Monthly Economic Report: Sharp Decline in Home Sales Across City’s Lower Northeast


Audit Date: June 26, 2014

Audit Categories

  • Financial
Controller: Alan Butkovitz

Executive Summary


For Immediate Release
June 26, 2014

Contact: Brian Dries
215-686-8869

Sharp Decline in Home Sales Across City’s Lower Northeast
City Controller’s economic report includes comparison of home sales
across Philadelphia over the last decade

May 2014 Economic Report

PHILADELPHIA – City Controller Alan Butkovitz today released his latest monthly Economic Report that indicated current home sales in Lower Northeast Philadelphia have declined by as much as 60 percent from sales a decade ago.

Yearly home sales across the City in fiscal years 2004 and 2014 totaled 13,999 and 10,660, respectively. While total home sales were down 24 percent from 2004, the largest declines occurred in the Lower Northeast such as Crescentville and Feltonville (19120), Frankford (19124), Mayfair (19149) and Lawncrest and Lawndale (19111).

A breakdown of the largest yearly home sale declines by zip code includes the following:

Zip Code FY04 sales FY14 sales % Chg. 19120

731

279

-61.8% 19124

989

396

-60.0% 19149

923

411

-55.5% 19151

332

162

-51.2% 19111

792

453

-42.8%

In reviewing total sales by volume during this time period, noteworthy increases occurred in Fishtown (19125) and Graduate Hospital/South Center City (19146) at 45 percent and 34 percent, respectively.

In addition to reviewing home sales data, the Controller’s economic report showed that tax revenues for the City and PICA portions for May totaled more than $296 million, which is an eight percent increase over the same month last year. Yearly real estate tax collections into the General Fund totaled almost $533 million, a less than one percent decrease from what was collected over FY13, and yearly sales tax revenues totaled almost $242 million, an almost three percent increase over last year.

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