Around the Block: 7/28/2023

July 31, 2023 BY JEFF CITY BLOCK

By the numbers, 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, 7/28/23.

7/28/2023

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

By the Numbers

This week is all about the numbers. I love numbers.

All real estate is local. That being said, regional and national factors are still at play. Interest rates are not local. Supply and labor shortages are not local. The stock market and inflation aren’t local. But take all that away, and yes, all real estate is local. I do not know the real estate market in San Diego, CA or Cincinnati, OH. And even though I have some idea due to proximity and some overlap, I am not an expert in New Hope, PA or Moorestown, NJ. I am a true expert in one place—Philadelphia, PA. This is because all real estate is really local. NOTE: While I am not an expert in other places, I am a member of a premier strategic network with the best Realtors in markets throughout the United States. So, I have the resources to put you in touch with those experts virtually anywhere.

Ok, now to the numbers. First, let’s start with what I know best. Philadelphia and the Compass Philly Q2 2023 Market Report, which compares the second quarter of 2023 with the previous year. It covers the city as a whole and many neighborhoods throughout the city. The report confirms what I have noted in multiple market updates in this newsletter so far this year: the number of sales is down, but prices have held steady. And while pricing fluctuates based on the neighborhood, this is basically due to small sample size. Would not be surprised to see different neighborhoods up and down in Q3 and Q4 for example.

This market report is a concise and interesting read (interesting and concise is a great combination for most things, by the way). So, check it out. A few highlights are that for the city as a whole, the number of Q2 sales is down, year-over-year—from 5,417 to 4,099. This is a whopping 24.3% drop. Yet prices are relatively flat, from $353K to $347. An insignificant 1.7% drop. Days on Market (DOM) are up, from 32 to 47. A 47% increase! And here is some specific information from several neighborhoods listed in the report (remember the significance of the small sample sizes). Also, I personally had at least one 2023 Q2 sale in each of the below neighborhoods—

Chestnut Hill— the number of sales dropped from 34 to 21. But prices up from $1.0M to $1.1M.
Fairmount stands out as the only neighborhood where the number of sales increased. From 70 to 73. And pricing up from $482K to $500K.
Graduate Hospital saw sales drop from 131 to 92. And prices from $701K to $675K.
Mount Airy—100 sales in Q2 2022 dropped to 87 this year. But prices up from $405K to $476! (BTW the photo for Mount Airy shows one of the residences I sold at 7111 Germantown Condominium. 17 sold! Only two units left!)
Northern Liberties is interesting because sales plummeted from 103 to 50. And pricing remained the exact same—at $573K.
Queen Village saw sales drop from 54 to 41. And prices from $699K to 656K.
Rittenhouse Square’s sales dropped from 126 to 105. Yet its pricing ballooned from $691K to 1.2M. And its DOM actually dropped from 88 to 77. Also, note that Q2 2022 was a particularly low average sales priced quarter for Rittenhouse. Making this increase look even bigger.
Society Hill—number of sales dropped from 57 to 47. Prices up from $714K to $850K.
University City had only 18 sales in Q2 this year (35 last year). Only 18 sales the entire quarter. That is incredible. Sales price dropped from $479K to $415K. Yet days on market actually decreased from 40 to 36. Weird, but a small sample size will do that.

See the full report for more detail and the complete list of covered neighborhoods. My most important takeaways are the following: (1) The number of sales are way down. (2) Prices are generally flat. I could discuss in detail the different segments of the market that continue to appreciate and those that are having some struggles. Please contact me directly if you want to discuss this or a particular neighborhood or property. (3) The neighborhood pricing results are fun to review but do not indicate actual percentage increases in specific neighborhoods due to the small sample size (I know I keep repeating this point. It is important).

I really understand the nuances of Philly pricing and the Philly market, but what about the numbers on a national scale? Check out this new national market report that Compass just released. This is the first edition. I haven’t even reviewed it yet but may discuss it in more detail in future editions of the ATB.

Thank you and have a great weekend.

Best regards,

Jeff.

Spotlight Property

Mount Airy

7111 Germantown Avenue #403

3 BD | 2.5 BA | 1,775 SF | Large Rooftop Patio with Pilot House that Brings in Balanced Light from Windows on Three Exposures |

Open Layout | 10ft+ Ceilings | $795,000

ONLY 2 (out of 19) UNITS REMAIN at this stellar condominium project in a most desirable Mt Airy location. With significant character and included covered parking, this development is the culmination of the adaptive reuse of a century-old church annex, showcasing a Wissahickon schist exterior with a newly constructed fourth floor addition; all new systems; large, smartly laid out spaces; ample and balanced light; beautiful, tasteful finishes; and low operating costs (utilities, taxes, condo fees).

7111 Germantown is easily accessible to so many restaurants, cafes, retail, parks, shopping, library, and more. 5-minute drive to the Wissahickon Valley and miles of wooded trails. 5-minute walk to two SEPTA regional rail lines. And, of course, a quick ride to Chestnut Hill, Center City, Manayunk, and the Main Line. Extremely low taxes, condo fees, and utility costs in this energy efficient project. Superior construction includes extra insulation and advanced sound attenuation methods. Some units have outdoor space. This is an elevator building and is pet friendly.

7111 is comprised of very spacious 1, 2, and 3-bedroom residences, each of which has different layouts and features, including high ceilings, original hardwood floors, and exposed stone and beams. All residences have big windows, open floor plans, excellent space and light, spectacular finishes, ample closets, and storage. Every unit comes with an assigned covered parking spot (with EV charging available). Upgrade to a 2-car tandem parking space for $25,000. Full TAX ABATEMENT through 2032. Floorplans available for all units.

View full listing here

Philly Fun This Week

New Restaurant Openings

If you enjoy sipping a cocktail while listening to live music then the newly opened food spot, Vinyl Philly, is perfect for you. This brand-new Center City restaurant has live music four nights a week and serves up light bites such as flatbreads and specialty cocktails including one called Wasted Away that is made with blanco tequila, watermelon lime and chili-lime lava salt, and jalapeno.
Enjoy the best of both worlds at the newly opened Tonalli Philly Pizza & Cocina Mexicana in South Philly. This awesome new BYOB joint serves up both pizza and Mexican with a menu that includes 14-inch pies and tacos. The tacos are around $15 for three and the pizzas include both traditional pies like margarita and unconventional such as one with pineapple and al pastor pork on top.

Photograph from @tonalliphilly & content courtesy of visitphilly.com.

New Sculptures at Philadelphia’s Magic Gardens

New at Philadelphia’s Magic Gardens are large-scale ceramic sculptures from Mexican American artist George Rodriguez. The artwork includes guardian figures, shrines, and tomb sculptures, The exhibition is included with regular admission and is on display through September 10th.

Photograph from @phillymagicgardens & content courtesy of visitphilly.com.

Featured Listings

University City

415 S 47th Street

NEW LISTING

5 BD | 3.5 BA | 4,160 SF | $1,750,000

University City

4721 Chester Avenue

6 BD | 3.5 BA | 6,623 SF | $1,300,000

Mount Airy

7111 Germantown Avenue #403

3 BD | 2.5 BA | 1,775 SF | $795,000

Midtown Village

105 S 12th Street #201

1 BD | 2 BA | 1,333 SF | $619,000

University City

247-251 S 44th Street

3 Contiguous Properties | 6,726 SF | 1,525,000

Fairmount-Art Museum

768 24th Street #2

2 BD | 1 BA | 1,183 SF | $399,000

Northern Liberties

904 New Market Street

NEW LISTING

3 BD | 2.5 BA | 2,025 SF | $650,000

Mantua Neighborhood

520-22 N 32nd Street

5 BD | 1.5 BA | 1,491 SF | $599,000

Mount Airy

7111 Germantown Avenue #102

3 BD | 2 BA | 1,670 SF | $525,000

University City

255 S 44th Street

4 Units | 2,000 SF | $550,000

Fishtown

2562 Salmon Street

NEW PRICE

3 BD | 1.5 BA | 2,178 SF | $400,000

University City

4616 Paschall Avenue

3 BD | 3 BA | 2,800 SF | $550,000

University City

632 S 51st Street

4 BD | 1.5 BA | 1,792 SF | $375,000

Society Hill

504 S Hancock Street

2 BD | 1 BA | 1,100 SF | $324,500

University City

1333 S May Street

3 BD | 1 BA | 1,096 SF | $250,000

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.

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

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.

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By the Numbers

Spotlight Property

7111 Germantown Avenue #403

Philly Fun This Week

Featured Listings

Moving? Discover the value of your home.