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Time to Party Like it's 2005? Reports of Rebounding Real Estate Market Have Some Brokers 'Singing and Dancing'

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Philly's stagnant real estate market may be making a comeback. According to an article at Philly.com, it looks like the market is picking up, especially in Center City and its surrounding neighborhoods. Though an expert explained the market surge as "an upward tilt" on a market that "feels flattish," some realtors on the ground are feeling buoyant.

One real estate agent, when asked about the state of the market, said "Perhaps you've seen me singing and dancing at Broad and Walnut?" Though the market may have picked up in some areas, it's still slow in others: real estate agents from the Northeast expressed more guarded optimism.

Strangely enough, a study by Redfin showed that the Philadelphia market was one of only two buyer's markets in the nation only two weeks ago. The study by Redfin found that only 10% of homes on the market went under contract within two weeks.

Though these two reports seem to conflict, it's probable that, though the market is picking up in some highly sought after areas, it's still chugging along basically as before in most areas.

· Local Real Estate Market Shows Strength [Philly.com]
· State of The Market [Official Site]