Hearthside Happenings

Low Housing Stock is Fueling Philadelphia Bidding Wars

What effect is low housing stock having on Philadelphia bidding wars?
Posted by Joe Carelli on May 22, 2019 in  housing  pa  pennsylvania  Philadelphia  Philly  real estate  real estate industry  Trends
This past October, many in the real estate industry were worried about the state of the real estate market. After a national building boom that has lasted for more than 7 years, many in the business were wary of a slowdown. During the fall of last year, mortgage rates hit 7-year highs, price appreciation was suffering, and total home sales declined. Despite all of these issues- Philadelphia and some surrounding areas hit record numbers for homes sold. To add a cherry on top sold prices climbed by 4.2 percent durin... read more
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February 2019 Market Update As we finally break free from winter’s grasp, let’s take a look at the state of the market for February. The market tends to slow down in the winter months due to holidays and inclement weather; once the weather starts warming up in mid to late March, we tend to see higher levels of activity. This year we were treated to a few days beyond the historical average with one day reaching 67 degrees in mid-February.  Much like the weather the market saw above average numbers... read more
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