Single Family Home Stats;
For the Month of July;
- The Total number of homes on the market in Philadelphia was 8,325. A drop off in inventory of 7.4 from July 2008 (8,986)
- The inventory accumulation was 10.1 months which is an increase of 14.8% from July 2008. Inventory accumulation=# of homes on market divided by # of homes selling each month. I.E 1000 Homes on market, 100 sell per month= 1000/100= 10 months of inventory on the market.
- A little bit of good news, the number of pending home sales in July were 999 up 4.4% from July 08 (957)
- Although settled homes in July 09 are slightly less than July 08, 991 homes settled in July!
- Here is an important thing for home sellers to ask the Realtors they are interviewing for the job of selling their home. "What is your list to sales price ratio?"- I.E List the home for $100,000 and it sells for $90,000 is a 90% list to sales price ratio (90,000/100,000=.9 *100=90%) The average for Philadelphia home sales is 91.3% in July 09 where in 07 t was 94%
So the overall Philadelphia market is slower than it has been in years past but is still doing very well. So stay positive, price your home correctly and you will get your home sold.
Best of Luck!
Trish
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