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Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
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Philly Seasonal Real Estate Markets Explained
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We are two months into 2023. March is generally thought to be the month that ushers in the “Spring Real Estate Market.” I say “generally” because every year is different. If I had to delineate a typical year, it would look something like this:
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January—slow time, lower inventory. The latter part of the holiday/winter market.
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February—starts slower and turns into the pre-spring market. Some early listings seem to pop up, especially later in the month.
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March—Spring market starts to take shape. Listings and buyer action start to steadily increase as we move through the month.
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April—the heart of the spring market. Full swing. Maximum listings on market and max buyer activity.
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May—Spring market continues strong but begins to ebb approaching Memorial Day.
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June—Late spring market, starting to transition to summer. Listings still coming up, which include sellers who were simply not ready to list during the heart of the spring market.
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July—Independence Day is a traditional line of demarcation. Summer market. Listing inventory slows down. Buyers are enjoying summer and demand decreases as well.
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August—The dog days. Few new listings. Existing listings continue to sell off. The market really slows as we approach Labor Day.
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September—Some new listings come up but generally lower demand. Summer’s over, back to school, Jewish holidays… whatever is going on, buyer attention tends to be elsewhere.
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October—The early fall market. Some more listings come up. Buyer demand starts to increase. The fall market is short and much less robust than the spring market.
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November—Fall market continues. You may be surprised, but November is the heart of the fall market.
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December—Remnants of the fall market and the winter/holiday market settle in. From mid-December through mid-January is typically among the slowest times of the year.
Now for two reasons, take all of this information with an ample grain of salt.
First, every year is different, and the timing shifts. The shift can be subtle or, depending on world events, quite dramatic. 2020 was a fascinating year that showed us both a standard change and a massive change (for obvious reasons!). At a time when we had barely heard of some far-away virus in China, January and February 2020 were record-setting. I have never seen such a busy first two months. Off the charts. We were set up for a stellar year. Until mid-March that is. As you may recall, real estate shut down. Literally. We were not permitted to show properties for over two months. Pennsylvania was actually the final state (yes, 50th out of 50) to open up and permit real estate showings. And once it did, the market was red-hot and remained that way through all of 2020 and much of 2021. Then it started to slow down and 2022 was more of an average year with typical cycles. So, 2020 provides an example of how two typically slower months can surprise and be robust. And of course, how major world events trump everything.
Second, and most important, I am a strong believer that you cannot and should not time the market. Not only is the seasonality mentioned above far from precise, but even if you do hit it right, what is the advantage? Higher pricing for a seller or better deals for a buyer? Not really. One thing you will not see in the monthly breakdown above is any kind of proclamation on price flows. Because that is a total unknown. Some years, pricing is stable in the early months, tends to rise during the spring, and then stabilizes or maybe dips slightly in the fall. But this information is so general and so year-to-year dependent, that you can take that info and $6.50 and buy yourself a latte. Any seasonal pricing differential is random and subtle and a poor way to decide whether to buy or sell a home.
But I can tell you when you should buy or sell. You should buy when the time is right for you and your family and you find a home that meets your needs. You should sell when the time is right for you and your family and when you have had the time to get your home market ready to obtain the highest price. Beyond this general advice, it is all case-by-case. If you are considering a sale or purchase in the coming weeks, months, or even years, I am always pleased to discuss your specific situation. Timing, logistics, and financing are all facets we can discuss in advance, in addition to your specific property (or property needs), of course.
In the coming weeks, I will discuss how the 2023 market is shaping up as we move into the spring market. Please feel free to reach out if you have any specific questions in the meantime.
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3 BD | 2.5 BA | 2,566 SF | Amazing Views | Private Deck | Superb Amenities | One-Car Garage Parking | $2,525,000
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Welcome to 10 Rittenhouse Condominiums! Magnificent 3 bedroom, 2.5 bath home with amazing unobstructed northern and eastern views of Philadelphia and Rittenhouse Square located in one of the city’s most prestigious buildings.
With exquisite light, this well-designed floor plan is graced with an expansive open living room/dining room, eat-in kitchen, primary suite with 3 closets, luxurious bathroom, and private deck overlooking Rittenhouse Square. The 2nd bedroom has an ensuite bathroom and eastern exposures.
The spa amenities floor of the building has an indoor saline pool, landscaped terrace, state-of-the-art fitness center, piano room, boardroom, party room, and catering kitchen. One car deeded parking comes with the unit which is located in the building’s underground garage accessible within the building. An additional spot is available for $150k. There is also a chauffeur-driven car service available to all residents in addition to a five-star concierge service.
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3 BD | 3 BA | 3,444 SF | $1,669,000
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4 BD | 2.5 BA | 1,920 SF | $634,500
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3 BD | 3 BA | 2,900 SF | $582,500
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*Represented Buyer and Seller
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3 BD | 1 BA | 1,200 SF | $327,500
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Here is a list of the 3 other properties the City Block Team sold in February:
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Weekend Happenings, Live Entertainment, the 2023 Flower Show, and More
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Watch the Philadelphia Ballet perform an adaptation of the classic Sleeping Beauty set to a beautiful Tchaikovsky score through Sunday, March 12th. The performance tells the well-known story of a cursed princess who is put to sleep and can only be awakened by her true love’s kiss. Shows take place at the Academy of Music.
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Know any flower or gardening enthusiasts? Then take them to the Pennsylvania Convention Center through March 12th for the 2023 Philadelphia Flower Show. This year’s theme is “The Garden Electric” and features spectacular displays, created by the world’s leading landscape and floral designers including the largest gardens in the show’s history with immersive, 360-degree floral structures. In addition to the displays there will be a slate of musical performances from artists hand-picked by Philly’s acclaimed brass band SNACKTIME. Tickets can be purchased at the door or online.
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Celebrate Women’s History Month by learning about the accomplishments of pioneering women in Philadelphia history. This special edition of Beyond the Bell Tours tells the stories of multiple trailblazing women including Ona Judge, who escaped slavery from President George Washington, gay rights activist Barbara Gittings, and Hanna Callowhill Penn, who halted a war between Maryland and Pennsylvania.
Photograph & content courtesy of uwishunu.
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Tasty New Food to Try and Restaurant-related Events
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Enjoy music, food, and drinks created by women during Women’s Way Wednesdays at Stratus Rooftop Lounge. This special weekly pop-up created by the Sisterly Love Collective and Stratus includes tasty meals and drinks from woman-owned or -operated wine companies, breweries, restaurants, and distilleries as well as awesome tunes from women musicians. All ticket sales and a portion of the drink proceeds go toward supporting Women’s Way, a nonprofit dedicated to the advancement of women and girls. As the name suggests, the pop-up takes place on Wednesdays.
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Through March 10th enjoy deals at one of the most delicious and diverse restaurant scenes in the city during East Passyunk Avenue Restaurant Week. During this once-a-year event, nearly 30 restaurants offer prix-fixe lunch and dinner menus that go for $20, $30, $40, and $55. Some of the participating restaurants include Bing Bing Dim Sum, Ember and Ash, Stargazy, Barcelona Wine Bar, La Scala’s Birra, and Gabriella’s Vietnam, which recently received an awesome New York Times accolade.
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For those living outside the city, this Sunday is the start of Media Restaurant Week. This spring edition includes deals at 10 of Media’s most popular restaurants including rotating specials and fixed dinner menus ranging from $35 to $50. Some of the participating restaurants include TWO Fourteen, Spasso Italian Grill, and La Catrina.
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Enjoy delicious cocktails, seafood starters, and hand-cut steaks (six to 22 ounces) at Malvern’s brand-new boutique steakhouse, Joey Chops. And for the biggest meat lovers, there’s a massive Tomahawk ribeye.
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This Thursday was the grand opening of Brewerytown’s brand-new Food Hall. This gigantic space includes plenty of familiar dining and drink options such as Izakaya by Yanaga, Hunnies Crispy Chicken, and Figo Ristorante and Pizzeria. In addition to the delicious food this hall includes lots of TVs for game-viewing, indoor-outdoor space, a couple of classic arcade games, and live entertainment.
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Head to South Philly to try out some tasty chicken and noodle dishes at the newly opened Mawn. Mawn is a Cambodian noodle house named after the Khmer word for “chicken,” and fittingly the menu features small plates such as chicken and chive dumplings, crispy chicken skin, multiple noodle dishes, and large plates such as Cambodian chimichurri and ribeye steak.
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Who doesn’t enjoy a delicious breakfast sandwich? That and much more are offered at the Portuguese-inspired food spot: Gilda Cafe & Market. In addition to the sandwiches, this brand-new cafe in Fishtown serves up Elixr Coffee, lunch dishes like chili-garlic marinated chicken over saffron rice, and pastéis de nata (traditional Portuguese custard tarts). Additionally, the market offers prepared meals to go and imported and locally made goods.
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Learn more an ancient screening element still in use throughout North Africa called mashrabiya at the Museum for Art in Wood’s new exhibition. The Mashrabiya Project is a monthlong community project that features the works of six women-identifying Muslim artists. Each piece delves into stories and metaphors inspired by the mashrabiya and can be found on display in the museum’s main gallery.
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Sunday was the opening of the Barnes new exhibition featuring the work of South Africa’s most renowned contemporary artists, Lebohang Kganye and Sue Williamson. The artists used photographs, installations, films, and textiles to address legacies of social injustice and racial violence as well as the power of self-narration, history, and memory.
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5 BD | 2.5 BA | 2,718 SF | $997,500
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5 BD | 2.5 BA | 2,721 SF | $750,000
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3 BD | 2 BA | 1,446 SF | $725,000
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2 BD | 1.5 BA | 1,166 SF | $368,000
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4 BD | 4.5 BA | 2,800 SF | $598,000
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2 BD | 1 BA | 1,100 SF | $345,000
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Know Someone Looking to Buy or Sell?
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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 UWISHUNU, gabriellasvietnam, museumforartinwood.org, and Canva.
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Office: 212-913-9058
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.
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