Posts Tagged ‘Statistics’

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)

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.)

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.

Luxury in Suburban Philadelphia

December 29, 2008

Quick Market Update:

The top end luxury home market continues at a leisurely pace as we close out the year.

In Delaware County Pennsylvania for the last quarter of 2008 (Oct 1- Dec 31), only eleven sales in the $1+ Million price range were recorded in the TrendMLS Delaware County Market Statistics as of 12/30/08.  Many of these properties were new construction which were placed under contract well before the recent financial market turmoil. 

Only two existing homes had settlements during the quarter – both in Radnor Township: Wayne PA 19087 – both settled just above $1.3M

Radnor Homes

 There are currently an additional 155 homes available on the market in this price range reflecting an average asking price of $1,804,000 with an average of 195 days on the market.  Last year there were 29 settlements during this same time period.

Looking forward: As interest rates remain low and the financial markets become more stable, we expect there to be increasing activity as we proceed through 2009.  Demand appears to be rising due to the below average sales pace. Both buyers and sellers are ready but remain out of the market.  I would expect this to begin to correct in the medium term.

(All information per TrendMLS System. Information believed correct but not guaranteed)

What about Delaware & Chester County?

December 11, 2008

wstovrh4The last post on pricing, sales activity, and overall trends in Delaware County, PA raised the question of whether we were seeing the same thing region wide.  Short answer: Yes.

In New Castle County, Delaware, there were $74 Million dollars worth of properties sold in November consisting of 302 properties with an average price of $245,000 per the TrendMLS system market statistics.   Compared to earlier sales:

   Nov sales were down 38% from the 2008 avg sales thru Oct
   Nov sales were down 51% from the 2007 average sales/month
   Nov sales were down 69% from peak sales rate in June 2006

We saw close to the same sales rate($76 Million) in January 2008.  To match this, you would need to go back to Feb 2002 to see a lower sales volume. 

 
In Chester County, PA, total sales were $101 Million consisting of 295 units with an average price of $344,000.  Compared to earlier sales:

   Nov sales were down 34% from the 2008 average thru Oct
   Nov sales were down 45% from the 2007 average
   Nov sales were down 69% from the June 2005 peak.

Echoing New Castle County, sales were actually lower in January of this year at $95 Million.  Prior to January, we last saw this sales volume in February 2001.

 
Bottom line
: We do seem to be seeing the same trends throughout the region. 

Again, once financing issues resolve themselves and people can have some confidence on the future rates and programs, we could see a rapid build up in activity as the market responds to pent up demand.  Both the time to resolve the financing issues and the increase/decrease in inventory on the market will dictate the direction of prices once sales pick up, but at this point pricing seems to be holding up reasonably well.

As I mentioned earlier, if you are thinking of buying or selling in the near term, now is the time to get ready.  I would expect the new administration to act fairly quickly once in office and you should be prepared to take advantage of any new opportunities as they appear.

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

(All statistics from TrendMLS Market Statistics and believed accurate but not guaranteed)

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.