November 11, 2019
3Q19 VERY Insight Market Report
VERY Real Estate is proud to share our 3Q19 VERY Insight Report, a year over-year report outlining the market trends in the Center City Philadelphia residential market and its surrounding suburbs.
We are including a review of information critical to make a decision on whether to engage in a real estate transaction – either as a buyer, seller or investor – namely: interest rates, buying power and inventory.
The 3Q19 period experienced adjustments in mortgage rates and inventory. We saw a decline, in Center City, on sales volume and number of units sold. Throughout the market, Days on Market (DOM) has increased year-over-year indicating that perhaps the fervor of previous markets has declined.
Interest rates are at historic lows, yet buyers are not feeling the sense of urgency we’ve experienced in previous markets. Politics aside, with the all the uncertainty in the world currently, it’s possible that consumers are being more cautious. But, like always, well-located and well-priced properties are still seeing significant demand.
Now, more than ever, as the market begins to show signs of a shift, it’s critical to engage a qualified real estate professional to help guide you through the transaction process.
We hope you enjoy our report and as always, please reach out with questions.
The report is available for download here.