Suburban Philadelphia Real Estate News

The First Around the Fountain Festival will be held in the Cool Spring Reservoir Park this Sunday from 12:00-5:00.

This is another great opportunity to take the day off and enjoy more that the area has to offer.

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

Cedar Grove Farms is a private smaller community of single family homes located just off Cedar Grove Rd in Marple Township Broomall PA.

Cedar Grove Farms is located just south of Cedar Grove Rd in Marple Township/ Broomall PA.  The development is about midway between Sproul Rd/ Route 320 and Newtown Street Rd/ Route 252.  This provides the residents immediate access to Media, Newtown Square, and Broomall and very easy commuting options along Route 1,  Route 3/ the West Chester Pike, and The Blue Route/ I-476.

Cedar Grove Farm is a newer community with the majority of homes completed between 1990 and 1994.  The development includes over 125 homes averaging 3500-4000 sqft but with sizes ranging over 5,000 sqft.  Most properties include 4-6 bedrooms with 2.5+ baths, full basements, and 2 or 3 car garages.  The lots are generally less than half an acre.

This is a very stable area with a relatively slow turnover of properties, and it has not seen the steep rise and fall in prices experienced by some nearby home developments.   Activity peaked in 2003/2004 when there were five sales each year and prices rose from an average sales price of $568,000 to $660,000.  Since then prices have largely remained in the low $600,000 range.  There were 3 sales averaging $628,000 in 2005, 4 sales averaging $666,000 in 2006, 1 sale for $740,000 in 2007, 1 sale for $510,000 in 2008, 1 sale for $675,000 in 2009 and 2 sales year-to-date 2010 averaging  $631,000.  Today there are 5 home on the market with an average list asking price of $632,000.  No homes are currently under contract.

With it's great location, stable neighbors, and reasonable pricing, Cedar Grove Farms should remain a popular mid-price choice in Broomall for years to come.  Activity should begin to pick up as real estate activity in general begins to turn around creating additional move up/down buyers in the region. 

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)

As expected, the market is quickly returning to the mean as the effects of the tax stimulus disappear in our collective rearview mirror.

Since the last update based on the July 3 statistics, we have seen some interesting shifts:

Since July 3, 2010:
-  Total Active properties are up 5%
(from 3,620 to 3,803 homes on the market)
-  Total Pending properties are up 3.1%
(from 620 to 639 homes under contract)
-  Total Sales are up 7.1%
(from 2600 to 3030 homes now sold year-to-date)

If we compare this to the same date Aug 14, 2009, we see:

Compared to same time last year through August 14, 2009:
-  Total Active are up 16%
-  Total Pending are down 22.7%
-  Total Sold are up 7.1%
-  Total Combined Pending & Sold are up 0.3%
(vs a combined total of up 7.8% on July 3, 2010)

Bottom Line:

At this point for Delaware County PA, it would appear that the stimulus simply moved sales to earlier in the year without really increasing the market.  Total Sales are now basically in line with the 2009 rate.  With current pendings down 22% from last year, total sales will quickly fall behind the 2009 rate.  In addition, a declining sales rate combined with an increasing inventory points to a buyers' market and continued price pressure throughout the market.

Next Up:

We still have the traditionally strong sales months of September and October directly in front of us so activity could easily pick up short term which would quickly help to ease any pressure on prices.  With the continuing low interest rates, this remains an incredible opportunity for anyone looking at buying and holding long term.  Prices could still decline short term, but over a multi-year time frame, this could be an historic low combination of prices and interest rates.  We are already seeing strong turnarounds in some pockets across the country.

As always, if you have any questions or comments, please feel free to let me know 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)

The National Park Service is offering Free Admission to many of its sites this weekend.

It's August as the hot and steamy summer rolls on.  The beach, the mountains, the sports, and the summer chores have all been done but now you are looking for something different before the days of camps, sports, and school return in just a few weeks.

Time to take advantage of the FEE FREE National Park Weekend August 14 & 15.

During the year the National Park Service offers 5 separate days or weekends when they eliminate their entrance fees to a variety of National Parks across the country.  This upcoming weekend, August 14 and 15, is one of those times and it looks like it should be an excellent weekend to take advantage of this offer.

The Philadelphia region has 6 National Park sites as well as Hopewell Furnace National Historic site located just across the Chester County - Berks County border in French Creek State Park.  Most of the sites, including the  Independence National Historic Site, the Edgar Allen Poe Home, Gloria Dei Church, the Deshler-Morris House, and the Thaddeaus Kosciuszko National Memorial, are normally free although they may require tour reservations.  In addition, both Valley Forge and Hopewell Furnace will have free admission this weekend.

This is a great time to take some time, learn some history, and enjoy more that the area has to offer.  Further afield, there are also many sites is New Jersey, Maryland, and other parts of Pennsylvania offering free admission including Steamtown in Scranton.  Enjoy!

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

The Gables at Chadds Ford is a great dining choice when visiting the attractions in the Chadds Ford PA area.

The Gables at Chadds Ford is located on Route 1 in Pennsbury Township Chester County just moments west of Chadds Ford and the Brandywine River Museum and several miles east of Longwood Gardens.  This location provides immediate access from Kennett Square, West Chester, and Wilmington and is convenient to much of the area from Route 1, Route 52, and Route 202.

Established in 1997, the restaurant is situated in the restored barn on one of the oldest farms in the area.  The name pays honor to both the barn itself and the original home.  The home was first constructed in 1745 but remodeled in the late 1800s in the Victorian style including the addition of 23 gables.   The barn housing the current restaurant was built in 1897.  It has gone through several uses culminating in its present role as a fine dining experience.

The Gables has a strong history and great reputation.  Jack McFadden is the current proprietor and has been involved in several well known restaurants in the area.  We recently had the opportunity to stop by and enjoy dinner after visiting one of the local movie theaters.  The barn itself contains a nice bar area near the entrance, white tablecloth dining, and an open air patio section located in a portion of the original foundations.

The food was excellent and the service was great.  We had the opportunity to try the salmon, crab cake, and filet mignon all prepared perfectly and well  presented.  It was particularly appreciated that the menu had a separate selection of lighter fare as well as the option to order a petit entrée of the main entrees which were well proportioned themselves.

If you live in the area or are just visiting some of the local attractions, this is a great dining choice that should be added to your itinerary.  They are open for lunch Tuesday through Friday and open for dinner every night except Monday beginning at 5:30 (5 on Sunday).  Enjoy!

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

Barley Mill Courts is an ideally located community of single family homes and townhomes on Barley Mill Rd just off Route 141.

Barley Mill Courts is an exclusive small community with a pleasant mix of  single family properties and 16 townhomes.  The development is located just south of Barley Mill Road west of Route 141.  This ideal location affords immediate access to Route 141, Route 52/ Kennett Pike, and Route 48/ Lancaster Pike.  These provide easy commuting options into downtown Wilmington, Greenville, Centerville, Hockessin, and I-95 toward Philadelphia or Baltimore.

The first homes in Barley Mill Courts were completed in 1975 with development continuing into the early 1980s.  The townhomes average 2,000 sqft with the largest unit ranging up to 2,850 sqft.  The single family homes range from 2,500 sqft ranch homes to over 4,000 sqft classic colonials.  The "courts" design allow for smaller lot sizes with an abundance of open common space.  The homes themselves are today located in a nicely wooded environment.

Real estate pricing in the community has remained relatively stable through the years.  The average sales price first rose above the $500,000 level in 2003 and has continued to ranged between $490,000 and $550,000 including both the single family homes and townhomes.   Since having five sales with an average sales price of $519,000 in 2008, there  was only one sale in 2009 for $490,000 and two sales in 2010 for an average price of $512,500.  Today, there is one twin on the market for $465,000 and one pending single family home for $675,000.

With it's great location convenient to Greenville, Wilmington, and Hockessin, and wide variety of housing choices in a smaller community, Barley Mill Courts should remain a prime address for years to come.

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

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

Springfield Township PA street trees and residents to benefit from PECO Green Region Grant.

In May, PECO awarded $150,000 in PECO Green Region grants to 20 municipalities in the greater Philadelphia area.  These grants have been awarded yearly since 2004 to provide for projects for open space preservation, conservation, and improvements.  PECO works with its parent, Exelon Corp, the Natural Lands Trust, and conservation organizations to review applications and decide grant recipients.

This year five of those recipients were located in Delaware County.  Thornbury, Folcroft, Haverford, Concord, and Springfield each received grants this year.  The grants varied between $5,000 and $10,000 per municipality and will cover an array of projects.

Springfield Township plans to use its funds to purchase 200 bare root trees.  Since 1958, Springfield's Shade Tree Commission has worked with residents to maintain shade trees and street trees in the township.  Residents can apply to the township for these trees.  Participating residents would be required to attend a presentation on the tree's proper care and maintenance.

Once again, local government and corporations are working together to improve our environment .

Be sure to visit Hagley Museum on Wednesdays or Thursdays this summer in Wilmington DE.

In July and August, Hagley Museum in Wilmington DE is offering reduced admission prices for events every Wednesday night and Thursday during the day.  Hagley Museum and Library are located on the site of the original gunpowder works founded by today's DuPont Company in 1802.  The main entrance is just off Route 141 as it crosses the Brandywine River close to Greenville DE.  It is just minutes off I-95 and Route 202 and easily accessible from all New Castle County.

On Wednesday nights, Hagley will be holding their Bike and Hike nights.  From 5 - 8 PM every Wednesday through August, admission will only be $2 per person allowing you the chance to enjoy the trails, walk the riverside, and picnic along the Brandywine.  Admission is free for members.

On Thursdays from 9:30-4:30 Hagley Museum admission is only $1 per person.  This will allow admission to both the museum and grounds.  This is a great opportunity to revisit, or visit the museum for the first time,  and explore the grounds and exhibitions.  Admission is free for members.

In addition, this will give you an ideal time to learn of the events already scheduled throughout the fall.  These include the Hagley Car Show and Hagley Film Showcase in September,  the Hagley Craft Fair in October, and Christmas at Hagley running from November 26 through the New Year.

Another great opportunity to enjoy all the area has to offer!

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

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)