Posts Tagged ‘Real Estate’

Delaware County PA Home Sales Continue to Improve!

April 10, 2017

Delaware County PA home sales continue to improve in 2017.

It just keeps getting better. As of April 5, 2017 throughout Delaware County, there were 2312 properties on the market, 1050 under contract, and 1312 properties have settled since the first of the year.

These numbers all improved over 2016. Today last year, there were 2879 homes on the market, 1000 properties under contract, and 1206 properties sold. IMG_20170408_111128The 2017 numbers represent a 20% drop in inventory, 5% increase in properties under contract, and 8% increase in sales year to date.

They have improved every year for the last five years. Compared to 2012, the 2017 statistics show a 35% drop in homes on the market (from 3,570 in 2012), a 26% increase in those under contract (from 828 in 2012) and a healthy 50% increase in completed sales (from 869 Homes in 2012)

Since the election in November, we have continued to see a strong increase in sales and activity throughout the area. There has also been quite a bit of variation from township to township, so not all areas have been benefiting to the same extent, but the trend today is your friend.

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)

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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.)

Darby Borough PA – Settlement in the Foundation

February 20, 2009

Darby Borough has been one of the most stable real estate locations in Suburban Philadelphia and Delaware County.  It is also one of the least expensive areas often appealing to a wide variety of home buyers as well as to investors looking for solid investments.  With this steady demand and support, the prices in the area have remained almost flat for the last several years.

The Darby Free Library Needs Your Support!

Darby has a long history and has always seen demand for its housing due to its convenient location adjacent to Philadelphia and close to the Philadelphia International Airport.  Over the years though, its housing has not kept pace with some of the current trends.  Row homes remain the most common housing, but there has been a lack of new investment resulting in much new growth and development moving further west through the county.  This has worked out well with Darby being able to avoid the wide price variations seen in other Delaware County locations, and prices have remained remarkably stable until recently.

This stability may be coming to an end as prices seem to be settling quite rapidly.  In 2005, the average sales price was $61,000. In 2006, 2007, and 2008, the average sales price rose and stayed between $68,000 and $69,000.  Only in the last six months have we seen prices begin to pull back to an average price of $61,000.  In addition, the average list price of those homes currently under contract(13 homes) is only $54,000 anticipating a further decline in the average sales price.

Darby Borough PA Row Homes We have also seen a rather dramatic increase in the average days on the market (DOM) and corresponding decline in overall activity.  In 2005, there were 155 sales with the average DOM equal to 49, in 2006 there were 184 sales with 56 DOM, in 2007: 156 sales with 57 DOM, in 2008: 99 sales with 73 DOM, and the last six months saw 31 sales with 81 DOM.  Finally, today there are 78 homes still on the market with an average list price of $76,000 and 131 DOM.  Although activity has increased since the October stall, there is still potentially a years worth of inventory on the market.

Bottom Line: This could be a warning sign for Darby and the rest of Delaware County.  As higher end sales prices have drifted down over the last couple years, we have continued to see strong continuous demand supporting the bottom of the market and putting a floor under these prices.  Should this drop continue, we could experience another step down across the county.  The inability of this administration to generate any confidence in the financial markets is beginning to show up dramatically at the local level and could be a warning sign for additional problems ahead.

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