Philly metro sees best spring market in years

From the Philly Inquirer:

Region – especially Phila. – had a good spring for home sales

Spring’s real estate market was the Philadelphia area’s best since the housing bubble burst in mid-2007, with significant increases in prices and sales volume in almost every county.

Between April 1 and June 30, the region’s median price for a single-family home rose to $217,000, from $212,000 in the same period last year, according to an analysis of second-quarter sales for Berkshire Hathaway Home Services by Kevin Gillen, chief economist for Meyers Research and senior research fellow at Drexel University’s Lindy Institute for Urban Innovation.

Sales volume rose 15 percent, to 18,325 from 15,961 in second quarter 2014, Gillen said, and the average time a house spent on the market dropped to 69 days from 95 days regionwide in the same period last year.

“People were back in the market, that’s for sure,” said S. Clark Kendus, of D. Patrick Welsh Real Estate in Swarthmore, Delaware County.

“Homes are flying off the market in days, especially if the price is right and everything that needs to be done has been done to the listing,” said Frank Dolski, an agent with Coldwell Banker Hearthside Real Estate in Lahaska, Bucks County.

Year over year, price appreciation or value – which compares a home’s recent sale price with its previous sale – also favored the city over the suburbs, as measured by Gillen. Overall, the region saw a 2.1 percent bump. Price appreciation in Philadelphia was 5.2 percent; it was 1 percent in the other 10 counties. (Nationwide, price appreciation was 4.8 percent year over year.)

Meanwhile, South Jersey – though still struggling with more than its share of distressed housing (bank repossessions, foreclosures, and short sales), also showed some strength.

Mike Lentz, of Keller Williams Real Estate in Sicklerville, said June median prices for Gloucester County dropped 23 percent between 2007 and 2013 – from $240,000 to $185,000. But the June 2015 median was $203,000, a 9.7 percent increase from the bottom in 2013, he said.

“We did see an extremely strong first and second quarter,” said Val Nunnenkamp, of Berkshire Hathaway Home Services Fox & Roach in Marlton, with an uptick in prices of about 2 percent to 3 percent overall, and with higher-end homes in Haddonfield and Moorestown up 3 percent to 5 percent.

Robert Acuff of Re/Max Services in Blue Bell, a director of Trend MLS, said that overall “the market has been gaining strength. While prices are stable, volume has increased noticeably.”

The consensus, Acuff said, is that prices will drift up in the 2 percent-to-3 percent range through the balance of the year – a healthy rate.

Noted Weichert Realtors regional vice president John Bilek: “We’re seeing the market follow the cyclical 17-year pattern that we’ve seen over the past 80 years. We are two years into an eight- to 10-year run-up.”

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10 Responses to Philly metro sees best spring market in years

  1. leftwing says:


    Let’s see where the stock market and rates go in the next eight weeks before popping the champagne in Philly.

  2. The Great Pumpkin says:


    “To claim economic freedom while real conditions bar many people from real access to it, and while possibilities for employment continue to shrink, is to practice double speak which brings politics into dispute.”-Pope Francis

  3. Let’s see what Filthadelphia is like once the next bust is well underway. There are billions in unresolved RE from the last bust that should act as tinder for the new failures.

  4. Banco Popular Trust Preferred Shares says:

    Juice: Have Coast cater your party……she is local….she is worth it for the stories alone……she’ll make you look like a big shot……

    NJCoast says:
    August 22, 2015 at 11:49 pm
    Lusty Lobster in the Highlands for lobster. You’re better off buying the whole lobster and using the rest of the body for lobster salad, bisque, etc. When buying just the tails they are frozen. For a perfect accompaniment stop at Sickels in Little Silver to pick up freshly made mozzarella by Junior, don’t refrigerate it and serve it still warm the same day with sliced Jersey tomatoes, fresh basil, a drizzle of good olive oil, salt and pepper. Graham Nash and his crew scarfed down over 5lbs of it tonight.

  5. 30 year realtor says:

    I currently have a hot listing in Ridgewood. Lot is .46 acres located in Willard school district. House is in poor condition. Appraiser for the bank that owns the property gave a value of $410,000. I suggested an asking price of $599,000. Bank listed in MLS for $539,900. No shortage of interest in this property.

  6. leftwing says:

    Next time, graciously accept his recommendation and give me a call. We will work something out. Promise.

  7. Juice Box says:

    re # 4 – I am shanty and cheap, but I do like to throw a good party. We ran a family party for 92 people at the house I rented in Ireland two weeks ago. We had a bouncy castle, a tent and loads and loads of food and the weather cooperated it was sunny and 70 degrees. We purchased 24 bottles of wine and cases and cases of cold beer, after the party we somehow had 35 bottles of wine, several bottles of whiskey and a case of beer left over. Left it all at my aunts house, she is stocked up for a good few months now.

  8. NJCoast says:

    Sly is in da house! Surprise visit. We’ll see if he will go onstage with the Family Stone. It’s been years.

  9. Marilyn says:

    I read this bogelhead forum and let me say nothing rattles these guys. They now are wanting to buy and said they were waiting for the opportunity like this for a while. God bless them, they have nerves of steel.

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