Suburban Philadelphia Real Estate News

Happy Memorial Day!

& Congratulations to the Swarthmore College Class of 2012. Once again, it's that time of year to relax, put up your feet, get together with family and friends, and look forward to a great Summer Season.

OPEN HOUSE THIS SUNDAY! MAY 20 from 1-3 - 15 RUBY DR

This Sunday May 20, we will be holding an Open House at 15 Ruby Dr in Ashbourne Hills in North Wilmington/ Claymont DE.

Ashbourne Hills is a nice community located just off Darley Rd in North Wilmington with a Claymont address. With over 600 homes, Ashbourne Hills contains a great mixture of split level, ranch, and colonial house styles. The community is ideally located just south of Naamans Rd, north of Harvey Rd and west of the Philadelphia Pike providing immediate access to all of North Wilmington. With easy access to both to I-95 and I-495, it is a great location for commuting into Wilmington, Philadelphia, and New Jersey.

15 Ruby Dr itself is a 3 bedroom/ 1 bath split level. The home has a great open floor plan. The living room opens directly to the dining room and kitchen with open access to a large lower level family room. The family room has beamed ceilings, is partially paneled, and has a nice bonus room/bar. It opens directly into the completely renovated den/home office/study addition with sliders to the front and a door to the rear yard. Upstairs there are three bedrooms and one full bath with double sinks. The dining room opens to a enclosed rear porch overlooking a nice terraced rear yard. This is a great house with wood, stone, and wrought iron accents throughout.

With an ideal location, nice amenities, and great layout, 15 Ruby Dr is a great opportunity for home buyers in the area. Be sure to include it in any tour of the area or stop by Sunday's Open House!

David Henke
Long & Foster Real Estate Inc – Bear, DE/Devon, PA
Office: 302-834-3431/Direct: 610-618-0808
www.DelawarePAHomes.com  

**** Open House Sunday May 20 from 1-3 at 15 Ruby Dr, Ashbourne Hills, Claymont DE ****

After seeing both activity and prices fall in recent years, Claymont is now beginning to see a rise in both areas.

With its prime location at the mouth of  the Naamans Creek, the Claymont area has been continuously occupied for centuries. Although named after the local Lenape chief by the first western inhabitants, in 1856 the area was renamed Claymont after the former family plantation of the pastor of the local Episcopal Church. Originally an agricultural area, Claymont later developed as a resort area and finally as an industrial community.

Claymont has always been on important transportation routes. In the colonial period it was located on the Kings Highway connecting the Colonies and running from Boston through Philadelphia, Newport, and on to Charleston. The historic Robinson House became an important stop during the revolution. Later the Philadelphia Pike was developed as the prime artery between Wilmington and Philadelphia. Today it is conveniently located at the intersection of I95 and I495 directly on the northeast corridor, and it also has local SEPTA rail service with connections to Amtrak in both Wilmington and Philadelphia.

Claymont now has a bit of everything from nice residential developments to multiple commercial areas along the Philadelphia Pike and Naamans Road to some remaining industrial sites. The community is home to several historical sites including the Robinson House - Naamans Tea room, the Old Stone School, the Darley House, and the Ascension Church. In addition, it continues to be home to the Archmere Academy, formerly the Raskob Estate. For the future, the Claymont Renaissance Redevelopment Corporation is working with the community, local organizations, and businesses to guide Claymont's continuing development.

Home sales activity in Claymont has followed the trends we have seen throughout New Castle County. Activity in zip code 19703 peaked in 2005 with 180 sales. Average home sales prices peaked in 2006 at over $214,000. Since then both sales activity and prices have fallen every year until reaching a low of 95 sales in 2011 at an average sales price of $150,000.

This year there have been 37 home sales to date with an average sales price rising to $155,000. There are also 27 properties under contract with an average list price of $158,000 and 54 properties available with an average asking price of $164,000. In several communities we are seeing even greater increases in asking prices as home sales continue to remain strong.

As interest rates continue at historic lows, the economy continues to stabilize, and confidence begins to return, Claymont should be well positioned to continue to see a rise in both home sales activity and pricing as we continue through 2012.

David Henke
Long & Foster Real Estate Inc – Bear, DE/Devon, PA
Office: 302-834-3431/Direct: 610-618-0808
www.DelawarePAHomes.com  

Just a quick reminder that the Wilmington Flower Market is now open.

Continuing a Mother's Day weekend tradition from 1921, the event is being held this Thursday, Friday, and Saturday in Rockford Park. It will be open from 10:00AM - 8:00PM daily with a great selection of rides, vendors, and, of course, plenty of plants and flowers. There is also a full slate of scheduled entertainment daily. 

The proceeds are distributed to a "wide range of charities throughout the state of Delaware supporting children." 

Be sure to take some time to visit the Wilmington Flower Market, support their sponsors, and enjoy the entertainment, all while supporting Delaware's Children.

David Henke
Long & Foster Real Estate Inc – Bear, DE/Devon, PA
Office: 302-834-3431/Direct: 610-618-0808
www.DelawarePAHomes.com  

Another great tip as everyone gets outside in the warmer weather, does the yearly maintenance, and continues to get our homes ready for spring and summer.

Thanks to James Quarello for the reminder.

Inventories drop and activity rises as home prices fall to a more sustainable level in New Castle County DE.

After seeing a rise in listing activity in 2010 with stable pricing leading to reduced sales, we saw the area's home sales activity begin to rise in 2011 as prices and inventories began to fall - particularily at the end of the year. The data below illustrate the last few years of activity both for all of New Castle County and the Brandywine/North Wilmington area in particular.

New Castle County:
For 2012 Year To Date:
Year:  Homes Listed | Homes under Contract | Homes Sold
2012:         :2301                     1484                          1122
                       Average Home Sold for $195,000 in 95 Days
For the entire Previous Years:
2011:        :8568                 4708(54%)                 4404(51%)
                        Average Home Sold for $218,000 in 94 Days
2010:        :9795                 4322(44%)                 4247(43%)
.                       Average home Sold for $242,000 in 80 days
2009:        :9351                 4939(52%)                 4794(51%)
.                       Average home Sold for $240,000 in 79 days

For Brandywine/North Wilmington:
For 2012 Year To Date:
Year:  Homes Listed | Homes under Contract | Homes Sold
2012:         :280                     228                            170
                       Average Home Sold for $222,000 in 96 Days
For the entire Previous Years:
2011:        :1234                 755(61%)                  754(61%)
                        Average Home Sold for $252,000 in 91 Days
2010:        :1442                 721(50%)                  694(48%)
.                       Average home Sold for $269,000 in 74 days
2009:        :1231                 774(62%)                  762(61%)
.                       Average home Sold for $272,000 in 72 days

Unlike previous years, sales activity has been strong enough to avoid the normal build up in inventory that one often sees during the beginning of the year. Buyers are taking advantage of the recent decline in prices and continuing low interest rates to buy at the current lower prices. This has also allowed sellers to sell fairly quickly, if priced aggresively, providing some flexibilty to move up or down in the market.

We have not seen this activity uniformly across the area. Some areas and neighborhoods continue to have an abundance of available properties so pricing should continue to be fairly stable throughout the area.

As always, if you are thinking of a move and would like more details on the market values in your area, please do not hesitate to contact me anytime for a market update or a complete complimentary market analysis for your home.

David Henke
Long & Foster Real Estate Inc – Bear, DE/Devon, PA
Office: 302-834-3431/Direct: 610-618-0808
www.DelawarePAHomes.com  

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

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.

Open House this Sunday January 8 from 2:00-4:00
at 690 S Bryn Mawr Avenue Radnor Township PA.

This Sunday we will be holding an Open House at 690 S Bryn Mawr Avenue. This home is located on the north side of Bryn Mawr Avenue just east of Route 320 / Sproul Rd in Radnor Township. This location provides almost immediate access to much of the Main Line as well as most of Delaware County. The home is also minutes from Route 476 with quick connections to I-95, the Philadelphia Airport, greater Philadelphia, and south to Wilmington.

690 Bryn Mawr is listed by Marie Gordon and has been reduced to $399,900. The home is a 3 bedroom 2 bath one floor ranch style property with over 1600 square feet built in approximately 1955. With hardwood floors throughout, updated kitchen, and over one acre of property, this is an ideal location for those looking for convenient one floor living.This home includes a great light open floor plan, one car garage, and basement.

The home is easily accessed from much of the area. From West Chester Pike and I-476 travel west to Rt 320 / Sproul Rd; turn north until you reach the intersection of Bryn Mawr Avenue; turn east to 690 Bryn Mawr. From Lancaster Avenue head south on Sproul until you reach Bryn Mawr Avenue and turn east.

If you are looking for convenient one floor living with immediate access to the Main Line, Chester County, and Delaware County with access to the Radnor schools, you should be sure to include this home in your search.

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

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

Happy New Year!

Thank you for a great 2011 and wishing you the best for 2012.

Be sure to relax and enjoy some time with your friends and family for the remainder of the holiday weekend.

Have a great New Year!!

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

Happy Halloween!

Time to eat candy - lots and lots of candy, dress up in costumes, and wander the neighborhood surprising your unsuspecting friends, neighbors, and family. Eat well and enjoy!

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