For this week’s “Friday Market Update” I’m taking you to the beach!
Looking at Philadelphia real estate like surfers watch the ocean is something I learned from being married to a long board surfer, and living on Kauai for 10 years where my friends and family all surfed.
Going to the ocean meant watching the currents, where the rip tides might be, the best place to go in and how the waves are curling into the shore – for a long time before paddling out. In fact, when visiting the beaches on Kauai, a good safety rule was if the surfers are all on shore watching – don’t go in!
Philly’s real estate market has currents flowing – some in different directions, like the Philadelphia condo market. What’s important is to see which way they are flowing and where it’s best to go in.
As your real estate economist, I watch our market currents like days on market, number of showings in a particular price range, number of pendings this year vs last year as well as sales statistics. In order to catch the best wave for your board, we need to spend some time watching the currents and analyzing – then enjoy the ride!