Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
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Happy Purim to all who celebrate!
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Fourth Quarter 2020 Philly Housing Report by Kevin Gillen, PhD
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Kevin Gillen is the preeminent economist when it comes to the Philadelphia residential housing market. Dr. Gillen and Drexel University Lindy Institute for Urban Innovation produce quarterly reports, which highlight Dr. Gillen’s statistical findings on this topic.
The reports include a summary and a slide deck, both worth a review. Both of these pieces are full of fascinating statistical analyses. While I recommend reviewing the reports if you have the time, here are a few key takeaways:
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If you read this newsletter regularly, you know that our “for sale” inventory is at historic lows. Well now we know exactly how much. There are now only 2,511 homes for sale in Philadelphia. This is the first time the total has gone below 3,000. And we average 7,400 homes for sale in any given month. So, we are now at 1/3 of the average. Wow.
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Philly housing prices were up 12.8% in Q420 compared to Q419. This year-over-year increase was almost three times the average YoY increase of 4.5%. This is the largest YoY increase since 2006 during Philly’s hottest real estate market ever.
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While Philly was up 12.8%, a national 10-city composite, which does not include Philly, was up 9.8%. So really solid, but not as hot as Philly.
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Not surprisingly, Days on Market is down as well. 65 Days on Market is considered a “balanced” market. In Q4, DOM was 41. This is just seven days shy of the record low DOM set in 2005.
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I love the housing price appreciation tables showing 1-Quarter, 1-Year, 10-Year, and 40-Year appreciation rates by area (i.e., broader than neighborhood). The hottest area in Philly this market this past quarter was the Northwest at 7.4%. This past year it was the Northwest at 17%. 10 years, it was the West/Southwest at 139%. The W/SW does not include University City, which 10-year appreciation was 89.5%. And for 40 years, since 1980 (the year of my Bar Mitzvah and the Phillies first World Series), the best appreciation was South Philly at 945.1%. Next was UCity at 875.3%, followed closely by W/SW at 870.7%.
These are some highlights. Take a look at the summary and the slide deck for much more information like this.
Next week, I will take a much more close-up view of the Philly housing market. More anecdotal, smaller sample size. It will be fun.
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In-Person Open Houses are (safely) Back!*
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*For everyone’s safety, all Open House attendees, including the hosting agent, are required to wear facemasks, and to complete the COVID health screening questionnaire prior to attending
City Block Team Open Houses.
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4 Bed | 2.5 Bath | Parking
Superb 4-bedroom, 2.5-bath townhome with on-site deeded PARKING in the McCall School Catchment. Renovated, open kitchen and tastefully updated baths. New Oak hardwoods on first floor. The location offers the perfect set-up–all the convenience and great restaurants, art galleries, and coffee shops of Old City, yet situated in a private, secure, and quiet courtyard off Elfreth’s Alley. Just outside the front of the home is a small space for seating and a grill, and then the courtyard is a large space for safe and secure play and hanging out.
This warm and wonderful home offers the complete package: 4 bedrooms, 2,5 baths, 1-car PARKING, most convenient location (97 WalkScore, 94 TransitScore, and super convenient to 95, 676, and 76), secure and quiet courtyard, tastefully renovated and updated, and in the desirable McCall School CATCHMENT.
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(Safe) Philly Fun This Week
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Virtual Theater
Enjoy these exciting shows from the comfort of your home.
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East Passyunk Restaurant Week
Check out East Passyunk’s incredible dining scene during the return of East Passyunk Restaurant Week, which actually runs for closer to two weeks.
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4 Bed | 4.5 Bath
$1,275,000
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East Mount Airy
New Construction
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4 Bed | 2.5 Bath
$675,000
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250 S 17th Street, Unit 100
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2200 Arch Street, Unit 804
BRAND NEW LISTING
2 Bed | 1.5 Bath
$525,000
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4617 Pine Street, Unit H210
4 Bed | 2.5 Bath
$449,000
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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.
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Some imagery in this e-newsletter was sourced via simpaticotheatre.org, UWISHUNU Philadelphia, and Canva.
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