Suburban Philadelphia Real Estate News

Delaware County PA currently has a 245 day inventory of homes on the market at the current sales rate.

For those that may visit my website, I keep a running tab of the current active, pending, and sold statistics for Delaware County on the front page.  I just wanted to note that today, day number 245 in 2009, the number of homes sold in Delaware County finally surpassed the number of homes currently for sale - hence the 245 days of inventory.

We can't get the exact day this happens each year from our MLS, but here are some interesting points to contemplate:

--We hit the same point in early August last year and at the end of July in 2007.
--Inventories both years were over 4200 homes versus the 3168 homes today.
--In 2006, with slightly higher inventory, we reached this point in early July.
--In 2005, 2004, and 2003, the sold homes passed those on the market in early to late June on lower inventories ranging from 2400-2900 homes for sale.
--Inventory dropped 26% in the last year as the market stabilized.
--Year-to-Date Sales dropped 15% from 2008 and 39% from the peak in 2005.

The last time we had this level of home sale activity was in 1995 when there were only 3032 home sales to this same date.  This sales rate had grown to a peak of 5250 homes sales on this date in 2005 (+73% in the decade) and has subsequently fell 39% by this year.

Overall, the market in Delaware County PA has remained fairly stable. Prices have come down moderately, but we neither saw the peak nor trough experienced in other markets in the country.  Sales activity has fallen driven by uncertainties across the economy.  Short term we could see additional home sales strength due to both the expiration of the first time home buyer's incentives and the historically low interest rates.  Long term, we can expect a stronger market as the sales pace and demand return to a more "normal" rate as the economy and confidence recover.

Time will tell.  As always, let me know if you have any questions.

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

As a buyer or seller, if you are trying to take advantage of the $8000 First Time Home Buyer Tax credit, eastern Upper Darby Township is one of the key areas in the county that you may want to keep your eyes on.  Sales activity has fallen but remains stronger than in most areas of the county.  Prices have also fallen, making this an excellent time to buy for buyers and a great opportunity to take advantage of the market if a seller.

In general, Upper Darby Township can be split into two areas by zip code: 19026/ Drexel Hill to the west and 19082/ Upper Darby to the east.  Zip Code 19082 generally extends from the Philadelphia City border to the east out to Lansdowne Avenue on the west.  This area contains the commercial hub and SEPTA rail lines centered around the 69th Street Terminal.  The terminal itself is a major regional rail hub and acts as the main transfer point for the SEPTA 101 and 102 Trolleys, the Rt 100 High Speed Line to Norristown,  and the SEPTA Market-Frankford line coming from Downtown Philadelphia.  This is both a popular commuting station as well as a destination station for the local commercial activities.  This terminal also links to many area bus lines.

Zip 19082 / Upper Darby is also home to many well known residential communities such as Stonehurst, Bywood, Highland Park, and Beverly Hills.  This provides a great mix of housing options from smaller row homes, to twins, and larger single family homes.  There are also a few condominiums in the area.  All can take advantage of the great rail connections and the easy road links along State Rd, Lansdowne Avenue, West Chester Pike, and Township Line Road.  It is also a short trip directly down to the Philadelphia International Airport.

Real Estate pricing and actvity in zip code 19082 has mirrored what we have seen in the rest of the county but has seen a bit greater volatility.  Sales activity peaked in 2005 when there were 683 residential sales in the zip code with an average overall sales price of $103,000 - the first year the average sales price had exceeded $100,000.

Pricing continued to rise to an average home sales price of $116,000 in 2006, $120,000 in 2007, and $118,000 in 2008.  Sales were declining during the same time period to 605 homes sold in 2006, 463 in 2007, and 285 in 2008.  So far in 2009, we have seen 121 sales at an average price of $94,000 - falling to a price range that we last saw in 2004.  Today, there are an additional 182 homes on the market listed for an average price of $125,000 and 58 homes are under contract with an average list price of $108,000.

With it's great location, easy rail and road access, and immediate proximity to Philadelphia, the Main Line, and the Airport, this area of eastern Upper Darby should remain popular.  With an average price now less than $100,000, many first time home buyers will be able to take advantage of the historically low interest rates, good prices, and the $8000 credit to make purchases in the area.  As the year progresses, Upper Darby could be a prime beneficiary of any first time home buyer activity as buyers try to take advantage of the $8000 First Time Home Buyer Credit before the scheduled expiration on November 30.

If you need any additional information, need contacts for financing, or are thinking of a move in the area, please feel free to call me anytime.

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

Situated just southeast of West Chester and west of Newtown Square PA sit the two adjacent Thornbury Townships with one located on the western edge of Delaware County and the second adjacent to it in Chester County.  Thornbury Township was originally organized as one larger unit in 1687 with just six families.  In 1798 as Chester County split from Delaware County, the local landowners had the option to join either county.  This resulted in the unusual split and boundary-line through Thornbury township today.  Now both township buildings are next to each other just off the main campus for the Cheyney University of Pennsylvania.

Originally this area was largely an agricultural community consisting of scattered larger landholdings.  Over the years, the area was slowly subdivided and has lost much of its agricultural activity.  Today, it is a largely suburban community containing a wide range of housing options.  It has also been one of the largest beneficiaries of the tremendous growth in new construction that we witnessed since the turn of the century.

Thornbury Township Delaware County is the larger of the two areas.  It contains the three small villages of Cheyney, Thornton, and Glen Mills.  The real estate market has been very active here recently driven primarily by the continuing growth of new housing in the area.  This building activity has included everything from town-homes through to large single family estates.  Sales activity actually peaked back in 2004 with 109 sales at an average price of $583,000.  Since then activity has dropped fairly consistently with 81 sales in 2005, 61 in 2006, 68 in 2007, 47 in 2008 and 22 year to date in 2009. 

Pricing has been more varied as new home communities have impacted the market.  Prices averaged $615,00 in 2005, then $598,000 in 2006, $666,000 in 2007, and $650,000 in 2008.  Year to date in 2009, this has dropped further to an average of $554,000 with only 22 sales.  In addition, there are now 55 additional homes on the market with an average asking price of $751,000 and just 2 pending with an average price of $497,000.  With the large number of active listings and only two under contract, it is difficult to gauge the future market direction.

In Thornbury Township Chester County, the market has followed a bit different path.  Pricing spiked in 2004 as the average price jumped from $393,000 in 2003 to $472,000 in 2004.  Since then it has bounced to $449,000 in 2005, $517,000 in 2006, $548,000 in 2007, and back to $535,000 in 2008.  Activity has remained more stable with 39 sales in 2004, 49 in 2005, 39 in 2006, 41 in 2007, and 45 in 2008.  Interestingly, the economy has slowed the activity quite a bit with only 7 sales year to date but new construction is pushing up the average price to $614,000 so far this year with 5 additional homes pending at an average price of $711,000 and 27 homes currently on the market at an average list price of $723,000.

Both communities remain popular due to their ideal location and wide variety of housing options.  Located just off Route 202, Route 352 / Chester Middletown Rd, and Route 926 /Street Rd, the townships afford quick access to West Chester, Wilmington, the Main Line, and Philadelphia through a wide range of commuting options.  If you are considering a move in the area, these are both great options.

As always, if you have any questions or need any additional information, please do not hesitate to let me know anytime.

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