Suburban Philadelphia Real Estate News

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)

Welcome to Rutledge PA in Delaware County Pennsylvania.

Rutledge is one of the smallest boroughs in Delaware County containing less than 275 residential properties per the tax records and about 860 residents. Occupying about 1 square mile, it was founded in 1885 and incorporated as a Borough in 1885.  The earliest reference to its name was from the Rutledge Mutual Land Improvement Association but the origin of the name is still in question.  It was either named after an early sweetheart of Abraham Lincoln or the novel Rutledge by Miriam Coles Harris.

Today it is a popular Borough conveniently located in southern Delaware County just east of Swarthmore.  It has its own fire department, parks, and Borough Hall and Rutledge is part of the Wallingford-Swarthmore School District.  It is within easy driving distance to I-95 by driving south on Route 420 or to I-476 by traveling west on MacDade Blvd.  The SEPTA R3 Regional Rail Line serves the Borough through the Morton-Rutledge Station just to the north.

On a relative basis, Rutledge has had a fairly stable real estate market as compared to many of the surrounding communities.  The average prices for homes in the area first surpassed, $200,000 in 2004 with an average sales price of $226,000.  Since then the average sales price has varied between a low of $244,000 in 2009 to a high of $281,000 in 2007.  There has consistently been 5 or 6 sales per year from 2004 through 2009.  In 2010, there has been one home sold for $150,000 and there are currently 3 additional properties on the market with an average asking price of $296,000 (there are no properties currently under contract).

With its stable sales and stable pricing, Rutledge seems to have successfully avoided much of the volatility seen in other areas of Delaware County.  With its great location, strong school district, and solid housing stock, it should continue to be a popular and stable area for the future.

As always, should you ever have any questions or are considering buying or selling 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

Welcome to East Lansdowne PA in eastern Delaware County.

East Lansdowne is one of the smaller Boroughs in Delaware County PA which is surrounded by Upper Darby located just west of the City of Philadelphia boundary and east of Lansdowne Borough.  It is a largely residential community with a small commercial area along Baltimore Pike and Long Lane.

The borough originally was part of Upper Darby, when development began on a former farm purchased from the Smith Family in 1902.  The development was named East Lansdowne and with its great site and easy development terms, building quickly began with 30 homes built in the first year.  The town was incorporated and separated from Upper Darby on June 3, 1911.  Building continued rapidly with the land mostly built out by the 1940s.  Today, the Borough is filled with tree lined streets with "an abundance of Victorian Vernacular, Craftsman Bungalow, and American Foursquare styles of homes, present in both twins and singles, illustrating the fashion and themes of early 20th century residential architecture."

As seen throughout the county in real estate, home sales prices and activity have eased due to the economy, but activity rose in 2009.  Average prices first broached the $100,000 level in 2004 after activity peaked with 53 home sales in 2003.  The average price continued to rise until 2007 with 35 sales at an average sales price of $154,000.  This activity then eased to 19 sales at an average price of $122,000 in 2008.

In 2009, activity rose to 27 sales, but average prices continued to drift to $111,000 as  prices continued to be affected by foreclosures in the area.  Today, there are 2 properties now under contract for an average price of $84,000 and an additional 23 currently on the market for $144,000.

With the wide variety of available properties, great location, and strong sense of community, East Lansdowne PA should continue to be a popular choice in eastern Delaware County.  With a more stable economy and the continued tax incentives, prices and activity should remain solid as we continue into 2010.

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

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Thinking of a move to East Lansdowne PA - Be sure to visit 59 Penn Blvd:

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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)

As we begin a new year, the Haverford Hill Condominiums in Havertown PA have continued to be a popular home choice in the area.

Located just east of the Blue Route/ I-476 and south of West Chester Pike off Glendale Rd, the Haverford Hill condos have always been one of the most popular and convenient complexes in the area.  Built in 1967 with over 250 one, two, and three bedroom units, there is a home for almost every situation.  This location is ideal for anyone working in Delaware County offering immediate access to the freeway as well as quick access east or west along West Chester Pike.  There is also access to the SEPTA bus, trolley, and rail lines heading into Philadelphia.

Real estate activity and pricing has remained strong through this year after the slowdown seen throughout the area in late 2008/ early 2009.  Today, there are currently 6 two bedroom units available with an average list price of $158,000, 1 three bedroom unit listed for $209,999, and 1 one bedroom unit for $122,500.  There are no homes currently under contract.

For 2009, there have been 18 completed sales: 1 three bedroom, 7 two bedroom homes, and 10 one bedroom units.  This compares to 10 sales in 2008, 26 in 2007, 17 in 2006, and a high again of 26 in 2005.  Since 2005 there, has been a bit more variability in type of units sold.  From 2006 through 2009, there was 1 three bedroom unit sold each year, between 7 and 13 units per year for the two bedrooms, and between 1 and 12 one bedroom units per year.

We have also seen the same variability in pricing.  Three bedroom units hit a high of $196,000 in 2007 and drifted down to $179,000 this year.  The two bedroom homes hit a peak last year at $162,000 which included several completely redone units, and fell back to $149,000 in 2009.  Finally, the one bedroom homes experienced a surge of activity rising from one sale in 2008 for $95,000 to ten sales in 2009 with an average sales price of $108,000.

All in all, it has been a solid year for sales and activity in Haverford Hill with overall solid pricing and sales activity.  With its wide array of living choices, great location, and reasonable pricing, it should continue to be a popular choice.

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

Welcome to Swanwyck, Swanwyck Gardens, and Swanwyck Estates conveniently located between Wilmington and New Castle in New Castle County DE.

These three communities are all nestled together south of I-295 and west of Route 9/ New Castle Ave/ Wilmington Rd.  I-295 is immediately accessible with direct access either north or south from Route 9 and there is a slip exit directly off I-295 north into the Swanwyck Gardens section  This location also provides direct routes from Route 9 into Wilmington and New Castle.  Just a short drive west, Route 13/ the Dupont Highway affords additional routes south to the New Castle County Airport and beyond.

Swanwyck was named after the original home in the area that was built in approximately 1819 and has been listed on the National Register of Historic places since 1977.   Very limited development and building began in the late 1930's & early 40's with some 2 story colonials and ranches being built along Landers Lane, Prince Ave, and Queen Ave.  This development was suspended during the war years but resumed in full force after the war with the vast majority of homes then built as ranch style properties during the 1950's.  This later development encompassed most of the area between Landers Lane and I-295 and to the west of the Eisenberg Elementary School and Route 9.  Today, per the public tax records, the three communities encompass over 460 properties.

Like many areas in the county, Swanwyck has seen quite a bit of price variation over the last few years.  Since 2003, the average sales price rose from $129,000 to $139,000 in 2004, $163,000 in 2005, $183,000 in 2006, and $186,000 in 2007.  During this period, activity remained remarkably stable with 24 sales per year in 2003-2006 and dropping to 13 sales in 2007.  In 2008, there were only 14 additional sales with the price pulling back to $173,000.

This year sales have recovered slightly but prices took a hit with an average sales price year to date of $144,000.  The good news is that on a monthly basis the pricing has been rising for much of the year as the overall economy has appeared to be on more solid footing.  Today there are 4 properties currently on the market with an average asking price of $173,000 and one home under contract with a list price of $189,000.

With its great location and solid housing, the three communities of Swanwyck, Swanwyck Gardens, and Swanwyck Estates should continue to be a solid choice in the area.  Prices should remain fairly stable from here supported by the current tax incentives and provided that the overall economy continues to regain some momentum.

As always, if you have any questions or are considering a move in the area, please feel free to contact me anytime.