The Philadelphia Housing Market was in a booming mode for nearly the last six years since 1999. But for the last few months of 2006, the Philadelphia Housing Market is showing signs of cooling down considerably. The recent statistics show that the housing sale rate in the Philadelphia Housing Market during the fourth quarter was lower than normal and negative in some of the places. Though this was expected as the market had a superb time for the last 5-6 years.
Though, according to the experts of the Philadelphia Housing Market this is not a massive crash but a return to normalcy. The homeowners in Philadelphia have experienced the roaring market in the last few years though Philadelphia had never experienced this kind of boom even when the other states were booming.
A recently published Philadelphia Housing Market report shows that the median price sale is nearly $380,000, a nearly 3 percent jump than the previous year. In spite of these encouraging statistics the Philadelphia Housing Market is on the verge of slowing down. If these statistics are compared with the last quarter the signs will become clearer. The median price sale has gone down by a little under 4 percent and the average selling time of a property has increased by a week.
Another statistics show that the median price sale for the third quarter was more than $370,000 which is nearly 3 percent more than the fourth quarter` s, which was just above $350,000.Not only this but the sale for the fourth quarter in Philadelphia Housing Market was more than 20 percent than the final fourth quarter.
Latest statistics show that the boom is nearly over but one thing the experts of Philadelphia Housing Market are saying that the hangover might remain in the market for some more time. Another statistics show that the 'for sale' board or the market stock has gone up by more than 30 percent, compared to the previous years. Though it is far better than cities like Boston and Miami.
The experts of the Philadelphia Housing Market say that after an average growth of more than 60 percent for the last few years, the slowing down trend was sure to happen. This does not indicate a major crash in the Philadelphia Housing Market, but can actually be termed as cooling down after few hot years.