Philadelphia housing market improves significantly over March 2012
Through the housing market decline, real estate in Philadelphia, PA, remained stable compared to many other metropolitan areas. Recently, the city continues to show signs of optimism for the short- and long-term future of the local housing market.
In several categories, the Philadelphia outlook has improved over the month of March, and numbers are down in key fields at the start of April 2012. While Philadelphia's home resale inventories remained the same, with a 0 percent change since last month, homes are staying on the market for significantly less time. According to real estate experts, the average home is predicted to stay on the market for 84 days in April, down from 108 days in March.
Additionally, distressed properties such as foreclosures and short sales decreased 1 percent to reach 3 percent at the start of April, showing positive signs of potential market growth.
Homebuyers who want to move into a city where listings may grow in value significantly over the coming years may want to consider the available properties in the Philadelphia area. Media listing prices in Philadelphia continue to climb, so purchasing a home now may be a sound investment to make.