(Courtesy of Altos Research)
The median list price in PHILADELPHIA, PA this week is $219,900. The 909 properties have been on the market for an average of 133 days. Inventory has been decreasing lately but the Market Action Index is falling also. With days-on-market climbing, these are relatively negative implications for the market.
Supply and Demand
The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.
Despite this week’s down tic, the price trend remains upward for several weeks. A persistent drop of the Market Action Index into the Buyer’s zone will be a leading indicator of the price strength subsiding.
Market Action Index
The PHILADELPHIA market is currently quite strongly in the Seller’s Advantage zone (greater than 30). The 90-day Market Action Index stands at 48.93; indicating very little supply relative to the demand.
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For more information about single family homes in PHILADELPHIA, PA, contact Mike McCann.