most dynamic neighborhoods Year End 2016files.constantcontact.com/f930de8c301/eb2bae24-5570-4ec3... · 2017. 1. 25. · 2016 showed positive growth in the VERY Neighborhoods, those

very Insight A review of market trends in Center City’s

most dynamic neighborhoods

Year End 2016

303 Chestnut Street, Philadelphia, PA 19106 · 215.644.9838 · www.veryre.com


A VERY Warm Welcome

We are very excited to present our third annual Year End

edition of the VERY Insight Report, our quarterly examination

of market trends in Center City Philadelphia’s residential real

estate market! The neighborhoods featured in this report

comprise the core of our city. Using data based on transactions

that closed in 2016, VERY Insight provides a quarter-by-

quarter comparison of the state of the residential real estate

market by neighborhood. This special end of the year edition

will focus on the entire year’s results in order to compare the

residential real estate market in 2016 in VERY’s

Neighborhoods to the market in 2015.

2016 showed positive growth in the VERY Neighborhoods,

those areas located within the geographical boundaries in

which we operate: Girard to Washington Avenues, Delaware to

Schuylkill Rivers. Transaction volume increased by 12.3%

year-over-year to $1.57 billion with 3,431 homes changing

hands in 2016, a 5.5% year-over-year increase from 2015.

Average sales price increased 6% to $457,100 this year. DOM

dropped to 61, down from 65 the year previously.

Overall, 2016 was an excellent year for the VERY

Neighborhoods with positive results realized across all

categories measured: Units Sold, Sold Volume, Sold Average

Price and DOM.

We hope you will enjoy this snapshot of the neighborhoods we

so love, and like us, will be very pleased with the results.

Kind regards,

VERY Real Estate is a boutique real estate brokerage firm specializing in residential

sales and advisory within Center City’s core neighborhoods. Founded on the principles

of hospitality, designed with the client in mind and committed to its purest definition,

VERY provides superior customer service, objective advice, and timely results. Our

small size and hands-on approach allow us to tailor the experience of buying, selling,

or investing in real estate to fit your exact needs.

Elizabeth Convery

Founder


VERY Neighborhoods

The neighborhoods above, collectively the VERY Neighborhoods, comprise the most

sought after areas of Center City, Philadelphia. In 2016, these neighborhoods have

shown positive growth in ratio of Units Listed to Units Sold highlighting the robustness

of the market. Total sold volume increased 12.3% year-over-year and average cold price

was up $27,000, 6%, year-over-year, outpacing inflation and further illustrating the

Philadelphia residential market is on an uptick.

Source: Trend MLS

Source: Google Maps

VERY Neighborhoods Market Summary

2016 2015 Variance

Units Listed 4,970 5,129 -3.1%

Units Sold 3,431 3,251 5.5%

Sold Volume $1,568,350,000 $1,397,000,000 12.3%

Sold Avg Price $457,100 $430,000 6.0%

Avg DOM 61 65 -6.2%


Market Conditions - Neighborhood Summary – Center City

(19102)

• Center City experienced a resurgence posting a 36% year-

over-year increase in number of Units Sold and a 97%

increase in Sold Volume.

• Prices increased an astonishing 45% year-over-year with

Sold Average of $785,000. DOM fell to 79.

• It’s without doubt that the strong sales at the Residences at

Two Liberty Place and the continued sellout of the

Residences at the Ritz-Carlton are driving the numbers in

this area.

Source: Trend MLS

Photo Source: visitphilly.com

VERY Neighborhoods Market Conditions - Center City

VERY Neighborhoods Market Conditions - 2016

Q1 Q2 Q3 Q4 2016 2015Year-

Over-Year

Units Sold 26 47 24 17 113 83 36.1%

Sold Volume $25,498,000 $38,585,200 $13,579,500 $11,706,500 $88,704,100 $45,020,000 97.0%

Sold Average $980,700 $821,000 $565,800 $689,000 $785,000 $542,400 44.7%

Average DOM 77 75 81 107 79 85 -7.1%


Market Conditions - Neighborhood Summary – Rittenhouse Square

/ Logan Circle (19103)

• 2016 showed an increase in number of Units Sold and

total Sold Volume year-over-year at 5.5% and 11.4%,

respectively. Most impressive was the 21 day decline in

DOM to 68 indicating the strong demand for this

neighborhood.

• The Sold Average showed consistent quarter-to-quarter

increases with Q3 posting the steepest increase.

• Without question, Rittenhouse Square / Logan Circle has

not lost its luster posting gains in every category.

Source: Trend MLS

Photo Source: vistiphilly.com

VERY Neighborhoods Market Conditions - Rittenhouse Square/Logan Circle


Neighborhood Q1 Q2 Q3 Q4 2016 2015Year-Over-Year

Units Sold 49 105 80 81 308 292 5.5%

Sold Volume $35,848,000 $77,727,100 $72,940,500 $65,845,000 $242,900,000 $218,000,000 11.4%

Sold Average $731,600 $740,300 $911,800 $812,900 $788,600 $746,600 5.6%

Average DOM 81 60 79 61 68 89 -23.6%

35 Letitia Street, Philadelphia, PA 19106 · 215.644.9838 · www.veryre.com

Market Conditions - Neighborhood Summary – Old City / Society

Hill (19106)

• Old City / Society Hill posted dramatic year-over-year

results with Units Sold and Sold Volume increasing by

22% and 19%, respectively.

• The demand for this neighborhood is still high, however,

with an increase in inventory, prices declined slightly by

2% year-over-year.

• The neighborhood is continuing to experience new

construction on every available parcel.

Source: Trend MLS

Photo Source: oldcitydistrict.org

VERY Neighborhoods Market Conditions - Old City/Society Hill


Neighborhood Q1 Q2 Q3 Q4 2016 2015Year-Over-Year

Units Sold 62 115 95 69 327 269 21.6%

Sold Volume $42,010,000 $63,537,000 $55,192,000 $39,371,000 $181,700,000 $152,600,000 19.0%

Sold Average $677,600 $552,500 $581,000 $571,000 $555,600 $567,400 -2.1%

Average DOM 90 94 65 76 81 80 1.3%


Market Conditions - Neighborhood Summary – Washington Square

West (19107)

• Washington Square West remained relatively stable in

Units Sold. However, Sold Volume dramatically

decreased year-over-year as a result of a decline in prices.

• Sold Volume decreased by 19% year-over-year and Sold

Average price fell by $65,000, 15.6%, year-over-year to

$351,000 and DOM remained steady.

• While the neighborhood is still sought after given its

central location and proximity to area hospitals and

universities, but the drop in Sold Average should be

watched.

Source: Trend MLS


VERY Neighborhoods Market Conditions - Washington Square West

VERY Neighborhoods Market Conditions -2016

Neighborhood Q1 Q2 Q3 Q4 2016 2015Year-

Over-Year

Units Sold 27 47 37 42 143 148 -3.4%

Sold Volume $10,316,200 $17,735,500 $12,163,700 $18,290,200 $50,194,900 $61,556,100 -18.5%

Sold Average $382,000 $377,400 $329,000 $435,500 $351,000 $416,000 -15.6%

Average DOM 97 55 69 83 68 67 1.5%

35 Letitia Street, Philadelphia, PA 19106 · 215.644.9838 · www.veryre.com

Market Conditions - Neighborhood Summary – Northern Liberties

(19123)

• Once again, Northern Liberties continues to lead in all

categories boasting aggressive year-over-year growth in

Units Sold, Sold Volume and Sold Average all while

decreasing DOM.

• Units Sold and Sold Volume posted a 13% and 28% year-

over-year increases, respectively, making Northern

Liberties the neighborhood to watch.

• Once an affordable alternative to traditional Center City

neighborhoods, Northern Liberties has now exceeds the

Sold Average price for all VERY Neighborhoods ending

the year at $489,500 a nearly $60,000 year-over-year

increase.

• Continued development in the area has continued to push

the boundaries of Northern Liberties west as far as 6th

Street. The changing cityscape of Fishtown and South

Kensington also contributes to the increasing value of

neighborhood.

Source: Trend MLS

Photo Source: philly.com

VERY Neighborhoods Market Conditions - Northern Liberties



Over-Year

Units Sold 65 112 82 84 306 272 12.5%

Sold Volume $30,435,000 $53,333,300 $40,205,000 $44,220,600 $149,770,000 $117,141,200 27.9%

Sold Average $468,200 $476,200 $490,300 $526,400 $489,500 $430,700 13.7%

Average DOM 75 58 65 58 63 71 -11.3%


Market Conditions - Neighborhood Summary – Art Museum /

Fairmount (19130)

• Like Northern Liberties, the Art Museum / Fairmount

neighborhood posted gains in all categories.

• Units Sold remained relatively steady, while Sold Volume

increased by 11.6% year-over-year and prices increased

by 9.8% ending the year at $379,200.

• DOM trended downward, too, showcasing the robustness

of the neighborhood.

Source: Trend MLS


VERY Neighborhoods Market Conditions - Art Museum/Fairmount



Over-Year

Units Sold 92 184 164 121 499 491 1.6%

Sold Volume $35,372,500 $65,995,400 $63,930,500 $48,776,500 $189,215,100 $169,500,000 11.6%

Sold Average $384,500 $358,700 $389,800 $403,100 $379,200 $345,200 9.8%

Average DOM 60 51 51 54 51 64 -20.3%


Market Conditions - Neighborhood Summary – Graduate Hospital /

South Philadelphia (19146)

• Graduate Hospital continued to be one of Philadelphia’s

sought after neighborhoods in 2016. Sold Volume

increased by 12.6% year-over-year.

• Sold Average posted year-over-year growth of 6.1%, on

par with the average for the VERY Neighborhoods

suggesting Graduate Hospital is stabilizing.

• The development of Point Breeze and robust pricing

achieved in that area of the neighborhood continues to

positively impact the neighborhood.

Source: Trend MLS


VERY Neighborhoods Market Conditions - Graduate Hospital/South Philadelphia



Over-Year

Units Sold 234 370 279 236 1,014 976 3.9%

Sold Volume $69,103,600 $125,078,500 $109,753,500 $86,590,300 $368,826,200 $327,462,500 12.6%

Sold Average $295,300 $338,100 $393,400 $366,900 $355,800 $335,500 6.1%

Average DOM 65 56 47 51 53 52 1.9%


Market Conditions - Neighborhood Summary – Queen Village /

Bella Vista / South Philadelphia (19147)

• Queen Village was the most steady neighborhood

remaining relatively flat in all categories year-over-year.

• This established neighborhood remains a constant in the

Philadelphia landscape and performed as expected.

Source: Trend MLS

Photo Source: uwishunu

VERY Neighborhoods Market Conditions - Queen Village/Bella Vista/South Philadelphia



Over-Year

Units Sold 190 257 190 169 722 720 0.28%

Sold Volume $74,541,600 $109,367,400 $80,062,800 $82,951,000 $305,187,800 $305,698,000 -0.17%

Sold Average $392,300 $425,600 $421,400 $490,800 $422,700 $424,600 -0.45%

Average DOM 79 62 54 59 63 64 -1.6%


Year-over-Year Performance 2016 Summary

Source: Trend MLS

• Overall the Philadelphia real estate

market in the VERY Neighborhoods

improved in most categories year-

over-year.

• Based on 2016’s year-over-year

performance, Center City, Rittenhouse

Square / Logan Circle, Northern

Liberties and Art Museum / Fairmount

were the hottest neighborhoods

posting gains in all categories.

• Washington Square West was the

worst performer posting declines in all

categories.

Neighborhood Breakdown Comparison 4Q Year-over-Year

Zip Codes Units Sold Sold Volume Sold Avg Avg DOM

19102 - Center City

2016 11330

$88,704,100$43,684,100

$785,000$242,600

79(6)

2015 83 $45,020,000 $545,400 85

19103 - Rittenhouse Square / Logan Circle

2016 33816

$242,900,000$24,900,000

$788,600$42,000

68(21)

2015 292 $218,000,000 $746,600 89

19106 - Old City / Society Hill

2016 32758

$181,700,000$29,100,000

$555,600($11,800)

811

2015 269 $152,600,000 $567,400 80

19107 - Washington Square West

2016 143(5)

$51,094,900(11,361,200)

$351,000($65,000)

681

2015 148 $61,556,100 $416,000 67

19123 - Northern Liberties

2016 30634

$149,770,000$32,628,800

$489,500$58,800

63(8)

2015 272 $117,141,200 $430,700 71

19130- Art Museum / Fairmount

2016 4998

$189,215,100$19,715,100

$379,200$34,000

51(13)

2015 491 $169,500,000 $345,200 64

19146 - Graduate Hospital / S Phila

2016 1,01438

$368,826,200$41,363,700

$355,800$20,300

531

2015 976 $327,462,500 $335,500 52

19147 - Queen Village / Bella Vista / S Phila

2016 7222

$305,187,800($510,200)

$422,700($1,900)

63(1)

2015 720 $305,698,000 $424,600 64

VERY Neighborhoods

20163,431

180

$1,568,350,000

171,350,000

$457,100

$27,100

61

(4)2015

3,251 $1,397,000,000 $430,000 65

Photo Source: uwishunu


Select 4Q16 Transactions

1428 Pemberton St.

Graduate Hospital

Sale

3 bedroom, 2 bath

Townhome

VERY Role

Buyer

Representation

130 N. 2nd St,

#2C

Old City

Sale

2 bedroom, 2

bath

Condo

VERY Role

Buyer

Representation

519 Bainbridge

St, #2C

Queen Village

Sale – New

Construction

3 bedroom, 3

bath

Condo

VERY Role

Buyer

Representation


About VERY Real Estate

VERY Real Estate is Center City Philadelphia’s newest boutique residential brokerage

firm. Founded in October 2013, VERY is setting a new standard for residential real

estate in Philadelphia by providing clients with tailored service designed to fit their

needs and create a personalized experience when selling, buying, or investing in a home.

By operating in select markets, VERY is able to provide expert advice on neighborhoods

block by block. Recently dubbed a “real estate concierge” by a client, VERY prides

itself on exceeding expectations and crafting an experience that will be memorable and

lasting.

Photo Source: Philly.com


Disclaimer

VERY Real Estate makes commercially reasonable efforts to ensure the accuracy, completeness,

and clarity of content of VERY Insight. However, there is no guarantee, express or implied, as to

the content of VERY Insight, and VERY shall not be liable to any party for inaccuracies, errors, or

omissions contained therein, nor for any loss or damage to the reader.

Photo Source: Philly.com

Documents

most dynamic neighborhoods Year End 2016files.constantcontact.com/f930de8c301/eb2bae24-5570-4ec3... · 2017. 1. 25. · 2016 showed positive growth in the VERY Neighborhoods, those