"How's the Market" February 10th, 2025 edition

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“How's the Market?" is the question most frequently asked of us Realtors, and with good reason. The housing market is a reliable indicator of the overall health of the economy, regardless of whether you're buying, selling, or investing.? I'll continue answering the question by sharing Monday morning updates on housing market activity in the geographical area shown above.

All hail the Philadelphia Eagles, the demonstratively best team in the NFL and Super Bowl Champions! There was no question after their second score of the game, and after this past weekends activity,? there’s no question about what’s happening in the local market,

?In the housing market, we’re seeing a sluggish pace of? new listings hitting the market, while? contract activity is fast and furious.

Between Thursday February 6th and Sunday, February 9th :

• ?9 properties came on the market?
• 5 detached properties, ranging from $555,000 to? $1,695,000
• 4 townhouses ranging from $499,900 - $1,599,900?

During? the same period?

• 13 detached properties went under contract
• 8 were under contract in 7 days or less
• 7 was under contract in less than 3 days

????????????Homes that have been on the market for 30 days or more.

In order to provide a more thorough overview of the market, I've been tracking another category that is often overlooked by buyers just entering the market. Homes that have been on the market for more than 30 days represent overlooked opportunities for buyers as sellers feel the pain of overpricing and are then forced to correct their pricing as they chase the market down. Over the last four months, this segment of the market has been where the bulk of contract activity has taken place.

In the first week of 2022, there were 32 single family homes in the 30+ days category. In the first week of 2023, that inventory stood at 93. In 2024, there were 105, and as of today, that number has dropped to? 65. As further perspective, back on December 31st, there were 118 detached properties in the 30+ days category;?

35 of these homes are priced under $1,000,000, and of those, 21 had at least one price reduction.?

• 43 have been on for 60 days or more?
• 23 have been on the market over 4 months
• The current record-holder is at 529 days on the market.