Things Aren’t Always What They Seem

Things aren’t always what they seem…

Take Manayunk (19127) for instance. If you were to look at the numbers for 2019, you would think that Manayunk is on fire and that median sale prices are shooting through the roof. Last year, the median sale price in the 19127 MLS Area ranged from $215,000 to $288,000. But in December, the median shot up to $430,000!






However, when you take a closer look at the sales data, you notice something that jumps out. While there were only 12 settled residential sales in 19127, five of them were well above anything else sold in 2019. As it turns out, “The Locks” townhouse development was able to close on a number of properties before the end of the year. They ranged in value from $788,415 all the way up to $991,188. These five sales skewed the market so much that if you were to look only at the raw data, you would be convinced that Manayunk is the new Point Breeze.






This is why Appraisers tend to look deeper into the data to understand real estate markets. In this situation, if the five outliers are removed, the chart tells a much different story. The median sale price falls to $250,000 which is much more in-line with what 19127 had been indicating all 2019. In fact, Manayunk may be experiencing a seasonal downturn, which is typical of this time of year.







Things aren’t always what they seem in data, life and especially real estate. If you need help understanding the trends and indicators in your market, please feel free to contact us. Have a great 2020!