Suburban Philadelphia Real Estate News

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.

After 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 we look to be below that for 2010 despite solid housing growth since then.  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.)

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

Happy Thanksgiving to All!

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

Thanks to Jay Markanich for the great post.  and Yes - the holes should be there, don't fill them!  This is an excellent description of the brick building technique.

UPDATE: Great news!  On November 18th, the museum announced that tours will be continued on a reduced schedule and a summit will be held in early 2011 to explore future options.  There are still many issues to be resolved but funds were made available to make needed interim repairs.  Thanks to all who are continuing to work on this project!

This may be the last weekend that you will have the opportunity to visit the Cruiser Olympia. 

The City, State, and Nation may soon be losing an important piece of the Nation's history.

The Independence Seaport Museum in Philadelphia has announced that they will cease tours of the Cruiser Olympia on November 22.  The Spanish-American War Cruiser Olympia is the world's oldest floating steel warship and a National Historic Landmark.  She served as Commodore George Dewey's Flagship during the Battle of Manila Bay.  In February, the museum announced that they were unable to fund the ongoing restoration and maintenance of the Olympia.  They have been trying to secure funding over the last several years but to date have been unsuccessful.  

Today, the Cruiser no longer is a priority in the Museum's long term strategic plan, and there is a very real possibility that the Cruiser Olympia will be scrapped or sunk off the New Jersey coast to create an artificial reef.

The future of the Cruiser Olympia remains in question as the museum continues to search for funding and looks at various options for the ship's future.  If funding is not found, this may be one of the last chances to visit this historic ship.  

Despite the economic times that we are living through today, the loss of this ship would be irreplaceable and a tremendous long term loss for the country.  Hopefully some organization, museum, or individuals will be able to devise a creative solution allowing the continued restoration, display, and existence of this landmark.

Don't miss the opportunity to visit this historic Cruiser!

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