A Sellers Market for Many in Spring 2012-
A Wide Segment of the Center City Condo Market will experience heavy demand and...
Inventory Just Doesn't Exist
If we examine the current inventory levels of
Center City Condos, we will find some interesting facts.
According to Trend MLS:
1) No Dorchester Units For Sale
2) Locust Point Has No Units For Sale
3) No Hopkinson House units for sale
4) No units at The Rittenhouse Savoy
5) No Murano 2 bed condos under $880k for sale
6) No units at the 1820 Rittenhouse Available
7) No units at 1900 Rittenhouse Square
9) Nothing at Center City One (1326 Spruce)
8) With Just 1 or 2 Unit in the Building for Sale:
Independence Place II, Penns Landing Square, The Barclay and 1830 Rittenhouse
9) Many Mid rise and Loft style have Limited availability as well: The Lippencott, Roberts Quay, Fitzwater Lofts, The Castings, The Palladian....on and on...
10) The rise of rentals vs sales has taken a bite out of potential resale inventory.
With low inventory levels, I think for Spring 2012, we will find that sellers are in the drivers seat in these specific segments of the Center City condo market, and may be in for a price escalation and a shorten
"Days On Market' in relation to the 2008-2011 Philadelphia condo markets.
AND BELIEVE ME...THE BUYERS ARE BACK!
This time of year..usually a day or two after the SuperBowl, my phone starts ringing off the hook, and my email inbox is filled with prospective buyers. If January 2012 is any indication of what the rest of the year looks like here in town-
HANG ONTO YOUR HATs
Because the buyers are back,
and they are hungry.