8/18/2010

Booming Condo Sales in Philadelphia

The Philadelphia Inquirer reports that condo sales in Philadelphia have nearly doubled from the first quarter of the year to the second.  This is very exciting news for the city considering the numbers were far better than at any time since the housing downturn began in August 2007.

Data analyzed by Econsult Corp from the Recorder of Deeds Office shows that 604 condo sales closed citywide between April 1 and June 30.  Of those, 477 units sold for less than $500,000.  More than 200 separate condo locations were recorded, with the majority in Center City and adjacent neighborhoods.
Center City District president Paul Levy commented that Downtown Philadelphia has been pretty resilient through the recession compared to most U.S. cities with housing values holding up even if the volume of sales has slowed down.



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