Real Estate Wisdom Newsletter – Market Update 10-3-17

Real Estate Wisdom Newsletter – Market Update 10-3-17

Wealth. Legacy. Lifestyle.

Whether you are a reluctant landlord or emerging investor, this newsletter is for you. You can count on the Real Estate Wisdom newsletter to provide the inside scoop from talking to buyers & sellers, studying the market trends, and following what is going on at local city halls. 

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Action Inspiration

“If your dreams do not scare you, they are not big enough.– Ellen Johnson Sirleaf, President of Liberia

The number #1 question that I get from investors is “how is the market?” Here are 5 Points of Interest about the Philadelphia metro area and final August market statistics.

5 Points of Interest

  1. Baby Boomers are driving some of the low inventory. Many empty nesters (55 and older) who may have previously wanted to sell because they had “too much house” now are opting to stay put in greater numbers. This trend makes them more likely to hold out for a price that would allow them to buy a new house that meets their needs. Since home ownership among baby boomers is at 78%, this is a trend that we are watching. [Source:]
  2. The battle to woo Amazon to Philly has benefits for real estate investors. Dozens of cities across the country are courting the new Amazon headquarters including Philadelphia. The insiders say that the most viable sites locally are two sites in University City and one at the Navy Yard. What does this mean for local real estate investors? If Philly gets the bid, the metro area will have an influx of new residents who are going to need homes to buy or rent. If the city doesn’t, it will still have garnered new national attention which may support market appreciation.
  3. The demand for single-family rentals is still high. While there is speculation about relaxing some mortgage requirements, many consumers may still fall short. Also, 40% of families with children living at home are renters, which often means a three bedroom/one bath home. In the Philly metro, 14.9% of single-family home inventory are rentals (vs.19.2% nationally). It will continue to be a good time to be a landlord. [Source: Zillow]
  4. First-time home buyers are driving health of the market. Often investors overlook making their properties owner-occupant ready when it’s time to sell. According to a report by Genworth Mortgage Insurance, first-time home buyers account for 36% of the total home buyers (up two percentage points from the previous year). First-timers are often willing to put in a little sweat equity into a property in exchange for a reasonable sales price. These buyers will not float in low-ball offers as another investor would. The best way to reach these folks is with professional marketing using a realtor and syndicating the information about your property via the MLS.
  5. Chester Charter School of the Arts now has a new home. In 2015, the Chester Housing Authority sold the 11-acre site off of Rte 95 and Highland Avenue (previously the McCaffery Village housing development) for $2.5 million to The Chester Fund for Education and the Arts, which founded the K-12 school in 2012. The group used New Market Tax Credits from the state to partially fund the $25 million effort. Officials cut the ribbon on the new school on August 25. This project signals the feasibility of additional development opportunities through public-private partnerships for other developers in Chester.

August Key Market Statistics

(Statistics shown are for rolling 12 months)

(19143) West Philadelphia-Cobbs Creek/Cedar Park

 AUG 16AUG 17% CHG
Total Sales4024112%
Lowest Sales$10K$11K13%
Highest Sales$840K$1545K 84%
Average Sales$139K$139K0%
Days On Market5245-13%

(19104) West Philadelphia-University City/Mantua

 AUG 16AUG 17% CHG
Total Sales13614624%
Lowest Sales$14K$13K-7%
Highest Sales$1,325K$2,400K81%
Average Sales$245K$250K2%
Days On Market5141-20%

(19139) West Philadelphia-Walnut Hill/Haddington/Mill Creek

 AUG 16AUG 17% CHG
Total Sales18522924%
Lowest Sales$7K$5K-29%
Highest Sales$775K$607K-22%
Average Sales$82K$93K13%
Days On Market6950-28%

Upper Darby

 AUG 16AUG 17% CHG
Total Sales9059576%
Lowest Sales$14K$17K21%
Highest Sales$425K$415K -2%
Average Sales$120K$129K7%
Days On Market8069-14%


 AUG 16AUG 17% CHG
Total Sales116146100%
Lowest Sales$4K$5K43%
Highest Sales$165K$165K0%
Average Sales$45K$50K13%
Days On Market7060-14%


From the desk of Veronica Woods, Daniel Woods Real Estate

About Veronica
Veronica comes from a family of real estate investors. She is passionate about helping individuals make smarter decisions about how to manage real estate and create opportunities to create legacy wealth. Veronica is a licensed realtor in PA and NJ. She earned her MBA at The Wharton School and has a BA in Economics from Northwestern University.