(Courtesy of Altos Research.)
The median list price in Philadelphia, PA this week is $189,900. The 1,422 properties have been on the market for an average of 120 days. The Market Action index has been trending down lately, while days-on market is climbing, providing mostly bearish signs for the market.
Supply and Demand
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
Market Action Index
The PHILADELPHIA market is currently in the Seller’s Advantage zone (greater than 30). The 90-day Market Action Index stands at 41.48 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.
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For more information about single family homes in PHILADELPHIA, PA, contact Mike McCann.