Berkshire Hathaway Fox & Roach very recently published this year's 2nd issue of the Chairman's Report, containing some updates and expections on the Real Estate market in the Philadelphia metropolitan region, including PA, NJ and DE. Overall, the report is positive and optimistic:
- More houses are needed to meet the growing demand.
- With the exception of high-end properties, we are now in a seller's market and buyers must be ready to act fast when they find a property they want.
- There has been a modest but steady price growth in this market area. Median sales price reached its post-recession low of $230,000 in 2012, but now, median sales price is up at $244,000.
- Interest rates are at a 3-year low
- Consumer confidence is good
- There is plenty of mortgage money available
- Stock market and oil prizes are stabilizing
A beautiful porch (with house) for sale - click the picture too see more.