Heat Map: Home Prices in the Last 10 Years

RealtyTrac released this heat map today, and it’s pretty interesting if you can wrap your head around the various data points on which the map is based:

RealtyTrac analyzed median residential property prices from January 2004 through March 2014 in 1,567 counties nationwide, identifying the peak and trough prices and the months in which those occurred. The analysis also looked at the percentage from peak for median prices in March 2014 as well as percentage peak in each year from 2004 to 2013.

Note this local bit:

724 counties (46 percent) were still 30 percent or more below 10-year peaks in March 2014, including Philadelphia County, Pa., at 31 percent below peak.

 

 

Philly Is in Top 10 Metros Where Home Buyers Pay Cash

Chart by Redfin.

Chart by Redfin.

According to Redfin, 32 percent of homes purchased in 2014 in the country’s 17 largest cities were paid for with cold, hard cash. Since 2011, cash sales have represented about a third of the market activity. The reasons?”Tighter mortgage lending standards, investor purchases and fewer homes on the market,” says Redfin.

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Midday Headlines: Real Estate Market Edition

housing in graduate hospital

Photo: Liz Spikol

Sometimes you hear millennials are the key to the housing recovery. Other times you hear they’re ruining everything. And that’s not the only conflicting report out there. Today we have a handful of recent stories that will, we hope, clarify things — even though they may hold opposing points of view.

Housing Barometer: Recovery Staggers Forward [Daily Finance]
What Housing Recovery? [NYT]

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Pew: Housing Market Is the Bright Spot in Philly’s Cloudy Skies

millennialsA younger, better educated, upwardly mobile horde has descended on Philadelphia, transforming swaths of the city into something barely recognizable to old-timers. This demographic touched off a residential building boom last year, the single strongest positive indicator of the city’s rebound, according to the Pew Philadelphia Research Initiative’s latest “Philadelphia: State of the City” update.

More than half of all Philadelphians are now under the age of 35, and 26 percent are between the ages of 20 and 34, when young adults are in the process of launching careers and households. Building places for these residents to live has become a growth industry: in 2013, the city issued building permits for 2,815 new housing units, the most in a decade. That new construction has an estimated value of $465 million, the highest on record.

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Philadelphia: Second Best Market for Home Buying in U.S.

Detail from Zillow's Buyers and Sellers map.

Detail from Zillow’s Buyers and Sellers map.

This is good news! Zillow.com has ranked Philadelphia No. 2 in its list of the 10 best buyers’ markets. What does that mean? From Zillow Blog:

In buyers’ markets, homes for sale stay on the market longer, price cuts occur more frequently and homes are sold for less relative to their listing price.

“In the East, housing markets are appreciating a bit more slowly, and homes are staying on the market longer, which helps give buyers the upper hand,” said Zillow Chief Economist Dr. Stan Humphries

“In general, buyers in sellers’ markets this spring can expect tight inventory, increased competition and a greater sense of urgency. Sellers in buyers’ markets may need to be prepared to lower their asking price, or to wait longer for the perfect buyer to come along.”

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Philadelphia Is in Top 10 Most Unequal Metros

homeless man in septa station

Photo: Liz Spikol

Writing for Trulia Trends and The Atlantic Cities, Trulia’s CEO Jed Kolko says what the Occupy movement brought to mainstream consciousness, even as everyone derided those who soapboxed the message: “Income inequality has been growing in America, driven by technology, globalization, and other factors. It’s caused tensions between the haves and have-nots, which often get played out at the local level, and these tensions have erupted into fights over housing affordability and public services.”

Kolko examines income inequality in the 100 largest metros for the years 2012, 2006, 2000, and 1990. Based on collected Census data, Kolko finds that the Philadelphia metro’s rich-poor gap is in the top 10 — No. 7, to be exact. Here’s a chart:

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Philadelphia Rental Market Poised for Takeoff

millennialsThe prospects for new multifamily construction in Philly look good in the long run, a panel of insiders say – but there are some matters that need to be addressed for the market to truly blossom. The millennial generation (pictured at left) is getting tired of living with its parents and is ready to strike out on its own. Developers and investors are now giving them the apartments to rent here, and are ready to supply even more if the jobs they need materialize.

That was the rough consensus of the panelists who spoke on the state of the Philadelphia rental property market at the RealShare Philadelphia conference at the Union League Feb. 27.

Things are picking up on the multifamily front, said panel moderator Jerald M. Goodman, partner at Drinker Biddle & Reath LLP. In fact, he said, “Multifamily is hot.”

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Infographic: House Flipping to Millennials, Not Hipsters

hipster infographic

We’ve modified RealtyTrac’s infographic. Full graphic below.

RealtyTrac has released a “flipster” report: data, graphics and an infographic all meant to explain where the “hipster” demographic is buying and renting right now. The infographic we show below outlines what an investor can do to flip a home specifically for the hipster market — hence, flipster.

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Real Estate Website’s “20 Maps of Philly” Screws Up Real Estate Part

philadelphia foreclosures

A fragment of the 2009 map used by movoto.com.

This week, Movoto, an online real estate brokerage, posted “20 Maps Of Philadelphia You Didn’t Study In Geography” on its content marketing blog. It’s really silly, poorly executed, and if it weren’t for Policymic’s “25 Most Important Maps of 2013” (which is actually really good), it wouldn’t exist at all.

But what’s really egregious about the map post is that its one explicitly real estate-related map — of Philadelphia foreclosures — is from 2009, is completely impossible to decipher, and links to no reference for the information. Come on, kids. You’re in the real estate biz. Surely you can do better than this. Or at least we can.

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Market Forecast: “For the First Time in 20 Years, We Have a Growth Story to Tell.”

piazza building

Detail of a Piazza photo by Laura Kiceynull.

If the analysts viewing Philly from 10,000 feet put it in the middle of the nation’s large real estate markets, the analysts close to the ground have a much more positive view of it.

Where the more than 1,000 industry insiders the Urban Land Institute (ULI) and PwC surveyed for their “Emerging Trends in Real Estate 2014″ forecast recommended holding but not buying real estate assets in the Philadelphia market, the panel of specialists who spoke at last Friday’s ULI Philadelphia seminar on local market trends saw much more upside potential.

Where the locals agreed with the national survey was that the region’s industrial real estate market was strong. “Industrial is still the product class of choice,” said David Ricci, partner at The Flynn Company, to the capacity crowd that filled the Union League’s Lincoln Room ballroom.

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