Penn's Landing is seeing relatively few homes change hands in this rolling three-month view, with just 5 sales and 9 new listings. Active inventory has edged down slightly from a year ago, while pending sales are roughly flat. Compared with the broader Philadelphia market, Penn's Landing has far more supply on hand, with 11.6 months of inventory versus 5.5 months citywide.
Prices have moved sharply higher even as activity has cooled. The typical home value is up more than 40 percent from a year ago, and the median list price has climbed at a double-digit pace as well.
Homes are spending less time on the market than a year ago, with median days on market dropping by nearly half to 100 days in this latest period. At the same time, months of supply has surged year over year, suggesting that inventory is lingering relative to the pace of sales despite that faster selling time for individual properties. No recent sales have closed above the asking price, though the average sale-to-list ratio has ticked up to just under 99 percent, indicating buyers are still paying close to list. With this mix of rising prices, slower sales volume, and abundant inventory, both buyers and sellers can benefit from an Agent Pronto-recommended real estate professional who understands Penn's Landing dynamics.
