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Center City Luxury

Q3 2020 Market Report


Center City Luxury Market Report Welcome to the Center City Luxury Market Report,

your guide to luxury real estate market data and trends for Center City with a focus on Rittenhouse Square and MidTown.

Produced by Susanna Kunkel, owner and founder of The Lux Living Group, this report provides an in-depth look at trends in the $1M+ residential market in Rittenhouse Square and Mid-Town as well as top residential markets across North America by The Institute for Luxury Home Marketing. All data is extracted from our local MLS. Be sure to subscribe to our Main Line and Center City Living blog at www.WelcometoCenterCityLiving.com for future real estate news and updates for the greater Philadelphia area. While sales statistics are helpful, they are always hindsight into past results. You’ll also find details of what’s newly under contract as well as the number of buyer showings in the past 90 days, and at what price points. These provide insights into current qualified buyer activity in today’s Center City luxury marketplace. For more information on the micro-market for your home, please contact Susanna for a private consultation. www.WelcometoCenterCityLiving.com


Urban flight? Fears vs. reality The demand for suburban living near major metropolitan areas like New York and Washington DC continues to fuel an increase in both number of sales and sale prices for neighboring Main Line communities as reported in my blog – www.WelcometoCenterCityLiving.com. While sales results for Philadelphia recorded breaking results in September, sales in the luxury segment had mixed results with both Rittenhouse Square and MidTown luxury remaining strong BUYERS MARKETS. Clearly the impact of COVID19 has softened demand for densely populated urban centers, and that uncertainty is reflected in sales results. However the unique, cosmopolitan lifestyle Center City Philly offers with a small town, village vibe may in the end be the best of both worlds for luxury buyers departing from New York and Washington DC. Easy access to 30th St Station for the occasional commute makes Center City Philly a highly desirable luxury alternative to suburban living. www.WelcometoCenterCityLiving.com


Q3 2020 Rittenhouse Square Luxury Market Trends ($1M+) RITTENHOUSE LUXURY MARKET SUMMARY: Before we dive into the results of Q3 2020, let’s take a

quick look at where the luxury market for Rittenhouse Square is now, in the first week of November. You’ll see that the trend in the luxury market for Rittenhouse remains a BUYERS MARKET. Of particular note is the saturation rate, or number of months it would take for the market to absorb all the active listings if nothing else were to be listed. The 5-year average for Rittenhouse Square has been 9.5 months and is currently 11.5 months for the overall 19103 zip code. However, the Rittenhouse Square luxury market segment ($1M+) is now at 13.8 months of inventory as of the first week of November. .

Rittenhouse Square Luxury Snapshot

Listing Category

As of November 5, 2020

Active Listings

92

Active Under Contract

2

Pending

17

Closed (past 6 months)

24

BUYERS MARKET

13.8 months of inventory

www.WelcometoCenterCityLiving.com


Q3 2020 Rittenhouse Square Market Trends

September Highlights Month-over-month:

Median sold price + 56.4% Avg sold price + 26.1%

Year-over-year: Median sold price + 3.5% Avg Price Per Sq Ft – 5.3%

www.WelcometoCenterCityLiving.com


Rittenhouse Square Sales Trends

Rittenhouse Square Market Snapshot

www.WelcometoCenterCityLiving.com


Rittenhouse Luxury Buyer Showings – past 90 days

www.WelcometoCenterCityLiving.com


Q3 2020 Mid-Town Philly Luxury Market Trends ($1M+) MID-TOWN LUXURY MARKET SUMMARY: Mid-Town Philly luxury results mirror those of

Rittenhouse Square, although with significantly fewer sales. Being in the heart of the social unrest during the past quarter has undoubtedly affected consumer confidence. Now, in the first week of November, You’ll see that the trend in the luxury market for Mid-Town remains a strong BUYERS MARKET. Of particular note is the saturation rate, or number of months it would take for the market to absorb all the active listings if nothing else were to be listed. The 5-year average for Mid-Town has been 11 months and is currently 11.4 months for the overall 19102 zip code. The Mid-Town luxury market segment ($1M+) is now at 15.8 months of inventory as of the first week of November. .

Mid-Town Luxury Snapshot

Listing Category

As of November 5, 2020

Active Listings

25

Active Under Contract

2

Pending

0

Closed (past 6 months)

7

BUYERS MARKET

15.8 months of inventory

www.WelcometoCenterCityLiving.com


Q3 2020 Mid-Town Philly Market Trends

September Highlights Month-over-month:

Median sold price – 32.3% Avg sold price – 4.1%

Year-over-year: Median sold price – 33.5% Avg Price Per Sq Ft – 18.4%

www.WelcometoCenterCityLiving.com


Mid-Town Philly Sales Trends

Mid-Town Philly Market Snapshot

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Mid-Town Luxury Buyer Showings – past 90 days

www.WelcometoCenterCityLiving.com


North American Luxury Report October 2020 Institute for Luxury Home Marketing

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Center City Luxury Market Summary The post-COVID demand for suburban luxury living continues with a strong desire for large private homes, away from urban density negatively impacting the Center City luxury market. However, those of us that love and live Philly know that the charm and character of Center City are unlike other urban areas. Restaurants are open and the cosmopolitan lifestyle has resumed. In the long run, Center City will rebound and thrive as a prime luxury location. If you are considering selling, now more than ever it’s necessary to have creative marketing telling the story of our unique lifestyle to overcome uncertainties caused by recent events and national news bytes. For buyers, now is the perfect opportunity to negotiate! Let’s talk about how to navigate today’s market for your success, whether buying or selling.

SUSANNA KUNKEL Certified Luxury Marketing Specialist

c 2 1 5 .9 2 0 .2 8 8 8 o 610.520.0100 Susanna.Kunkel@gmail.com w w w .LuxLivingG roup.com


Contact us for a discrete, confidential consultation about micro-market trends in your area, and options to buy or sell in today’s market. Our VIP concierge, personalized service delivers targeted results for your success – from international networking to confidential, discreet, ‘match making’ between buyers and sellers.

www.LuxLivingGroup.com www.WelcometoCenterCityLiving.com


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