Suburban Philadelphia Real Estate News

Aldan real estate activity gets off to a bit of a slow start in 2011.

East Whiteland Township real estate activity appears to be on the mend.

Originally part of Whiteland Township which was founded in 1704, East Whiteland was formed when Whiteland Township was divided in 1732 and is located about 20 miles west of Philadelphia in Chester County PA. It has always been an important site historically due to its prime location between Lancaster and Philadelphia and it's proximity close to Valley Forge during the revolution. Many historic sites still remain including St Peter's Church, the General Warren Inn, the White Horse Tavern, and Wayne Tavern (soon to be replaced).  General Washington camped (and slept) in the township along Swedesford Rd - the oldest road in the state.

Covering more than 7000 acres, East Whiteland Township today has a rich mixture of residential and commercial activity including several US headquarter locations for both national and international firms  It is easily accessible off Route 202, Lancaster Avenue (Rt 30), Conestoga Rd (Rt 401), and Route 29. It's population swells daily from about 9,000 to over 20,000 as commuters arrive for business.  It also continues to be a popular housing choice with a wide variety of housing options available from apartments to large historic homes including everything in between.

Like most of the area, it experienced a great rise in real estate activity in the early 2000's with home sales reaching a peak volume in 2004 with 138 sales while pricing reached a peak in 2007 with an average sales price of $471,000.

Since then the trend for both statistics has been down until recently.  Sales activity fell to 134 sales in 2005, 124 in 2006, 113 in 2007, 85 in 2008, 84 in 2009, and 85 in 2010. Prices also fell to an average of $426,000 in 2008 and $370,000 in 2009, but the prices recovered a bit in 2010 with an average sales price of $397,000.

Today, East Whiteland Township has 45 homes currently listed for sale in the township with an average asking price of $516,000. Nine homes are under contract with an average list price of $409,000.  The average days on the market for the active homes is 189 days, while the pending show only 126 days and the most recent six month sales have averaged 117 days.

With its prime location, strong employment base, great schools, and easy access to all the area's amenities, East Whiteland housing should remain a popular choice for years to come.

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

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

Green Acres is a great community of single family homes located just northeast of downtown Wilmington off Silverside Road.

==== Note: OPEN HOUSE SATURDAY 1-3 ====
==== 1330 Tulane Road, Green Acres, 19803 ====

Green Acres is located on the south side of Silverside Road just west of the I-95 Freeway.  It is about halfway between Marsh Road and Philadelphia Pike providing multiple commuting options both into Wilmington and throughout the area.  I-95 is just minutes away with the ramps on Marsh Road affording quick access north or south toward Philadelphia/New York and the Baltimore/Washington DC areas.

Green Acres contains over 350 homes and was largely built between 1955 and 1958 although some construction continued into the early 1960s.  The community contains a great variety of contemporary 1950s styles including various split levels, ranches, raised ranches, and colonials.  Most homes averaged between 1600 and 2600 square feet although homes were built as small as 1350 square feet and now range up to almost 4000 square feet. Many lots were around the quarter acre size although various sections varied from .16 up to almost .50 acres.

Home pricing in Green Acres has followed the same pattern that we have seen in many communities in the area.  From an average price below $200,000 in 2002, prices rose to over $300,000 in 2006 and 2007.  Since then there were 9 sales averaging $281,000 in 2008, 16 sales averaging $256,000 in 2009, and 5 sales averaging $278,000 year-to-date in 2010.  There are also currently 8 homes on the market with asking prices ranging from $249,000 to $319,000 and one home currently under contract for $219,000.

Green Acres has continued to be a popular choice in the area.  With its convenient location, strong sales record, and solid housing choices, the community should remain a great option 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)

Stonewold has continued to be one of the most popular housing developments in the Greenville Hockessin area.

Located between Barley Mill Road and Lancaster Pike just west of Centerville Road, the community of Stonewold has become one of the most popular and convenient recent housing developments in the area.  This location provides its residents with almost immediate access to Hockessin, Greenville, and Wilmington.  Just to the east, Route 141 provides easy access to I-95 allowing quick travel into Pennsylvania and Philadelphia to the north or Maryland, Baltimore, and Washington DC to the south.  It is also a straight shot down Lancaster Pike to the Wilmington Amtrak/SEPTA Train Station.

Stonewold itself was largely built between 1999 and 2001 with some construction continuing into 2003.  This Thompson Homes built development consists of over 130 single family luxury homes ranging in size from just 2625 to almost 6000 sq ft.  The bulk of the homes have between 3500 and 4500 sq ft per the tax records.  Many have 2-3 car enclosed garages and are built in a nice range of styles with stucco, brick, or stone exteriors.

Home prices in Stonewold have held up very well.  Originally selling from the high $300,000 level to the mid $500,000 level in 1999 and 2000, prices rapidly rose with some sales prices peaking over $900,000 in 2005 and 2006.  Average sales prices rose from $469,000 in 1999 to an average price of $789,000 in 2005.  Since then, they have mostly maintained their value averaging $751,000 in 2006 with 11 sales, $793,000 in 2007( 7 sales), $759,000 in 2008 (5 sales), and $724,000 in 2009 (8 sales).  In 2010, there has been one closed sale for $820,000, one home is under contract listed for $799,000, and one home is currently available with an asking price of $799,900.

Stonewold should continue to be a popular choice for those looking for a convenient location with easy commuting options throughout the area while remaining in one of the best residential single family communities in the county.

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)

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)

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)

It's just about time for a quick Marcus Hook PA Homes Market Update with a bit of history.

Located just over the state border from northern Delaware along the Delaware River in lower Delaware County PA, Marcus Hook is one of the original industrial Pennsylvania river towns.  This area between New Castle Delaware and Philadelphia PA was one of the original growth areas that drove our nation from its beginnings.  The Swedes arrived first, followed by the Dutch, and finally the British including William Penn who landed just a few miles north along the Delaware River in Chester PA.

Agriculture was the original business at its founding, but Marcus Hook has always been a key trading/marketing area.  In the 1700's it was an early port while traveling toward Philadelphia and at various points played roles in the Revolution, the Battle of 1812, the Pirate trade,  and the road and rail development along the coast but all relied on its key location along the Delaware. Although at one point it was considered a resort area,  over the ensuing years, Marcus Hook has become a major industrial area growing from fishing and shipping based industries toward major manufacturing and oil refinery based businesses.  It has always benefitted from its key location in the center of the major industrial development between Philadelphia and Wilmington.

Today, it is home to two major refineries located on either side of the historic downtown area with a pleasant park along the riverfront.  It's population peaked in the 1920s with over 5000 residents but today it is a community of approximately 2500 residents.  It continues its history of community support with its strong resident involvement in its various boards, commissions, and committees and the local Marcus Hook Preservation Society.

Recent real estate activity has followed the trends seen in much of Delaware County.  With approximately 730 residential properties listed in the tax records for Marcus Hook PA, there is a nice mix of mostly row and twin homes in the borough with a few singles found throughout.  It is a very stable community with relatively low turnover of properties.  With its long history, there are properties from the 1700s through the new single family homes being built close to the riverfront park.

Real estate activity peaked in 2006 when there were 37 sales at an average price of $78,000.  For the next two years, prices continued a bit higher while activity mellowed with 33 sales averaging $87,000 in 2007 and 31 sales averaging $90,000 in 2008.  In 2009 there were only 16 completed sales at an average sales price of $80,000.  Today there are 31 homes on the market with an average asking price of $97,000, 4 homes under contract averaging $50,000, and 11 homes have sold in 2010 with an average sales price of $78,000.

With its prime location, industrial base, and community involvement, Marcus Hook PA should continue to be a stable home for years in the future.

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)

Morton PA is one of the smallest Boroughs in PA with a great downtown area and solid housing stock.

Morton PA is located in the south-eastern  portion of Delaware County.  It is situated just south of Baltimore Avenue and east of its intersection with Route 420 / Woodland Avenue.  This allows quick access to the Blue Route just due west on Baltimore Pike and to I-95 directly to the south off Route 420.  The SEPTA R3 Media/Elwyn Line also has a station in the center of the Borough providing direct access to Media and downtown Philadelphia.

Founded in 1898, Morton Borough is one the smallest Boroughs in the County with only approximately 0.4 square miles of land.  Morton was named after John Morton, signer of the Declaration of Independence, and his son Sketchey Morton.  From the tax records, there are 781 residential properties listed in Morton and has a great downtown commercial area centered on the historic Morton Train Station.

The home market has held up fairly well in Morton.  As seen in much of the area, activity peaked in 2004/2005 while home prices peaked in 2006.  From an average price well below $150,000 in 2003, prices in peaked in 2006 with an average price of $218,000.  Since then prices have drifted to $207,000 in 2007, $188,000 in 2008, and $180,000 in 2009.  Today, there are 19 homes with an average list price of $252,000 and 3 pending for an average of $285,000 with the prices reflecting new construction in the Borough.  Three properties have settled year to date with an average sold price of $185,000.

With its convenient location and strong housing stock, Morton Borough PA should remain a great option in Delaware County PA.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-353-1199/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com

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

In recent years, Edgmont PA has been one of the more relatively stable real estate areas of Delaware County.

Situated just to the west of Newtown Township in north-western Delaware County, Edgmont township is the last township in the county as you travel west along West Chester Pike.  Although not strictly oriented north - south, generally Thornbury Township borders Edgemont to the west, Middletown Township to the south, Newtown & Upper Providence to the east, and Willistown Township Chester County to the north.

It is a largely semi-rural suburban area with only the one small village of Gradyville within its boundaries.   It has quite a bit of commercial activity along Route 3 - West Chester Pike and some limited activity on Route 352 - Middletown Rd.  These routes also offer quick access to West Chester to the west, Broomall and the Blue Route to the east, and Brookhaven/ Chester/ I-95 to the south.  It is within easy commuting distance of much of Delaware and Chester Counties.

There is a wide range of home styles and real estate values throughout Edgmont Township.  These range from the condos in Runnymeade Farms to the smaller eclectic mix of homes in Castle Rock on to the large new single family homes found in Brickhouse Farms and Summerhill.  With this diversity, the area appeals to a broad cross-section of potential buyers.  Today, there are listings ranging from condos beginning at $209,000 to large estate homes currently listed up to $2,599,900.  It continues to be an active market with 59 homes currently on the market with an average asking rice of $839,000 and 6 properties currently under contract averaging $597,000.

Since 2001, the average sales prices in the area have ranged from a low of $460,000 in 2001 to a high (excepting 2007) of $584,000.  In 2007, prices averaged $720,000 as several higher end developments settled quite a few properties and there were 61 properties sold during the year.  Since then, 45 properties sold in 2008 with an average price of $530,000, 34 properties settled in 2009 averaging $550,000, and in 2010 year to date 2 properties have sold with an average price of $410,000.  There continues to be quite a bit of new construction activity in the area which will continue to affect average pricing as these settle.

With its wide range of pricing, convenient location, and relatively stable values, Edgmont should continue to be a popular housing choice in the area.  The township should continue to grow as new construction progresses and there is additional development in the adjacent areas.  It is an ideal location for those commuting locally or needing reasonable access to Philadelphia, West Chester, and Wilmington DE.

As always should you be thinking of a move in the area, please feel free to contact me anytime.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-353-1199/Direct: 610-359-3853/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com

The Luxury Home Market continues its slow pace as we head into the traditional 2010 sales season.

There have been many changes in the market since our last update in June but most of those have impacted the market at lower price points.  The primary sales activity continues to be first time buyers or lower move up buyers as people continue to take advantage of the 2009 and now 2010 Homebuyer Tax Credits.  At the higher price points, activity is still constrained by the availability of loans with prices remaining fairly flat or trending lower.

In the luxury market, sales have continued to drift.  In 2009 for the year, there were 67 completed home sales in the $1,000,000+ market down from 93 in 2008 and the peak of 132 in 2007.  The average sales price dropped again to $1,481,000 in 2009 from $1,585,000 in 2008.  The average days on the market rose from 93 days in 2008 to 117 days in 2009.  The most expensive home did rise a bit to $2,500,000.  New Homes continued to take a large share with 33 of the 67 completed sales.

Today there are an additional 129 homes currently on the market with an average asking price of $1,984,000.  This includes 57 new construction homes and properties ranging up to a list price of $13,500,000.  There are also 18 properties under contract at an average price of $1,647,000 including 9 new homes.

Bottom Line: So, as we last found in June, the luxury home market continues to be working against the economy and financing issues as it waits for confidence to return to the market.  As before, new homes enjoy a large share of the market as home buyers still appreciate the flexibility that new construction affords.

As always, should you have any questions or are considering a move in the area, please do not hesitate to contact me anytime.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-353-1199/Direct: 610-359-3853/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com

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