Copper Hill Real Estate

Copper Hill Quarterly Report 2020 (Q1)

Posted by Copper Hill on Wed, Apr 15, '20

 

 

Welcome to the Copper Hill Quarterly Report! Each quarter we gather the most important market data from popular Philadelphia neighborhoods and zip codes and share it with you. This gives us a great snapshot of how the general real estate market is doing on a quarter-to-quarter and year-to-year basis.

The data is broken down into categories, which include: the number of properties listed, average listing price, number of properties sold, average sold price, and the average number of days on market. These statistics cover what we believe to be the core data to understand what is happening in the housing market for each neighborhood and zip code.

The purpose of these reports are simple, provide a snapshot of information that can assist in painting the picture of market activity. We hope you enjoy, and as always, please reach out to us with any questions you may have. We are here and always happy to help!

How We Interpret the Data

  • The average sale price has risen 2.4% in Q1. This small increase continues the trend of gradual, but slowing price appreciation.
  • Home prices are up an average of 5.1% from Q1 of last year which is much greater than the increase of 1.5% from the year before. This is a good sign that the market continues to trend upwards year over year.
  • The median home price in Q1 was $360,000. The same as the previous quarter and up from $350,000 year over year. This increase matches the same increase from 2018-2019 when the median home price was $340,000. It should be noted that median home prices are more volatile compared to the house price index.
  • Price changes in individual neighborhoods were varied. 19102 (-11.8%), 19103 (+10.8%), 19106 (-14.3%), 19107 (0.0%), 19122 (-18.6%), 19123 (-7.5%), 19125 (+2.1%), 19130 (+8.6%), 19146 (+9.9%), 19147 (+4.8%), 19127 (-5.3%), 19128 (+4.8%)
  • Home sales numbers continue to be high, but appear to have peaked and are even trending downward. There were a total of 1,190 home sales compared to 1,201 from the previous quarter. Sales increased from the same quarter last year which came in at 943 total sales.

Click HERE to access the full report for Q1 2020.

*All data is pulled from Bright MLS in the following zip codes: 19102, 19103, 19106, 19107, 19122, 19123, 19125, 19146, 19147, 19127, & 19128

*Also note, that this data doesn't encompass the city as a whole, but strictly the zip codes that are monitored on our report

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