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Philadelphia and Surrounding Area Real Estate Market Update for Summer 2014

July 23, 2014

Looking to buy or sell a home in the Greater Philadelphia Area? Click here to perform a full home search, or if you’re thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today’s market. You may also call us at (484) 531-5844 for a FREE home buying or selling consultation to answer any of your real estate questions.

Since we are already halfway through 2014, we thought now would be a great time to talk to you about what the real estate market has been doing here in Philadelphia and the surrounding area. We know where it’s headed and what it’s been like so far this year as compared to last. We have taken some time to pull the data and statistics to share with you and so far, we are seeing some very good numbers. Here’s what’s going on right now:
  • Median sale prices and the average sales price for a home have gone up
  • The number of homes for sale has decreased due to a shortage of inventory
  • There is still a shortage of closed sales and supply, but the average time a home is on the market has gone down considerably. This means people are buying all of the good properties on the market up quickly.
  • With median and average sales prices going up, it is a positive indication that we are going in the right direction in the marketplace.
In this kind of market, if you price your home properly, it will sell quickly. There are a lot of factors that go into putting your house up for sale at the right price. What you can get for it, where you live, and the condition of the home all need to be taken into account. This is what we specialize in at the Mike Sroka team. It doesn’t cost anything at all to have a team member come out to your home and evaluate it and give you an accurate, realistic price on your property. That’s what you do when you need to talk to the experts at the Mike Sroka team. please give us a call or send us an e-mail if you want to know what your home is worth or if you have any questions at all.
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