Average Price Improves in Q1 The first quarter showed significant, stimulated activity. With the impending demise of the tax credit, buyers biught and closed on properties at a rate significantly above 2009 levels for the same time period.
There were 29% more closings in the first quarter of 2010 (compared to 2009), and prices climbed in many areas - up 4% in the overall Philadelphia area: 6% in the PA counties (Berks, Bucks, Chester, Delaware, Montgomery and Philadelphia), but a 3% drop in the NJ counties (Burlington, Camden, Gloucester and Mercer).
An important part of the real estate recovery will be how well average prices hold steady in the fall and winter months. If they can stay above 2009 averages, the recovery is underway; if not, we may be infor another year of "settling" in the average price. |