Old City Market Statistics - January through October 2008 - The Somers Team

19106 makes up Old City - Old City Market Statistics

Contact Chris and Stephanie Somers at thesomersteam@yahoo.com for more information and market statisitcs and trends regarding Old City and the Old City real estate market.

From January 2008 though October 2008, there were 576 units listed, of which 171 went pending and 175 sold.

The average listing price was $467,264 and the average days on market is 88.

For the properties that have sold in Old City, the average listing price was $411,648 and the average sold price was $381,993.

The current inventory is 230 properties. With the average being 17.5 properties selling per month, there are 13 months of inventory on the market.

Outlook: A lot of inventory remains on the market in Old City (230 properties). The differential is now at 92 percent of the listing price. With inventory on the rise and the days on market creeping above the average in the last 10 months, prices will probably start to drift down. For example, the average days on market in Sept and Oct 2008 were 134 and 152. Some of these listings are from new construction and developers that will either need to bring prices down or rent out some of their units instead. Is an excellent time for a buyer in this area as the location is prime within Philadelphia.

If you would like a free market evaluation of your home or are interested in purchasing in Old City contact Chris or Stephanie Somers at RE/MAX Affiliates at 215-400-2612 or email thesomersteam@yahoo.com. Also, view our Old City listings. Look up 1000s of listings on our website as well as learning more about us. Also, please visit our blog !

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