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Real Estate Guide 2007
Analysis by region
National statistics are meaningful, but in real estate "location, location, location" means local trends trump all.
Analysis by region
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Philadelphia
Price comparison 2006-2007: Largely unchanged due to stagnant economy
"In Philadelphia, prices have either stayed the same from last year or, in some cases, we've had a little bit of a drop, just because of market conditions," says Will Kulp, sales associate for Coldwell Banker Heritage in Quakertown, Pa. But in that $400,000 price range, "you'll probably get the same for your dollar."

Median home prices have increased $7,200 to $222,300 in the last year -- about 3 percent -- but the numbers of actual sales are down.

While prices are about the same, the inventory is greater and homes are staying on the market slightly longer than last year.

"It's still a buyer's market," says Kulp, who predicts area home prices will increase and the inventory will decrease this year. "We're starting to see a turn for the better."

Philadelphia
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Property value: $399,900

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Property description

This Colonial-style Northwest Philadelphia home is "very well laid out," says Kulp. An open family room/kitchen floor plan allows you to be in the kitchen preparing a meal and still interact with people, he says. The eat-in kitchen features wood flooring, an island and opens to an outdoor deck. It also has a formal living room and dining room. There's also a downstairs den with a closet that could be used as a sixth bedroom, Kulp adds.
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Amenities

5 bedrooms, 2 baths

Half-acre lot

Full finished basement and above-ground pool

Features: Nine-foot ceilings throughout first floor, master suite with sitting room, whirlpool tub and separate shower.
Click on a photo to see details.
  


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