House values along the southern Jersey Shore may be continuing to struggle to find their footing, according to the latest quarterly sales data. But, following several years of significant price deflation that significantly exceeded that of both the national and regional averages, mixed news can seem like good news when considered in context.
The average Jersey Shore home increased in value by 3.8% on a quality and seasonally-adjusted basis this past spring. This increase followed a previous increase of 0.1% in Q1. (August 23, 2011)
Kevin Gillen Market Commentary for 2nd Quarter 2011
Jersey Shore House Price Indices, 2011 Q2
Philadelphia House Price Indices: Technical FAQ and Documentation
This research has been prepared by Econsult Corporation in association with Penn IUR. Econsult vice president, Kevin Gillen, is a Penn IUR Research Consultant and Ph.D. graduate from the Real Estate Department at the University of Pennsylvania's Wharton School.
“There’s no demand for parking, per se,” said parking policy expert Rachel Weinberger, assistant professor of city and regional planning at the University of Pennsylvania. “There’s demand for access to a location.” If a private car is the only way to access a given restaurant, shopping center, workplace, or neighborhood, she argued, then “that translates to demand for parking.”
The Delaware River waterfront may be rounding the last turn of a marathon planning process. The Delaware River Waterfront Corporation unveiled its new master plan (pdf) for the city’s famously underdeveloped riverfront, and it calls for a more pedestrian- and bicycle-friendly waterfront full of new neighborhoods, trails, parks, commercial and entertainment opportunities. Instead of a sweeping overhaul, it’s more of an incremental, build-it-as-we-can-afford-it set of guidelines, but its advocates point to early accomplishments like the Race Street Pier and the overhauled Pier 53 as early return on investment. Joining us to discuss the plan, its price tag, its process and its prospects areMARILYN JORDAN TAYLOR, Planning Committee Chair and board member of the DRWC and Dean of the University of Pennsylvania School of Design; MICHAEL SKLAROFF, real estate attorney with Ballard Spahr; and LAURA LANZA, a neighborhood activist in Port Richmond who works with the Port Richmond on Patrol and Civic Association and the Central Delaware Advocacy Group.
A study released this month by the University of Pennsylvania's Institute for Urban Research showed that when housing prices climbed nationwide in the early 2000s, they climbed faster on the Jersey Shore. As a result, the recent plunge in prices on parts of the shore was more drastic.
The study's author, Kevin Gillen, said the increased volatility is due the high rate of properties on or near the beach that are second homes. When times get tough, Gillen said, homeowners are more likely to jettison their vacation home than their primary residence.
The study cited in the article can be found here>>
The research in House Price Indices for Jersey Shore was conducted by Econsult Corporation in association with Penn IUR.
Jersey Shore’s House Prices Show Signs of Stabilization in Q1. . . Flat prices follow previous quarter of slowing house price declines
After several years of being the most adversely affected area in the Mid-Atlantic region, the Jersey Shore’s housing market showed a continued improvement in its vital signs this past winter. Following a multi-year decline in home values that significantly exceeded that of Philadelphia and its surrounding counties, most Shore communities exhibited either flat or even positive price changes, according to the latest quarterly data. (May 12, 2011)
Kevin Gillen Market Commentary for 1st Quarter 2011
Jersey Shore House Price Indices, 2011 Q1
Philadelphia House Price Indices: Technical FAQ and Documentation
This research has been prepared by Econsult Corporation in association with Penn IUR. Econsult vice president, Kevin Gillen, is a Penn IUR Scholar and Ph.D. graduate from the Real Estate Department at the University of Pennsylvania's Wharton School.
Philadelphia, PA– Recent research by scholars at the Penn Institute for Urban Research (Penn IUR) have found that homes in the University City neighborhood have increased in value by significantly more than the average Philadelphia home during the past thirteen years of volatile house price movements. The researchers found that in the Penn Alexander catchment area housing prices did not fall in this period of national decline. Using data updated through 2011 Q1 housing prices in this area increased annually at a 24% rate. For the same period, in the City of Philadelphia home prices increased by 7.5% per year. In the Penn Alexander area, home prices are 6% above their levels in 2007 while home prices in Philadelphia are now 16% down from their 2007 peak.
In a briefing paper by Kevin Gillen and Susan Wachter titled Neighborhood Value Updated: West Philadelphia Price Indexes, the authors find that the typical home in the University City area has appreciated in value by as much as three times the average Philadelphia home during the 1998-2011period.
Rents, however, have remained remarkably stable, an important outcome for affordability. The rent-to-income ratio for University City actually declined between 2000 and 2010, which likely came from an expanded housing supply that alleviated pressure on overall rent levels. But, the fact that house prices and housing supply have outpaced rent increases during this period is consistent with the notion that the neighborhood’s overall desirability also increased during this period, as well as optimistic expectations on behalf of households for this desirability to continue in the future.
The full study with graphics can be found below.
Dr. Susan Wachter is the Richard B. Worley Professor of Financial Management and Professor of Real Estate and Finance at The Wharton School of the University of Pennsylvania. Dr. Wachter is also Professor of City and Regional Planning at the School of Penn Design and Co-Director of the Penn Institute for Urban Research.
Kevin C. Gillen is a Vice President of Econsult Corporation. He publishes quarterly updates on the current state of Philadelphia’s housing market which can be accessed here>>
This research shows House Price Indices for Philadelphia and its neighborhoods as well as the Philadelphia region. This research has been prepared by Econsult Corporation in association with Penn IUR. Econsult vice president, Kevin Gillen, is a Penn IUR Scholar and Ph.D. graduate from the Real Estate Department at the University of Pennsylvania's Wharton School.
As Penn IUR celebrates today's urban leaders, taking a look at an extraordinary leader of the past, Daniel Patrick Moynihan, is in order. Last fall, in recognition of the publication of his letters the American Academy invited these reflections from David Childs, Emeritus Chairman, Skidmore Owens and Merrill; Doug Massy, Henry G. Bryant Professor of Sociology and Public Affairs at Princeton University, and President of the American Academy of Political and Social Science; Penn IUR Faculty Fellow Sam Preston, Frederick J. Warren Professor of Demography at the University of Pennsylvania; Katherine Hall Jamieson, director of the Annenberg Public Policy Center at the University of Pennsylvania; Penn IUR co-director, Eugenie Birch; and Jack Wells, director of the Annenberg Public Policy Center at the University of Pennsylvania.
Testimony prepared for
“STATE OF THE HOUSING MARKET”
MARCH 9TH, 2011
COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS