The Long & Foster Market Minute

Focus On: Rittenhouse Square, Center City West, and Logan Square Housing Market March 2021

Zip Code(s): 19103
Units Sold
45
Active Inventory
250
Median Sale Price
$500,000
Days On Market
126
Up
Vs. Year Ago
Up 36%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -6%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 45 sold this month in Rittenhouse Square, Center City West, and Logan Square Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 66 units or 36%. The total number of active inventory this March was 250 compared to 184 in March 2020. This month's total of 250 is higher than the previous month's total supply of available inventory of 241, an increase of 4%.

Median Sale Price
Last March, the median sale price for Rittenhouse Square, Center City West, and Logan Square Homes was $477,250. This March, the median sale price was $500,000, an increase of 5% or $22,750 compared to last year. The current median sold price is 3% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
77
Current Contracts
53
Sold Vs. List Price
93.2%
Months of Supply
5.6
Up 88%
Vs. Year Ago
Up 152%
Vs. Year Ago
Down -3.6%
Vs. Year Ago
Down -9%
Vs. Year Ago

Months of Supply
In March, there was 5.6 months of supply available in Rittenhouse Square, Center City West, and Logan Square, compared to 6.1 in March 2020. That is a decrease of 9% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 77 homes newly listed for sale in Rittenhouse Square, Center City West, and Logan Square compared to 41 in March 2020, an increase of 88%. There were 53 current contracts pending sale this March compared to 21 a year ago. The number of current contracts is 152% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Rittenhouse Square, Center City West, and Logan Square was 93.2% of the average list price, which is 3.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 126, lower than the average last year, which was 134, a decrease of 6%.

The Long & Foster Market Minute Rittenhouse Square, Center City West, and Logan Square are defined as properties listed in zip code/s 19103.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.