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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
- 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.
- 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]
- 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]
- 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.
- 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 16 | JUN 17 | % CHG |
|
|---|---|---|---|
| Total Sales | 47 | 56 | 19% |
| Lowest Sales | $18K | $17K | -6% |
| Highest Sales | $820K | $949K | 16% |
| Average Sales | $160K | $156K | -3% |
| Days On Market | 40 | 39 | -3% |
(19104) West Philadelphia-University City/Mantua
| JUN 16 | JUN 17 | % CHG | |
|---|---|---|---|
| Total Sales | 11 | 13 | 18% |
| Lowest Sales | $38K | $56K | 48% |
| Highest Sales | $520K | $685K | 32% |
| Average Sales | $324K | $379K | 17% |
| Days On Market | 62 | 21 | -66% |
Upper Darby
| JUN 16 | JUN 17 | % CHG | |
|---|---|---|---|
| Total Sales | 903 | 948 | 5% |
| Lowest Sales | $24K | $32K | 33% |
| Highest Sales | $372K | $375K | 1% |
| Average Sales | $136K | $140K | 2% |
| Days On Market | 72 | 56 | -22% |
Chester
| JUN 16 | JUN 17 | % CHG | |
|---|---|---|---|
| Total Sales | 105 | 140 | 33% |
| Lowest Sales | $7K | $8K | 11% |
| Highest Sales | $100K | $107K | 7% |
| Average Sales | $32K | $43K | 35% |
| Days On Market | 71 | 44 | -38% |
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Veronica comes from a family of real estate investors. She is passionate about helping clients create wealth, build a legacy, and design a dream lifestyle through real estate.
What makes Veronica stand out from other realtors is her financial background. With an MBA in Finance from The Wharton School and a bachelor’s degree in Economics from Northwestern University, she does not run from the numbers. She spent over a decade running financial models to help her employers evaluate projects and products. This skill allows her to simplify the bottom line for a homeowner or forecast the return on investment for a developer.
Veronica is a licensed realtor in PA. Veronica helps her clients buy, sell, invest in real estate in the following neighborhoods in the Philadelphia metro area: Cedar Park, Chester, Cobbs Creek, Darby, Drexel Hill, Germantown, Kingsessing, Lansdowne, Marcus Hook, Overbrook, Overbrook Farms, Sharon Hill, University City, Yeadon, and Upper Darby. Her company also provides property management services for single-family homes and small apartment buildings in the area.