Real Estate Wisdom Newsletter – Market Update 8-16-17

Real Estate Wisdom Newsletter – Market Update 8-16-17

Wealth. Legacy. Lifestyle.

Whether you became an investor reluctantly or with the intention to grow a mighty portfolio, I would like to be a resource for youYou 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

Action expresses priorities.– Mahatma Gandhi

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 June market statistics.

5 Points of Interest

  1. It’s still a seller’s market, which is helping to drive average sales prices up. Owners who bought or refinanced in 2006 and 2007 are still under water. Houses for sale in both Delaware County and Philadelphia is lower as seller’s gamble on whether the hot market will continue to have steam into 2018.
  2. 40% of all Q2 Home Sales were all cash in the Philadelphia metro area (up 13% from 2016). This suggests that investors, local and from NYC and DC, are still successfully finding deals   It is also reflects the current mortgage lending environment as challenging for first-time home buyers. [Source: RealtyTrac]
  3. August rental data shows that one Bedroom rentals (+4.3%) showed more price appreciation than two bedroom ones (+0.2%) year over year. Also, if you are considering purchasing multi-family with mostly 1 bedrooms, it still could be a winner. The cash flow upside may be more favorable than you originally thought. [Source: Abodo]
  4. New hotel in Chester, PA. The groundbreaking for the $6M project for an extended stay hotel near 4th Street occurred in June. Construction is planned to begin in August. We will need to wait to see whether this will bring new restaurants to support the residential market in the downtown area.
  5. At the end of June, Brandywine Realty Trust pledged $5.6M to promote neighborhood development in West Philadelphia. The developer committed to support real estate development in the neighborhoods surrounding its large Schuylkill Yards project. This means new opportunity for Mantua, with nearly 30% vacant parcels.

June Key Market Statistics

(19143) West Philadelphia-Cobbs Creek/Cedar Park

 JUN 16JUN 17% CHG
Total Sales475619%
Lowest Sales$18K$17K-6%
Highest Sales$820K$949K 16%
Average Sales$160K$156K-3%
Days On Market4039-3%

(19104) West Philadelphia-University City/Mantua

 JUN 16JUN 17% CHG
Total Sales111318%
Lowest Sales$38K$56K48%
Highest Sales$520K$685K32%
Average Sales$324K$379K17%
Days On Market6221-66%

Upper Darby

 JUN 16JUN 17% CHG
Total Sales9039485%
Lowest Sales$24K$32K33%
Highest Sales$372K$375K 1%
Average Sales$136K$140K2%
Days On Market7256-22%


 JUN 16JUN 17% CHG
Total Sales10514033%
Lowest Sales$7K$8K11%
Highest Sales$100K$107K7%
Average Sales$32K$43K35%
Days On Market7144-38%


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.