and DOM up 47%. And the 2023 Q2 pricing was down 1.7% compared to 2022 Q2, so that has recovered a bit as well. This year, residential sales in Philly during Q2 numbered 4,099 with 47 DOM. During Q3, there were 3,480 sales averaging 43 DOM. The 2023 Q2 pricing was $347K, dropping to $334K in Q3.

I believe these discrepancies can be explained by arbitrarily distinct reporting periods and small sample size. And, of course, Q2 is the “spring market,” which always has the greatest number of sales (2020 shutdown notwithstanding). As I explained, whenever I talk about the numbers, small sample sizes, and arbitrary reporting cut-offs can skew numbers and present a confusing picture.

But I think we can glean some valuable information from these reports. The number of sales this year is down significantly. Homes are staying on the market longer. And prices overall are flat compared to 2022. Pricing is seemingly up slightly in some market segments (e.g., single-family homes) and down in others (e.g., condos and multi-units). Bear in mind that pricing was at or around all-time highs in 2022, so even if a home’s value is down slightly, a seller is still in a good position pricewise.

Anecdotally, the market was very slow this August through mid-October and has picked up again within the last couple of weeks. This is very typical fall market timing, though as already stated, this year has been slower across the board.

No one knows what we can expect from the economy or real estate market in Q4 and into 2024. And if they say they do know, then they are totally guessing. But there are a few general statements that will probably play out — interest rates will likely stay elevated well into 2024 and perhaps into 2025. However, remember that 7% interest rates are historically not high at all. Whether real estate prices go up or down nationally, Philly is a slow-and-steady city that tends to see more moderate appreciation/depreciation. The city itself is in solid shape as a popular place to live, with a presumptive mayor-elect who is expected to be much more competent than the current mayor. Philly has its issues (like all cities), but it is a city that I firmly believe is on the upswing.

Check out the entire Compass Philly Q3 Market Report to see the Q3 results for your neighborhood. And remember, due to very small sample sizes, the neighborhood statistics are more for fun rather than an indicator of a particular neighborhood’s real estate dynamics. And if you have questions about your neighborhood or particular property, please contact me directly. I always enjoy discussing Philly real estate.

Have a great weekend.

Thanks,

Jeff

Spotlight Property

MIDTOWN VILLAGE

105 S 12th Street #201

1 BD | 2 BA | 1333 SF | $595,000

Exceptional residence in the heart of Midtown Village. Live in this most sensational loft in a remarkably prime location. 23′ vaulted brick ceilings, exposed brick walls that surround six huge double-hung arched windows. Exposed ducts and beams. Big open living space, dining area, open kitchen.

Currently configured as a 1 bedroom, 2 full bath with an immense living space (could be configured as a two bedroom) and straight steps to a very spacious primary loft suite with high brick ceilings, primary bathroom, and large walk-in closet. Hardwood floors, solid core doors, and fine finishes throughout. High-end kitchen with Carrera marble countertops and eating bar, Pedini cabinetry and drawers, stainless steel Sub-Zero fridge, and 5-burner cooktop, oven, dishwasher, and microwave.

High-quality replacement windows with superb sound attenuation. Flexible and open floor plan. And because of its size, you can readily create a second space on the main living floor. Whether a separate family room, office, or complete bedroom suite with full bath and walk-in closet

You could add a wall (full or partial) or sliding/barn doors to create a fully delineated 2nd bedroom with a gigantic walk-in closet and tile and marble bath (both walk-in closet and bath have solid wood pocket doors for clean lines). Or use a screen or other furniture delineation to create any separate space you desire. And still enjoy a living and dining space larger than most condo residences. Just incredible space and numerous options.

The residence also has a spacious walk-in coat and storage closet and Washer/Dryer. Midtown Village is already one of Philly’s best neighborhoods–not just ordinary places to walk, 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.

GARAGE PARKING–Seller will prepay one-year in neighborhood garage (within 2 blocks) with acceptable offer. Pet Friendly! 100 WalkScore.

View full listing here

Featured Listings

UNIVERSITY CITY

415 S 47th Street

5 BD | 3.5 BA | 4160 SF | $1,600,000

WASHINGTON SQUARE WEST

256 S 11th Street

Mixed-Use Triplex

3340 SF | $1,500,000

HAWTHORNE

1307 Kater Street

3 BD | 2.5 BA | 2638 SF | $995,000

UNIVERSITY CITY

4420 Chestnut Street

5-Units | 3600 SF | $895,000

MOUNT AIRY

7111 Germantown Ave #403

3 BD | 2.5 BA | 1775 SF | $795,000

PENN-KNOX/WEST GERMANTOWN

154 W Price Street

4 BD | 3.5 BA | 2400 SF | $750,000

UNIVERSITY CITY

4300 Spruce Street #C306

2 BD | 2 BA | 1089 SF | $439,000

PACKER PARK

3207 Salerno Way

BRAND NEW LISTING

3 BD | 2/2 BA | 2885 SF | $635,000

COBBS CREEK

35 Property Portfolio

35 Single-Family Properties in
West Philly | $6,500,000

COBBS CREEK

5805 Larchwood Avenue

2-Property Package

7 BD | 2.5 BA | 2222 SF | $423,000

UNIVERSITY CITY

247-251 S 44th Street

3 Contiguous Properties

6726 SF | $1,525,000

GRADUATE HOSPITAL

1546 South Street #C

BRAND NEW LISTING

2 BD | 1 BA | 900 SF | $415,000

MIDTOWN VILLAGE

105 S 12th Street #201

1 BD | 2 BA | 1333 SF | $595,000

EAST KENSINGTON

2036 E Firth Street

4 BD | 2.5 BA | 2400 SF | $450,000

CENTER CITY WEST

1001 Chestnut Street #506E

1 BD | 1 BA | 505 SF | $234,900

COBBS CREEK

5810 Rodman Street

3 BD | 1.5 BA | 990 SF | $199,000

SOUTHWEST SCHUYLKILL

1333 S May Street

3 BD | 1 BA | 1096 SF | $250,000

SOUTHWEST SCHUYLKILL

4616 Paschall Avenue

3 BD 3 BA 2800 SF $575,000

Know Someone Looking to Buy or Sell?

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.

Jeff City Block

City Block Team
Assoc. Broker
M: 215.833.7088
O: 267.435.8015
[email protected]

Office: 267-435-8015

Compass RE is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

Some imagery in this e-newsletter was sourced via visitphilly.com and Canva.

marketingcenter–

By The Numbers, continued…

Spotlight Property

105 S 12th Street #201

Featured Listings

Jeff City Block

Moving? Discover the value of your home.

By The Numbers,
continued…