Here below is a graph demonstrating Market Action Index and Price per Square Foot in Center City Philadelphia’s 19106 Zip Code. This zip contains both the Society Hill and Old City neighborhoods. For the purposes of isolating conditions in Old City, we’ve restricted this graph to include data for condos only. (The Old City marketplace tends to be dominated by condos, while the Society Hill marketplace is mostly single family homes.)

The current Market Action Index (rate of sales vs. current inventory) for 19106 Condos is hovering around 13. An index below 30 suggests a buyer’s market.

Price / per square foot numbers in Old City are also down nearly $20 over the past 10 months or so. Do you think market conditions in Old City will be stronger when the current large inventory of available condo units goes back to normal levels? If so, could be a good time to check out one of the following units?

Posted in Neighborhoods, Old City, Statistics