ResalesPennsylvania Big-city Suburbs Experience Housing Inventory Shortages
Mount Airy, a suburb of Philadelphia, and Mount Lebanon, a suburb of Pittsburgh, are both reporting housing shortages in certain price ranges of inventory.
Mount Airy
"Mt. Airy is a community of approximately 30,000 persons, with nearly as many dogs and cats," jokes Realtor Marilou Buffum, "located some five to eight miles northwest of downtown Philadelphia. Like its neighbor, Chestnut Hill, Mt. Airy offers a leafy suburban look, shares an extensive border with Fairmount Park, and features wonderful old homes built mostly from 1890-1930."
Buffum explains, "The buying frenzy of last spring may have waned, but the market is still hot, especially in West Mt. Airy, where prices have risen sharply for 3-bedroom rows and twins. The lack of inventory in the $350,000-$525,000 range makes that market hard to assess. A recent sale for over $2 million is clearly an outlier but does reinforce the belief that exceptional properties can command prices at least as high as those in Chestnut Hill."
Mount Lebanon
"This popular suburb of Pittsburgh is known for its award-winning school district, tree-lined streets and walking neighborhoods, mature parks & recreation department, architectural diversity of housing and continuing education opportunities for all ages," says Realtor Julie P. Leslie, "Mt. Lebanon offers easy access to the metropolitan area for sports & cultural events, the extensive medical community and university network via public transportation as well as private automobile."
"The market has been standing fairly still during the holiday stretch," explains Leslie, "but a few well-priced homes have turned quick contracts at prices competetive with late 2002. We still lack inventory in the upper price ranges and there are buyers watching the computer routinely for new opportunities. Daily "flash reports," come from the multi-list at the request of the Buyer"s Agent, giving the Buyer a preview of each new listing in their target range. This technological advance keeps the pace brisk for showings and makes the "first impression" impact all the more significant."
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