Our annual report of the good, the bad and, yes, even the little bit of ugly that the real estate market brought this past year.
In general, 2007 was not a great year for Philly real estate. “By the third and fourth quarters, publicity about the credit crisis slowed down our market, even though we weren’t affected by the crisis itself,” says Steve Storti, senior vice president of marketing for real estate behemoth Prudential Fox & Roach. You can see it in the following data. Home prices dropped. Houses typically stayed on the market longer than they did in 2006, and much longer than they did in the years before that.
And yet there’s still good news for metropolitan Philadelphia. Not only did we survive the sub-prime fallout better than the bulk of the country, but as the stats show, many townships and neighborhoods weathered the market storm with amazing resilience — and some even continued to thrive despite the odds.
So here, Philly, is our annual report of the good, the bad and, yes, even the little bit of ugly that the market brought this past year.