Philadelphia Inquirer: The Local Real Estate Market Is Strong

The Philadelphia Inquirer featured a story on Sunday looking at the strength of the local real estate market:

Sales volume is up, and desirable houses are attracting multiple offers, local brokers and agents report. In many municipalities and certain city neighborhoods, low supply of available homes is driving prices up.

All of which signals a strength, here and across the country, not seen since the U.S. housing market went bust nearly seven years ago, taking the wider economy down with it.

The numbers clearly reflect this thinking:

According to Prudential Fox & Roach’s HomExpert Market Report, April sales for the region, based on data from Trend Multiple Listing Service, totaled 4,420 – just 18.7 percent, or 690 properties, higher than April 2012 levels. Median price – half the properties sold for more, half for less – was $205,000 in April, just 2.5 percent more than last year.

The number of houses on the market in April was 12 percent lower than a year ago, tamping down sales volume and pushing prices up.

If you’ve been thinking about putting your home on the market, now my be the time to sell. You can check out our 7 tips for selling your home. If you’re in the market to buy a home, then the 5 tips for first time homebuyers can provide some information to consider as you begin your journey.