Examining Our $1M + Segment Of The Condo Market
If this segment is doing well, then all of
Center City is doing well....
Here are some interesting stats that I have pulled from the MLS to show the number of CONDO sales OVER $1m from year to year:
3/2/16 through 3/2/17 - TOTAL 89 Condos sold over $1M
3/2/15 through 3/2/16 - TOTAL 75 Condos sold over $1M
3/2/14 through 3/2/15 - TOTAL 73 Condos sold over $1M
3/2/13 through 3/2/14 - TOTAL 67 Condos sold over $1M
3/2/12 through 3/2/13 - TOTAL 49 Condos sold over $1M
3/2/11 through 3/2/12 - TOTAL 30 Condos sold over $1M
Important to note: All data from local MLS. Zip codes include:
(roughly Washington Ave. up to Girard...river to river)
My two cents on this data- Nothing surprising here. More empty-nesters moving to town year after year though some of these sales are "move-up buyers" already living in Center City. And this data is really representative of Center City as a whole- slow measured growth...nothing earth shattering as I think our market has always shown stability. When our market rises, it does so at a sustainable pace. When our market falls, it does so gradually- we don't have the crazy ups and downs of say a Miami, or New York, or DC. We seem to chug along either up or down....
Nothing wrong with that!