Posts Tagged ‘Delaware County PA Homes’

Quick 2015 Delaware County PA Wrap Up

January 5, 2016

So how did it go in Delaware County real estate last year? – Pretty Good!

Although there has been a wide variation in activity throughout the county and townships, the overall market has continued to strengthen.

From January 1, 2015 through January 4, 2016, there were 6,122 reported sales on the MLS. This compares to only 5,465 at the beginning of last year, a rise of over 12%. It could be worseLikewise, pending sales have grown from 622 in 2015 to 660 in 2016, an increase of 6%. Active for sale home inventory has also decreased from 2,580 active lisitngs to 2,507, a fall of over 2.5%.

This looks even more promising when compared to the depth of the market in 2011. On January 4, 2012, there were 3,142 homes on the market (25% higher), 480 homes pending (27% lower), and there had only been 4089 sales in 2011 (33% lower).

Based on the local market and economy, it appears that we should have another solid year in 2016. This could be disrupted, however, depending on the major potential economic and political impacts currently developing around the world.

Call me if you are interested in more information on the market in your particular area.

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

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

Delaware County PA Real Estate & Homes Market Update

September 5, 2015

Despite a bit of a cool down, Delaware County PA continues to see strong home sales activity throughout the county – continuing a trend seen throughout the year.

After getting off to a tremendous start in 2015, the real estate market has cooled quite a bit in many parts of Delaware County PA, but total sales still remain well above last year at this time.

AsRidley Creek of September 1, there have been 4,115 settled home sales in the county. In addition there are 3,184 properties currently on the market ranging in price from less than $20,000 to over $19,000,000. and 853 properties are currently pending.

This is better across the board from this date in 2014. The active listings have dropped 2% from 3,233, Pendings are up 12% from 758 pending listings, and sold homes have risen 14% from the 3,602 properties that had sold as of this date last year.

It looks even better when compared to the trough in activity 5 years ago with active listings down 20% from 3,971, Pendings up 55% from 547, and sales up 50% from 2,728.

Overall the county continues to maintain a healthy sales rate compared to last year and is holding up well to both New Castle County and Chester County. Through September 1, New Castle County reported 4,039 home sales while Chester County reported 4,539 home sales. Delaware County began the year with a greater sales rate than both counties but all have been relatively healthy.

As long as the economy does not fall off the rails again, we would expect to see consistent sales activity through the rest of 2015.

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

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

Deer Crossing Boothwyn PA Homes Update

August 9, 2013

Deer Crossing is a nice small newer single family community in Upper Chichester Delaware County PA currently offering some great values.

Deer Crossing Upper Chichester PADeer Crossing is a small single family home development of 30 planned homes. The community is located in Upper Chichester Township just east of Chichester Ave between I-95 and Route 322 / the Conchester Highway. From I-95, Chichester Ave is the first exit in Pennsylvania north of the state line. Deer Crossing is to the north after passing through Boothwyn and just beyond the Upper Chichester High School. This is an ideal location for commuting into Delaware, Philadelphia, and much of Delaware County.

Built by Mullray Builders, Deer Crossing construction began in 2005 with new home sales continuing from 2006 until recently. All the homes were 4 bedroom 2.5 bath properties ranging in size from 2500 to over 3500 square feet depending on the options and amenities. The lots were designed to be 1/4 acre plus to create a nice convenient neighborhood. There is some public space toward the entrance as well as a separate playground area for children in the community.

2 Buck Lane Deer Crossing PA 19061Deer Crossing was designed to be built with base pricing starting in the mid $300s. Reported pricing per the tax records began in the low $300s and ranged up to just below $500K. Not all properties were reported to the MLS and there have been limited resales, but average pricing reported on the MLS between 2006 and 2010 ranged from $368,000 to $424,000. Prices took a hit in 2011 with 1 sale for $296,000. Prices recovered a bit with 4 sales in 2012 averaging $318,000 and 2 sales in 2013 year to date averaging $320,000. Today there are also 2 homes on the market with an average asking price of $294,000.

With the recent pull back in pricing, Deer Crossing offers some tremendous values today. With it’s location, amenities, and stronger real estate market, Deer Crossing should continue to be a popular choice going forward.

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)

Delaware County PA Homes Sales Activity Update

January 18, 2012

Overall home sales activity continued to decline in 2011, but the rate began to recover toward the end of the year.

As of January 1 2012, available homes for sale declined slightly as compared to January 1 2011 while homes under contract rose – boding well for the housing market as we enter 2012. In addition, while yearly sales continued to decline to a rate 9% below 2011 and 19% below 2010, the gap in activity began to close as the sales rate began to rise toward the end of the year. (Check out the last Update in July here)

As of January 1 each year:
Year:  Homes on the Market | Homes under Contract | Homes Sold
2012:            :3133                              464                           4072
2011:            :3210                              414                           4476
2010:            :2750                              495                           5030

2012 Vs 2011
Change:       -2.4%                            +12%                         -9%
2012 Vs 2010
Change:       +14%                            -7.3%                        -19% 

Positive News: With lower inventory and more homes under contract, we may be past the bottom of the market. There continues to be a large unsatisfied pent up demand with people who want to move and plenty of inventory available to satisfy the demand. In addition, the financing rates have never been lower for those who qualify.

Negative News: We still have a relatively anemic sales rate. The key will continue to be if anyone can “afford” to move. Both buyers and sellers continue to have problems selling their current properties, obtaining satisfactory appraisals on their sales and purchases, and, most critically, obtaining satisfactory financing to move.

Bottom Line: Today continues to be one of the best times to move seen in years. Prices are down across the board, inventory is up in most market segments, and financing rates are at record lows. Although existing homeowners may see lower prices on their sales, they continue to benefit from lower purchase prices. Investors can lock in the current low financing rates to earn higher income yields for years to come. When confidence returns to the marketplace, both prices and interest rates could rise quickly.

As always, feel free to contact me anytime with all your real estate needs and questions.

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

Clifton Heights PA Homes Update

March 22, 2011

Clifton Heights PA continues to be a popular housing choice in eastern Delaware County.

Clifton Heights PAIncorporated on June 1, 1885, Clifton Heights PA is located just 6 miles west of Philadelphia. Located on Darby Creek, Clifton Heights was shaped by the development of the mills that drove the local economy. Today it continues to be a great smaller Borough centrally located in eastern Delaware County centered at the crossroads of Baltimore Pike and Springfield Road.

Clifton Heights PA Twin HomeClifton Heights is just minutes off Route 1/Township Line Road to the north, I-476 to the west, and I-95 to the south. The borough is well served by both bus and rail public transportation options. Both the 102 Trolley Line and the Media/Elwyn Regional Rail Line(check the video) afford quick and easy access to Philadelphia, Media, and multiple connections through the 69th Street Terminal.

Most of the housing consists of either row homes or twins with a good representation of both single family homes and condos as well. Clifton Heights PA Row HomesLike most areas of the county, prices have retreated a bit since reaching the highs seen in 2006 and 2007. Prices peaked with an average price of $135,000 in 2006 and $136,000 in 2007 including two sales reaching into the $270,000 range. Since then average prices retreated to $129,000 in 2008, $119,000 in 2009, and $118,000 in 2010. Today, there are 45 homes currently on the market with an average $119,000 asking price with 8 homes under contract averaging $128,000, and 9 homes sold year to date for $99,000.

With its convenient location, great public transportation, affordable housing, and good range of housing options, Clifton Heights is a great home choice in the area.

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

Delaware County Real Estate Market Notes

November 18, 2010

The Delaware County PA Real Estate market may be showing signs of returning to normal.

On the surface the numbers remain challenging on a year-to-year basis:

Inventory:   +20%
Homes Under Contract:   -28%
Homes Sold Year-to-Date:   -8%

But on closer look, there are some initial indications that the market could be returning to a more “normal” level in 2011.

Fall WoodsAfter peaking at over 3900 active listings in the county in late September, homes currently on the market have just fallen below the 3800 level (3790 active homes as of 11/17/09).  This is still 20% higher than on the same date last year but we need the inventory to fall to shore up pricing.

The number of sold homes just passed the 4000 level (4015 sold homes as of 11/17/09).  This level was passed on October 31 in 2009, is 8% lower than the same date last year, and is expected to continue to fall further behind in the absence of any new incentives.  This low sales rate appears unsustainable.

The number of pending homes has remained at a lower level of 525 homes currently under contract (731 homes were under contract in 2009).  This represents a 28% decline from the level in 2009.

Bottom line:  The incentives offered by the government appear to have simply rearranged the timing of sales that would have occurred naturally while only temporarily arresting a decline in activity.

Sales peaked in 2004 and 2005 with over 7600 sales each year.  The last time we had less than 5000 completed transactions in Delaware County was 1998, and there has been solid growth in the county since that time.  In 2011, we could see increasing sales and stabilizing prices as the market activity plays a bit of catch up to respond to pent up demand.

After experiencing slowing sales, higher inventories, and lower prices, we could be looking at a more “normal” year in 2011.

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

Delaware County PA Real Estate Market Update

September 29, 2010

The Delaware County Real Estate Market continues into the fourth quarter at a leisurely pace.

As we close in on the end of September with only one quarter to go before 2011, this is a great time to assess the current market health.

As we noted before, the net effect of the First Time Home Buyer’s Tax credit was simply to move the timing of sales in 2010 with little apparent impact on increasing overall activity in the market.  This year to date in 2010, there have been 3525 recorded sales in the county compared to 3524 sales in 2009.

Through September 29, 2010:
.                                           2009              2010        Change
Year To Date Sales:             3524               3525        No Change
Pending Sales:                       818                 568        -31%
Active Homes For Sale:        3282              3903       +19%

Swarthmore PACompared to my 8/17/2010 market update, the Pending Sales and Active Homes numbers continue to deteriorate. Pending sales have fallen an additional 11% (from 639 to 568) in the last month and a half.  The Active Homes for Sale inventory has climbed an additional 2.6% (from 3803 to 3903).  Both numbers indicate an increased desire to sell while buyers appear to be continuing to wait on the sidelines.

We have been seeing additional buyer activity both online and in Open House traffic but this has yet to be seen in increased homes under contract.  If the buyers do not return soon, we could see some further price deterioration as we move toward the end of the year.

This remains one of the best and most affordable times to buy a home in the area.  Anyone who is considering a move should be in the market today.  Very minor economic news could quickly be felt in increased interest rates and today’s deep inventory could quickly be gone.

As always, should you have any questions or be considering a move, please do not hesitate to contact me anytime.

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

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

Where are we now? Delaware County PA Sales Stats

July 10, 2010

So now that the tax incentives have expired and the bulk of the settlements did make their original June settlement date goals, where are we today?

Overall it looks like the tax incentives shifted the timing of many purchases but did not create a large boost in traffic.

Looking at the statistics for 2010 year-to-date and comparing it to the same time frame last year, the numbers show several interesting trends.  (The numbers are based on July 3 statistics to allow for delayed sales reporting.)  In 2010, there were 620 pending home sales vs 852 pending in 2009 for a 27% drop.  At the same time, properties that had closed rose from 2135 in 2009 to 2600 in 2010 for a 21% jump in closed properties.  Combining both the pending and settled properties through July 3 for both years, we saw a 7.8% total jump in sales activity for the year through July 3.

We also saw a jump in homes currently available on the market.  In 2009 at this time, there were 3275 homes listed as on the market in the TrendMLS System, while in 2010 there were 3618 for a 10% rise in overall inventory. This also marked an increase of 31% from the inventory low seen in January.

Bottom Line for a year-to-year comparison based on July 3rd numbers:

– Total Active Inventory: +10.5%
– Total Pending Inventory: -27.6%
– Total Sold Inventory: +21.8%
– Total Sales Activity (Pending + Sold): +7.8%

At best, the incentives increased overall activity by 7.8% over last year while largely simply shifting settlements to occur prior to the June 30 tax incentive expiration date.  At the same time, there has been a significant increase in overall inventory which could continue an overall weak pricing environment.  Looks like a great time to be a Buyer while Sellers will need to remain very close to the market to be sure to position their properties correctly.

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

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

Edwards Dr Foreclosure in Brookhaven PA

May 9, 2009

Edwards Dr Foreclosure Brookhaven PAToday we are in central southern Delaware County PA for the next example from Danielle Mateu’s foreclosure homes.  The Borough of Brookhaven is located on Route 352 just south of Middletown/  Media and north of the City of Chester.  Although settled in 1682, this area was part of Chester and Middletown Township before being incorporated in 1945.  Today it is a smaller borough with over 8500 people and 3600 residences.

This foreclosure home is located just southeast of the intersection of Route 252 (Edgmont Av) and Brookhaven Rd, the original center of the borough, on Edwards Dr.  It is a nice 3/4 bedroom, 1 bath Cape on a nice residential street just a block from the intersection.  This appears as an average solid foreclosure that will need additional work, but it is not a ground up restoration as seen in some other properties.  It is also the first cape that we have seen in the series.  As with any foreclosure, a buyer should be prepared to do their own inspections to determine the present condition and invest in some significant work from the outset.  This property has a nice addition on the rear with a small shed and large parking area in the back yard.  The video shows the details:

For the most part, real estate values have remained fairly stable in the immediate area.  Sales activity peaked in 2007 with 19 homes sold at an average $209,000 sales price, while sales prices peaked in 2008 at $211,000 with 12 sales.  So far in 2009 there have been 5 sales with an average $207,000 sold price.  Prices have been above $200,000 since 2005.

Edwards is now listed for $179,000 which appears competitive to the sold homes.  Today, there are also 2 additional homes pending that have an average list price of $184,000 and 5 homes currently on the market with an average list price of $199,000 so at least in the short term, we could see average prices easing to the $200,000 range.

As always if you have any questions, need any additional information, or would like to look at any properties, please do not hesitate to contact me anytime.  I look forward to hearing from you.

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