Posted by Jonathan J. Miller -Monday, February 14, 2011, 9:55 AM
This quarterly market report is provided by Dr. Kevin Gillen, an economist and Research Fellow at the University of Pennsylvania’s Institute for Urban Research. He analyzes the Philadelphia and regional real estate markets through Econsult, an economics consulting firm based in Philadelphia PA that provides statistical & econometric analysis in support of litigation as well as business and public policy decision-makers. His results are published in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s his methodology.
Kevin does a great job parsing out the market and it is a pleasure to share his results on Matrix …Jonathan Miller
“House value changes uneven across region; average decline is 1.7 percent.”
However, the magnitude of this decline has been quite different from one locality to another. In Philadelphia county, the typical home declined in value by an average of 4.2% in Q4. But in the 10 suburban counties surrounding Philadelphia, the average decline was a much more modest 0.8%. However, in both cases, the decline in house prices slowed from the previous quarter.
40% drop in sales since the expiration of the tax credit
16% drop in region’s average sales price since peak