Philadelphia Housing Market Shows Slight Decline at the End of 2012

House prices decreased by an average of 4.2 percent citywide, but are still up 0.4 percent from a year ago.

Jan 24, 2013, 15:15 ET from Econsult Solutions, Inc.

PHILADELPHIA, Jan. 24, 2013 /PRNewswire/ -- House prices in Philadelphia decreased by an average of 4.2 percent this quarter. Home prices are still up 0.4 percent from a year ago, but the stalled growth from Q3 has turned into a more significant decline in this quarter.

Overall, there were 3,164 arms-length sales of single family homes this quarter. This is down 3.7 percent from the previous quarter, but still up 13.4 percent from the same quarter a year ago.

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Median price per square foot was $88. There were 307 sales in the most expensive category with prices over $200 per square foot, and 490 in the least expensive category of $25 per square foot or less.

The number of home sales with values of more than $1 million continued their upward trend. There were 33 of these homes this quarter, up from 24 the previous quarter and 13 in the same quarter a year ago.

The median sale price of $120,000 represents a 5.5 percent decrease over the previous quarter, but an increase of 14.0 percent over the same quarter one year ago. Unlike the index value, the median price is not quality or seasonally adjusted.

Analysis at the District level provides a refined view of housing market trends. Here, these are aggregated into Subregions to summarize broader market trends.

House prices in the West/Southwest Subregion grew at 4.5 percent this quarter, continuing the recent positive trend and putting the area up 2.0 percent from the same quarter a year ago. The Lower North/River Subregion continues to grow strongly, with prices up 2.0 percent for the quarter, and 1.8 percent from a year ago.

The Central District is bordered by Poplar Street and Girard Avenue to the north, Washington Avenue and Christian Street to the south, and the Delaware and Schuylkill Rivers to the east and west. With a total population of almost 110,000 and a land area of 5.7 square miles, the Central District is one of the most densely populated areas of Philadelphia. It is also one of the best educated and most affluent areas, with approximately two-thirds of residents over 25 holding a bachelor's degree or higher, and an average household income of over $90,000.

House prices in the District fell 6.0 percent from the housing market peak in 2007, and have recovered 5.5 percent from the 2011 trough.

About Econsult Solutions, Inc.

Econsult Solutions, Inc. is a Philadelphia-based economic consulting firm that provides businesses and public policy makers with economic consulting services in urban economics, real estate economics, transportation, public infrastructure, development, public policy and finance, community and neighborhood development, planning, as well as expert witness services for litigation support. Econsult Solutions, Inc. has provided quarterly real estate and housing price indices for Philadelphia and the region since 2008.

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SOURCE Econsult Solutions, Inc.