In last week’s city block local I sent Kevin Gillen’s 3rd Quarter 2018 Philly Residential Housing Report hot off the press (to review click here and here). I have now had a chance to review and I wanted to provide a few comments:
- Philly appreciation beat the USA as a whole for the past 38-years, 10 years, and this past quarter. But not the past 1-year, where we came in at an even 0.0%. Interestingly, in the past year, the Philly 10 county region was at 5.5% and the USA at 6.3%.
- As always, the index discussing the city as a whole is always much different than the neighborhoods that the City Block Team generally covers. We are most experienced in Greater Center City (Washington to Girard, River to River), South Philly, the River Wards, West Philly, and the entire Northwest. Real estate is so neighborhood-based, and sometimes micro-neighborhood based, that I really like to focus on Dr. Gillen’s neighborhood indices rather than the city at large.
- The top areas over the past one-year was the Northeast, which has historically been the slowest area to appreciate. Followed by University City (no surprise there) and the River Wards.
- In the past quarter, the top area was University City (6.2%). You are going to notice a theme here with UC.
- Over the past 10 years (45.8%) and 38 years (223.1%), the top area was… University City! As many of you know, I have been the leading Realtor in University City over the past 10-years (by far), and I have always focused on specialized marketing in this amazing Philly neighborhood.
- At the same time, while leading in University City, I have sold even more in Greater Center City, which has gone up 20.7% over 10-years and 1.4% over the past year, and went down 1.3% this quarter.
There is so much more in these reports. I just love this information. If you have any questions or would like to discuss further, please contact e at any time.
And as always, do you or someone you know considering buying or selling real estate? I pledge to be their trusted advisor and provide the highest level of service.