Being located in Erdenheim, just outside the city limits, we are frequently asked to appraise properties in northwestern Philadelphia, especially Chestnut Hill, Mount Airy, Roxborough and Manayunk.
The other day we received our first question for the Ask PAB! section of the site. It was submitted by a local agent who works primarily in the northwest section of Philly. She typically deals with entry level and first time buyers. For that segment of the market, Mount Airy offers a great selection of housing options for her clientele, in a wide range of price points and design styles. It has very appealing housing stock, access to transportation, shopping, proximity to Center City and the suburbs and very unique community atmosphere. Her question was simply:
“How have Mt. Airy twins and rows been performing over the past couple of years?”
Below is a chart of the sales of 3-4 bedroom twins and rowhomes in Mt. Airy from January 2008 through December 2010. Click on the chart to enlarge.
The blue dots indicate the sales of 3 bedroom homes; the red dots represent the 4 bedroom sales. Our sample produced 341 sales of 3 bedrooms and 105 sales of 4 Bedroom homes, in Mt. Airy, during that time period. The green and yellow lines depict the linear sale price trends for 3 and 4 bedroom houses, respectively.
The trend lines indicate that both 3 and 4 bedroom homes are moving downward. However, it appears as though the 4 bedroom properties are experiencing a deeper shift that the 3 bedrooms, which are riding a flatter trend. This is likely due to the fact that there are fewer 4 bedrooms homes and, as a result, fewer 4 bedroom sales. With a smaller sample, it is easier for a few sales to influence the trend. Conversely, with a greater number of samples it is less likely that a handful of sales to move the trend so dramatically.
If you have a question about real estate markets and trends in the Philadelphia region, please visit our Ask PAB! page to submit your inquiry.
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