All Forum Posts by: Yuriy Skripnichenko

Hi all, wew report from Bright:

Demand for homes in the Philadelphia Metro area fell sharply in December, according to the Bright MLS | T3 Home Demand Index. The December Index, at 69, reflected a Limited pace of demand and was down by nearly 26 percent from November. Compared with one year earlier, demand was almost 13 percent lower.

Demand decreased for all types of Philadelphia Metro area homes in December. 

The Index for higher-priced single-family homes fell the most, down by more than one-third over the month. Demand was weakest for lower-priced single-family homes, which captured Limited buyer interest. Demand was in the Slow range for all other types of homes. The months supply of homes ranged from a one-month supply for mid-priced single-family homes to 5.6 months for higher-priced condos.

Cheers, Yuriy 

Hi all, new report from Bright MLS.

Following four months of Moderate demand for homes in the Philadelphia Metro area, buyer interest decreased in November, in line with the typical seasonal slowdown in activity at the end of the year. In addition, strained affordability as home prices continued to rise likely contributed to the softening of demand.

Most of Philadelphia is in slow or steady demand. Far NE Philadelphia stays in high demand. 

Demand for homes in the Philadelphia Metro area was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand decreased for all types of homes in November. Although still reflecting the strongest level of buyer interest among all types of homes, the Index for higher-priced single-family homes fell the most, moving from High to Moderate demand. The months supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.3 months for higher-priced condos.

Cheers, 

Yuriy 

@Caleb Coombe

I'd recommend to read this thoroughly before you start investing in Philly for AirBnB rentals. 

Cheers, 

Yuriy

@Samuel P.

I cannot speak for Upper Darby requirements. We manage in Philadelphia only. I'd recommend to check on the county and township websites or call them. 

Cheers, 

Yuriy 

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Cheers,

Yuriy S.

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@Joseph Micheal

That means limited demand index (lower than 35). 

The Bright MLS | T3 Home Demand Index is an index that is designed to track the level of interest and activity of actively engaged home buyers and is a measurement of home buying demand in a specific region. The Bright MLS | T3 Home Demand Index does not track home prices or the number of sales. Instead, it measures activities that happen before sales transactions are completed, and is thus considered a leading indicator of market activity.

Cheers, 

Yuriy

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Hi all, new report from Bright MLS.

Philadelphia Metro: Median Sales Price Up 9%, Overall Sales Down 12.8% YoY

While the market remains solid, there is growing tension between several key market metrics: supply, prices, and sales. The number of new listings in the Philadelphia Metro was down 12.9% compared to last October, while sales activity saw a 5.9% monthly decline.

Median Sales Price: $304,000 in October 2021, a 9.0% increase over October 2020

Overall Sales: 7,834 homes sold in Metro area, down 12.8% from October 2020

Median Days on Market: 11, +1 day from September

Buyer demand for homes in the Philadelphia Metro market area was unchanged in October. The Bright MLS | T3 Home Demand Index remained at 111, reflecting a Moderate level of buyer interest. Although unchanged over the month, the Index was nearly 13 percent lower than one year earlier.Buyer interest was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand for higher-priced single-family homes fell a modest five percent over the month, exceeded only by the drop in the already-weak lower-priced single-family segment. Demand was essentially unchanged among other types of homes. The months' supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.8 months for higher-priced condos. The months' supply for each type of home changed little over the month, except for higher-priced condos, which rose from 4.9 to 5.8 months.

NE Philadelphia still stays hottest area of the city. 

Cheers, 

Yuriy

@Sheryl Sitman

I love your approach. I wish I could say I did my part in contacting the City Council. I had a few attempts in the past and never heard back from them. Any tips on the best way of reaching out and talk to them or have them listen? 

Cheers, 

Yuriy 

At this point it too late to have conversations with the city council unless if you are ready to fight and have some changes to the enacted bill. The bill came into effect on October 15th...

Cheers, 

Yuriy