Archive for the ‘Newtown Square’ Category

Willistown Hunt Market Update

March 20, 2014

There is currently one property active on the market in Willistown Hunt listed for $374,900. In addition, there is one property pending in the community with a list price of $384,900 and there have been no closed sales in 2014. In 2013, there were 5 sales with an average sales price of $405,200. For prior years please see the reprinted information below and also click on the “last update” link for detailed community information.

I look forward to seeing you on Sunday!

(Directions:From intersection of Route 926 and Route 3/West Chester Pike, go west on 926 to first left.)

(Original Post form June 2013:)
Willistown Hunt continues to be one of the most stable and consistent communities in the Willistown Chester County PA area.

Willistown Hunt Townhomes PASince the last update in March 2010, Willistown Hunt has continued to have fairly consistent sales and pricing as compared to many of the surrounding areas.

After several low priced sales early in 2010, sales rebounded to have five closed sales for the year with an average final sales price of $394,000 averaging 147 days on the market. Individual sales prices ranged from $340,000 to $458,000. In 2011, there were three sales averaging $395,000 with days on the market falling to 84. Prices ranged from $347,000 to $425,000.

Sales picked up again in 2012 with 5 sales. The average sales price dipped to $379,000 but the days on the market continued to fall to 54. Willistown Hunt Luxury PAPrice range tightened as well with sales ranging from $365,000 to $399,000.

In 2013, there has been one sale for $385,000 (24 days on the market) and one property is under contract that was listed for $459,000. Three additional properties are available ranging from $384,000 to $429,000 with an average price of $404,000.

The sales and pricing for the last several years in Willistown Hunt continue to reflect the quality of the homes and great location of the community. Be sure to check out the earlier post for additional details on the community.

David Henke
Long & Foster Real Estate Inc – Devon, PA/Wilmington, DE
Office: 610-225-7400/Direct: 610-618-0808
www.DelawarePAHomes.com

(All statistics per the TrendMLS System and believed accurate but not guaranteed)

Advertisements

Newtown Square Real Estate Market Update

January 20, 2011


Springhouse Luxury Homes Newtown Square PAAfter a steep real estate decline in 2009, prices and activity for Newtown Square homes appear to be on the mend.

In Newtown Square a decade ago, the average sales price for a home was $375,000 with a top price of $2,028,000 encompassing 176 sales for the year.

2001: 176 Sales: Avg price = $370,000, Top price = $2,028,000
( including 14 sales greater than $1,000,000)

By 2005, the average price had risen to $563,000 with a top price of $2,900,000 including 191 sales.  From 2005 through 2008 the average yearly prices were fairly steady ranging from $536,000 to $579,000 per year with top prices between $2,800,000 and $3,200,000 and yearly sales between 138 and 159 sales per year.  Then the statistics speak for themselves:

2007: 159 Sales: Avg price = $556,000, Top price = $3,200,000
(including 14 sales greater than $1,000,000)
2008: 138 Sales: Avg price = $579,000, Top Price = $2,990,000
(including 16 sales greater than $1,000,000)
2009: 111 Sales: Avg price = $418,000, Top price = $2,000,000
(including 7 sales greater than $1,000,000)
2010: 109 Sales: Avg price = $542,000, Top Price = $2,800,000
(including 11 sales greater than $1,000,000)
2011: 97 Homes Currently on the Market: Avg price = $856,000
(including 27 homes greater than $1,000,000)
23 Homes Under Contract with Avg Price = $609,000

Greene Countrie Newtown Square PA

As seen above, the market took a nose dive in 2009 with average pricing for Newtown Township dropping over 25% but this is misleading due to the impact of the 50% decline in activity for those homes priced above $1,000,000.  In 2010, although activity did not rise, pricing recovered as we had a more balanced range of sales price points.

Today, it appears that we are off to a good start in 2011 with 23 homes currently under contract with an average price of $609,000.  In addition we have 97 homes currently on the market (averaging $856,000 list price) with 27 of these listed for greater than $1,000,000.  With only 15 of these properties either older homes or under construction, upper end pricing pressure to moderate.

Springton Pointe Luxury Home Newtown Square PA

With continued low interest rates and relatively abundant inventory, prices should remain fairly stable and activity is expected to rise as we begin the traditionally strong spring sales season.

David Henke
Long & Foster Real Estate Inc – Newtown Square,PA/Bear, DE
Office: 610-225-7400/Cell: 610-618-0808
www.DelawarePAHomes.com

(All statistics per the TrendMLS System and believed accurate but not guaranteed)


Happy Thanksgiving

November 25, 2010

Happy Thanksgiving to All!

Rush

Perhaps not the greatest weather day, but still a fantastic opportunity to relax and give thanks for all with friends, family, and football.

Enjoy the Holiday!

Dave

Delaware County PA Market Update

August 15, 2010

As expected, the market is quickly returning to the mean as the effects of the tax stimulus disappear in our collective rearview mirror.

Since the last update based on the July 3 statistics, we have seen some interesting shifts:

Since July 3, 2010:
–  Total Active properties are up 5%
(from 3,620 to 3,803 homes on the market)
–  Total Pending properties are up 3.1%
(from 620 to 639 homes under contract)
–  Total Sales are up 7.1%
(from 2600 to 3030 homes now sold year-to-date)

If we compare this to the same date Aug 14, 2009, we see:

Since August 14, 2009:
–  Total Active are up 16%
–  Total Pending are down 22.7%
–  Total Sold are up 7.1%
–  Total Combined Pending & Sold are up 0.3%
(vs a combined total of up 7.8% on July 3, 2010)

Bottom Line:

At this point for Delaware County PA, it would appear that the stimulus simply moved sales to earlier in the year without really increasing the market.  Total Sales are now basically in line with the 2009 rate.  With current pendings down 22% from last year, total sales will quickly fall behind the 2009 rate.  In addition, a declining sales rate combined with an increasing inventory points to a buyers’ market and continued price pressure throughout the market.

Next Up:

We still have the traditionally strong sales months of September and October directly in front of us so activity could easily pick up short term which would quickly help to ease any pressure on prices.  With the continuing low interest rates, this remains an incredible opportunity for anyone looking at buying and holding long term.  Prices could still decline short term, but over a multi-year time frame, this could be an historic low combination of prices and interest rates.  We are already seeing strong turnarounds in some pockets across the country.

As always, if you have any questions or comments, please feel free to let me know anytime.

David Henke
Long & Foster Real Estate Inc – Newtown Square,PA/Bear, DE
Office: 610-359-3853/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com

Ellis Preserve Approved by Newtown Township

October 21, 2009

Ellis Preserve Newtown Square PAAfter five years of review and planning, Newtown Township has approved the revised plans for the development of the Ellis Preserve at Newtown Square.

After years of work, meetings, and evolving plans, the Ellis Preserve Town center is now closer than ever to fruition.  The township will still submit some additional conditions to BPG that must be addressed, and another builder is contesting the approval,  but the project looks like it should be proceeding.

Ellis Preserve Town Center Newtown Square PAThe Ellis Preserve at Newtown Square will include a mixture of office, retail and residential uses.  The Ellis Preserve Town Center should be a great addition to the township and provide a more traditional town center to the area.  In addition to the commercial center concentrated by the intersection of Routes 252 and West Chester Pike, there will also be additional office space along West Chester Pike and various residential options concentrated to the north as you head toward Goshen Road.

BPG Properties Newtown Square Ellis Preserve PAFor more complete information, be sure to check out the complete Daily Times Article on the meeting itself and the embedded links to take you directly to the developers site.

As always, should you need any additional information, feel free to contact me anytime.

Springhouse and Echo Valley – Options for Newtown Square PA Homes

May 11, 2009

Springhouse Newtown Square PALocated along Goshen Rd, just east of Willistown on the edge of Newtown Township lie the homes of two secluded but convenient communities of Echo Valley and Springhouse.

The nice private Springhouse community is one of the newest developments in the Newtown Square area consisting of only 17 homesites.  Built by Chip Vaughan and Mike Mirarchi, these homes define luxury.  Designed by architect Ann Capron with floor plans ranging from 5000 to over 8000 square feet and lots from just under an acre and up, they allow for an array of beautiful amenities to satisfy many tastes within this award winning community.

Most of the homes were constructed between 2003 and 2005 with prices when new in the $1,750,000+ range with many variations depending on design, size, and amenities.  Today, two of the properties are on the market with an average list price of just over $2.45 million.  Both properties are larger designs with 5 bedrooms and 5 plus baths in about 8000 sq-ft.

Echo Valley Ranch Newtown Square PAAcross Goshen Rd lies the older community of Echo Valley.  During the late fifties and sixties, new development progressed throughout the area as growth extended through communities such as Lawrence Park in Marple township and traveled west through Newtown Square to St Albans and Echo Valley. Situated on the site of Echo Valley Farm founded in 1719, this development was started in 1957 and the homes are mostly situated on large private 1+ acre lots hidden just north of Goshen Rd.  The community contains a large array of styles and designs as homes were built through much of the late fifties, sixties, and into the seventies.

This is one of the more established areas and the prices reflect this.  The tax records show 166 homes in the development, but only a handful become available each year.  With the wide range of sizes and styles, since 2006 prices have ranged from $499,00 to over $1,000,000.  Echo Valley Home Newtown Square PAThe bulk of the sales have been in the high $500,000 to low $600,000 range.  In 2008, there were 7 sales with prices averaging $608,000.  Today, there is only one property available listed for $1,100,000 and there have been no settled sales in 2009.

If you are looking for privacy and convenience in a great area with a wide range of styles and pricing, these are both communities not to be missed.  There are rarely a wide variety on the market at any given time but with patience you can often find the amenities you may be looking for.

As always, if you have any questions or need any additional information, please feel free to call me anytime.

(All statistics are from the TrendMLS system and believed accurate but not guaranteed)

Suburban Philadelphia Delaware County PA Market Update

March 7, 2009

So – How are we doing  today in the Suburban Philadelphia – Delaware County PA real estate market after the first two months of 2009? – basically OK

The raw numbers don’t look good.  The number of sales in January/ February 2009 declined by 28% compared to the November/ December 2008 rate, dropped by 33% compared to Jan/ Feb 2008, and by 47% compared to the average month in 2008.   This obviously does not look good but looks better when you recognize that there was a 22% drop for the same period as we went from 2007 to 2008. 

Radnor BarnIn addition, after experiencing an average county wide price decline in Nov/ Dec by 8.5 % compared to the average 2008 price, the price has remained stable at $240,000 through the first two months of 2009.  There were also 1361 new listings in this period, down 26% from 2008, and 661 properties that received accepted offers, down 30% from 2008.  This has resulted in an increase in average days on the market from 73 in 2008 to 96 days in 2009.

Finally, the average list price of new units listed was $311,000 versus average sold price of $240,000.  As noted in earlier posts, this is basically evidence of the larger relative activity in the lower price ranges.  As we saw earlier, the luxury market remains challenged in this environment.

Bottom Line:  The warning signs are still out there as we see more inventory, longer days an the market, and lower sales.  The key statistic, though, may be that the prices countywide may be becoming a bit more stable.  If we can hold the price and increase sales, which may result naturally from both the time of year and the trickle down impacts of the stimulus bill, we could see a more stable and building market as we progress through the year.  The key component remains the return of consumer confidence.  If Washington continues to show zero leadership on important issues and continues its attacks on the consumer, we could continue to see a stalled market and a return of declining prices.

If you need more details on your particular community or want to know about your property, please do not hesitate to contact me anytime.

(All statistics from the TrendMLS System and are believed accurate but not guaranteed.)

The Stats – What Now for Delaware County?

January 14, 2009

Slowly but surely we are beginning to move in the right direction.

After a tough October and November throughout Delaware County Pennsylvania, the numbers in December began to look a bit more robust.  Although down, all the numbers are improving from the last couple of months.  Overall, both units sold(339) and homes put under contract(253) were down 14% from December 2007, while new listings(388 ) were down approximately 7%.  Average sold prices were down over 8% from 2007, but I would say this reflects more the mix of homes sold and the realities of the current financing1708 Massey House Marple Township PA rather than a major shift in pricing. Countywide, average days on the market remains a bit higher at 78 days on the market, but time on the market varies widely depending on the price range as seen from the Luxury Market report. 

Again, we are seeing a wide range of activity on a more local level.  In Newtown Square PA, the number of homes sold(16) were up 23% from last year (with prices up 23%) while the homes put under contract(5) declined 45%, and newly listed homes(5) fell 61%.  Next door in Marple Township PA, homes sold (6) declined 60% (with prices down 3%) with 6 new homes under contract (down 40%) and 9 new listings (down 18%).  Across the county in Lansdowne PA, homes sold during the month (9) declined 18% with an 8% price decline, while new pending (5) and new homes listed (10) both increased 25% from 2007.

Bottom line: We are getting there. 

After a rough fourth quarter, it does look like we are trending back to a more stable market, but I expect the market to remain in a bit of a holding pattern until we see the new adminstrations’ plans.   In the short term, the overall unsettled economy will probably keep a rein on both prices and activity, but this remains one of the best buying opportunities we have seen in years with lower home prices, more inventory, and incredible financing for well qualified buyers.  In addition, we have seen some move up activity as homeowners have taken advantage of the available financing and reduced prices to expand their options.  Once financing becomes more available for the larger loans, this could help to accelerate the activity.

Time to Take the Long View

December 8, 2008

brdgs1The numbers don’t add up.

After reviewing the November statistics in Delaware County Pennsylvania just west of Philadelphia, there is really not enough local sales activity for the numbers to indicate any clear trends.  Depending on the area/township viewed, you could demonstrate the market moving in almost any direction desired.  Normally, you can look at detailed statistics at the township level and generalize for the county and vice versa – not accurate at this point.  So now it is probably better to look at the bigger picture.

The important dynamic here is “How is the overall market doing?”, “What impact has the overall economy had on the local activity?”.   This is where we have seen some dramatic changes. 

In Delaware County, PA for November, properties settled with a total value of $64 Million per the TrendMLS system market statistics.  This consisted of 275 units sold with an average of 76 days on the market  and an average sale price of $247K.  To put those numbers in perspective, we had been averaging about $150M/month sales from 2005-2007, or in comparison:

   November was down 43% from the average through Oct in 2008.
   November was down 55% from the 2007 average sales/month.
   November was down 71% from our June 2005 peak sales month.

The last time we saw this level of dollar sales volume was February 2003 (February figures are usually the lowest for the year since they are roughly based on sales in late Dec/early Jan).  The last time we saw only 275 units sold was before January 2000 (the earliest our records go in the TrendMLS system).

What should you do? – get ready.  As shown before, prices are generally holding up reasonably well – we just need some stability on the financial side before people will have the confidence to move forward. There continue to be many homes on the market and many ready and able sellers and buyers “when the time is right”.  There also appears to be quite a bit of cash lying on the sidelines from investors and first time home-buyers taking a wait and see attitude. 

This is creating some interesting market dynamics and opportunities.  Without a doubt, there is increasing pent up demand.  People still need to move for personal or business reasons.  If the interest rates continue to decline, at some point, this will reignite the market with an unknown response to price levels.  We saw this on the west coast where after the market had been declining for years, once it turned, the prices recovered within 18 months.

What happens now?  As a buyer or seller, if you are in the market for the long term, this looks like a good time to be testing the waters.  With a new administration coming, we can expect them to do everything possible to boost demand.  If successful, we could see a very quick turnaround in both activity and prices toward the second quarter of next year.  The next few months could be a great time to make a move or prepare to capitalize on any new opportunities.

As always, if you have any comments or need any more details, please let me know.

Just the Stats

November 20, 2008

Delaware County, Suburban Philadelphia, Wayne Homes

One of the most frequently asked questions is: What’s going on in the market? 

In answer to this question, I’ve prepared a quick statistical update on the current market in Delaware County PA.  Bottom line: Due to the existing political and economic climate, activity has decreased substantially, but overall the prices and market are holding up reasonably well.

First the numbers:

Delaware County Statistics as reported from the TrendMLS system:
        

 october-stats

 

Several Observations:

-Sales activity has slowed dramatically: YTD Sales down 23+%, Oct Sales down 28+%, and Oct Pending down 37+%
-Listing activity has remained fairly constant with no rise in inventories.
-Sales have dropped faster than listings so there has been an increase in the number of days on the market.
-Prices overall have drifted slightly downward, but the number above seems skewed by the change in the mix of sold homes.
-The luxury market (here noted as homes listed for greater than $1M) has dropped by over 73%.
-The low end of the market (conforming loans) has remained strongest.

In Summary:

Overall the activity in the market is down and seems to have also shifted toward the lower price ranges.  Prices at the top end are drifting down, while prices on the low end are stable or rising.  The prices are moving toward the mean.

Mortgage and credit issues remain critical to each transaction with many last minute changes coming from the lenders.  Once the mortgage and credit markets loosen a bit more, activity should begin to build across the board.

The good news: If a property is priced correctly in comparison with the recently settled homes in the area, there are motivated, well qualified buyers that have the means and will to make the offers and move today.

I will do another overall update next month.  These numbers are based on Delaware County, but if you ever need any information on a particular property or different county just west of Philadelphia, please feel free to e-mail or contact me anytime.