Philadelphia real estate values continue to increase in 2012
In the United States, property values continue to stabilize as more people find employment opportunities and lenders continue to dole out financial assistance to those in need. Real estate in Philadelphia, PA, has also seen a positive turn of events in 2012, with several key market indicators pointing toward sustained growth in the coming months.
According to the S&P/Case-Shiller index, property values fell 3.5 percent from a year earlier, showing additional signs that the real estate market has begun to build its way back to prominence. The first quarter numbers published by the Greater Philadelphia Association of Realtors delves further into the apparent recovery, indicating progress is obvious, but still very slow.
Total sales in the first quarter of 2012 were 7.4 percent lower than in the previous quarter, but 4.1 percent higher than the first quarter of 2011. While home closings remained down, median sales price went up slightly across the board. People may be buying fewer listings, but the ones that are claimed are not always properties that went through foreclosure. The report also found inventory levels are down, and distressed sales continued to thrive.
Short sales and distressed home sales will continue to bring down median sales price in the Greater Philadelphia area, but sales of these properties are essential for sustained growth. There are dozens of properties in debt across the United States, and until the majority of those listings are purchased, the overall housing market will remain in flux.
Buyers may be encouraged to enter the market in Philadelphia as values continue to improve. People want to feel confident their investments in land will appreciate over time, and many key indicators show the City of Brotherly Love is primed for an inevitable surge. It may be a good time to buy in the area, as costs are still low, but they won't remain that way forever, so entering a closing early might help prospective buyers find affordable housing that can impact their future financial standings.
A recent survey conducted by Fannie Mae supported many experts' claims that today is the right time to buy. One third of respondents indicated home prices would rise in the near future, and approximately 73 percent said today was the ideal time to purchase property in the United States. Homebuyers may want to consider Philadelphia as the perfect relocation destination, as industry culture and entertainment opportunities are ever present in the area.