Go Back To Article List

Philadelphia Pennsylvania Home Selling Statistics

Posted Monday, June 21, 2010

Is it a Buyer Market or a Sellers Market?

This is a question that most people ask when they are thinking of selling theirhomes. Knowing the type of market you are involved with will have a lot to dowith how much your asking price should be, and will play a role in the lengthof time you are willing to have a home for sale. In most markets, there is anindex that fluctuates up, and down depending on what’s happening with homesales in the area. Home selling in Philadelphia is no different. The MarketAction Index (MAI) in the Philadelphia area is currently in the low eighteens.This is based on a scale that indicates that anything above thirty would beconsidered a sellers market. Currently, the mark of eighteen would indicatethat it’s still easily considered a buyers market. This means that if you are looking to sell quickly you will have to price your home very competitively inorder to receive offers in a reasonable time frame.

How Long is Selling House in Philadelphia Taking?

Knowing what type of market you are involved in is an important factor whenplacing your home on the market. Having an estimated idea of how long it’sgoing to take to sell will give you a way to plan ahead. Obviously, it’simpossible to tell with any certainty how long a home will be on the market,but there is an average that most real estate markets establish for themselves.The current trending is on a downward pace. The average that home selling inPhiladelphia is taking is just over 200 days. You can plan better, and priceyour home accordingly with how the market is selling by knowing how long it’staking.

What is the Average Home Selling For?

It really depends on the area that you are living in. Upper income residentialareas are considered at the top of the median home pricing scale, whereas lowerincome areas are at the latter. Homes in various neighborhoods are priced bythe square foot, and that is also a consideration when it comes to upper andlower class residential homes. When pricing a home it’s important to know whatother properties are selling for per square foot, and that are similar in sizeand amenities.

Knowing what market factors are happening when selling a home will allow a hometo be priced in the most effective way. Using Philadelphia Pennsylvania homeselling statistics should be a key part in any research before placing a homeon the market.