1Q 2010 Philadelphia Housing Resumes Downward Slide
Posted by Jonathan Miller -Tuesday, May 4, 2010, 10:01 PM
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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 real estate market using the city’s real estate database 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
Download the report and Kevin’s commentary.
Observations
A struggling economy and “snow-mageddon” took its toll on Philadelphia’s housing market this past winter, with the most recent home sales data indicating that both house prices and sales activity took another hit during the most recent quarter.
After a year in which the market signaled some signs of finally stabilizing, house prices fell citywide in the first quarter of 2010. The typical Philadelphia home declined in value by an average of 4% on a quality- and seasonally- adjusted basis this past winter, according to the latest analysis by Econsult economist Kevin Gillen. This was the largest quarterly decline since the winter of 2009. From the housing market’s peak in 2006 to date, the average Philadelphia home has now fallen in value by a total of 11%…
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For great insight on Philadelphia real estate and neighborhoods, check out Brownstoner Philadephia whose lineage can be traced back to Brooklyn, NY via the original Brownstoner.
