Suburban Philadelphia Real Estate News

Overall home sales activity continued to decline in 2011, but the rate began to recover toward the end of the year.

As of January 1 2012, available homes for sale declined slightly as compared to January 1 2011 while homes under contract rose - boding well for the housing market as we enter 2012. In addition, while yearly sales continued to decline to a rate 9% below 2011 and 19% below 2010, the gap in activity began to close as the sales rate began to rise toward the end of the year. (Check out the last Update in July here)

As of January 1 each year:
Year:  Homes on the Market | Homes under Contract | Homes Sold
2012:            :3133                              464                           4072
2011:            :3210                              414                           4476
2010:            :2750                              495                           5030

2012 Vs 2011
Change:       -2.4%                            +12%                         -9%
2012 Vs 2010
Change:       +14%                            -7.3%                        -19% 

Positive News: With lower inventory and more homes under contract, we may be past the bottom of the market. There continues to be a large unsatisfied pent up demand with people who want to move and plenty of inventory available to satisfy the demand. In addition, the financing rates have never been lower for those who qualify.

Negative News: We still have a relatively anemic sales rate. The key will continue to be if anyone can "afford" to move. Both buyers and sellers continue to have problems selling their current properties, obtaining satisfactory appraisals on their sales and purchases, and, most critically, obtaining satisfactory financing to move.

Bottom Line: Today continues to be one of the best times to move seen in years. Prices are down across the board, inventory is up in most market segments, and financing rates are at record lows. Although existing homeowners may see lower prices on their sales, they continue to benefit from lower purchase prices. Investors can lock in the current low financing rates to earn higher income yields for years to come. When confidence returns to the marketplace, both prices and interest rates could rise quickly.

As always, feel free to contact me anytime with all your real estate needs and questions.

The Glenhardie Condos continue to be a prime residential choice for those looking in the King of Prussia / Wayne PA area.

The Glenhardie Condominium complex is a great larger residential condominium community located in Tredyffrin Township Chester County with a Wayne PA address. They are located just north of Swedesford Rd and west of Route 422. This location has immediate access to Route 202, Route 422, and I-76 providing great commuting options throughout the greater Chester County, Montgomery County, Delaware County, and Philadelphia areas. Being just minutes from the King of Prussia Mall, Valley Forge National Park, and much of the Main Line, they offer an endless array of entertainment and dining options.

The Glenhardie Condominiums were originally built between 1968 and 1970. Today, there are 20 buildings with 459 one bedroom and two bedroom units offering a nice range of housing options. Most of the one bedroom units are just over 800 square feet while the two bedroom units start at 100 square feet. There are some larger units and townhouses throughout the complex. The community has been developed in a nice open arrangement preserving the trees, open space, and privacy that are difficult to find today. With an optional membership in the adjacent Glenhardie Country Club, residents have instant access to a golf course, pool, and all the club amenities. The community is part of the Tredyffrin/Easttown School District.

Please be sure to check out the complete area and development history written by some members of  the community by clicking here.

As seen throughout the region, prices have fallen a bit in the last few years but have remained stronger than seen in most locations. Using the 2 bedroom units for comparisons, the pricing and activity peaked between 2005 and 2007 when the yearly units sold ranged from 14 - 18 units per year and the average price peaked at over $180,000. Since then we have seen both a reduction in prices and activity. In 2008 there were 12 sales averaging $175,000, in 2009 12 sales for $171,000, in 2010 5 sales for $167,000, and so far in 2011 4 sales for $152,000. There are also 4 homes currently on the market with an average asking price of $188,000 and 2 properties under contract averaging $199,000 - so it appears the 2011 pricing average will be rising.

With its superior location, easy commuting options, schools, and multiple entertainment options, the community should remain a stable and popular choice in the area for years to come.

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

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

Thornbury Hunt continues to be one of the most stable communities in Thornbury Township PA with low home turnover and relatively stable pricing.

Located in Thornton Thornbury Township, Thornbury Hunt is a great community of single family homes in western Delaware County PA. The subdivision was built just north of Glen Mills Rd with entrances off Westtown Rd to the west and Thornton Rd to the east. This location places it about equidistant from Route 926 / Street Rd to the north, Baltimore Pike / Route 1 to the south, and Route 202 to the west. These provide easy access throughout Delaware County and Chester County with easy commuting into Philadelphia and Delaware.

Thornbury Hunt was built by Toll Brothers in the early 1990s. The first homes were completed and listed in the tax records in 1990 with the bulk of the homes being completed by 1995. Construction generally began on the Westtown Road side along Fox Brook, Colts Neck, and Heatherstone and moved east toward Thornton Rd. The majority of the homes included 4 bedrooms and 2.5 baths but a few larger homes were expanded to 5 bedrooms and 3 plus baths. Square footage ranged from below 2700 to over 4000 square feet. As in many Toll communities, the lot sizes averaged between a third and half acre surrounded by common land.

Prices and activity in Thornbury Hunt have remained fairly stable since the average sales prices first reached over $500,000 in 2004.With low property turnover, sales have ranged between 1 and 4 properties per year. Average sales prices reached $503,000 in 2004, $543,000 in 2005, $523,000 in 2006, and peaked at $595,000 in 2007. In 2008 they fell to $565,000, then to $524,000 in 2009, and $525,000 in 2010.  This year there has been one completed sale for $568,000 and one property is currently on the market with an asking price of $564,000 (there are no pending homes).

With an expected stronger market and more stable pricing environment, Thornbury Hunt should continue to have stable home values and strong demand. With its central location, it should remain an in-demand community for many in the Chester County / Delaware county area - be sure to include it in your home search.

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

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

Springton Mews is a popular Springton Reservoir area townhome housing choice in Marple Township PA.

Springton Mews is a pleasant townhome community just north of the Springton Reservoir along Route 252. It is located just past the intersection of Rt 252 with Palmers Mill Rd about halfway between Newtown Square and Media in Marple Township. This location provides prime access to the major east-west corridors along West Chester Pike and Route 1 with easy access to the Blue Route/ I-495, I-95, Philadelphia, and Wilmington. It is also just moments from Rose Tree Park, the Granite Run Mall, and the commercial development along the West Chester Pike.

Springton Mews is a small community of 28 homes on a small cul-de-sac street. The development contains a nice mixture of 2 and 3 bedroom layouts. Their sizes range from just below 2400 square feet to over 3100 square feet. The homes have private garages, a nice open floor plan, and were completed in 1987.

As would be expected, sales activity runs at a fairly leisurely pace. There were 4 sales in 2004 and between 1 and 3 sales each year through 2009 (no units sold in 2006 and 2010). Prices overall have been fairly stable with the smaller 2 bedroom units in the high $200s or low $300's while the larger units are in the mid to upper $300,000 range. In 2009 there were two 3 bedroom sales with an average price of $390,000 and there has been one 3 bedroom sale in 2011 for $365,000.

Today, there are three units currently on the market in Springton Mews. The one 2 bedroom unit is listed for $299,850 while the 3 bedroom units average $371,950. There are no homes currently under contract.

With its prime location, stable pricing, and luxury living, Springton Mews should continue to hold its value well and remain a popular choice in the area.

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

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

Leedom Estates continues to be a solid housing choice in southern Delaware County.

Since construction started in the 1940s, Leedom Estates has remained a very stable, strong community. Today per the tax records, there are over 900 units in the neighborhood.

Leedom Estates is located just south of Chester Pike inRidley Township midway between Route 420/Wanamaker Avenue and Stewart Avenue. This location allows almost instant access to I-95 for easy commuting into Philadelphia or Wilmington. Chester Pike, Route 420, and I-476 afford easy access throughout Delaware County. Leedom Estates is only minutes from the Philadelphia Airport.

The community itself is a great mixture of single family homes and one and two story rows and twins. Construction began in 1940 with the single family homes centered on Rodney and Braxton and generally ranging in size from 1100-1900 square feet. Construction continued in the early 1940s with additional single family homes and some twins. Beginning in 1950 and continuing till the late 1950s Leedom rapidly expanded in all styles with homes beginning at 800 sqft.

Both home sale activity and pricing have remained more stable here than in many parts of the county. Activity peaked in 2006 with 26 sales but has only varied between 21 and 23 sales per year from 2007 through 2010. Pricing has also remained fairly stable.The average price was $168,000 in both 2006 and 2007. It then spiked to $185,000 in 2008 and quickly returned to $161,000 in 2009 and $163,000 in 2010.

Prices have seen an additional decline this year. Today, there are 14 homes on the market with an average asking price of $156,000. Three homes are under contract with an average list price of $126,000 while 12 homes have sold this year to date for an average sales price of $140,000.

With its great location, wide range of housing choices, reasonable and stable pricing, and strong community characteristics, Leedom Estates should remain a great housing choice for years to come.

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

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

The Newport DE (Zip Code 19804) real estate market is following the trends seen throughout the area with both home prices and activity easing.

Although centered on Newport, zip code 19804 actually encompasses parts of three separate communities with the US Postal Service recognizing Stanton, Newport, and Wilmington as acceptable addresses.  The Zip itself is bounded by the Christina River and White Clay Creek to the south, the old B&O freight railroad line to the north, the City of Wilmington to the east, and includes the Delaware Park Race Track to the west. According to the public records, this area includes over 6200 residential properties.

Newport has a long history beginning with its first land grant in 1641 and was first developed as a port and trading area beginning in the 1730s. This growth took advantage of both its access to the river and its location as a stage stopover on the Old King's Highway. Newport saw the creation of one of the first post offices in the United States and later became a terminus of the Newport-Gap Pike. Newport was formally incorporated as a town in 1873.

Over the years, as Wilmington grew and rail lines developed, Newport's importance in trading declined and development turned to more commercial and manufacturing growth. Over the years, the area has seen a wide range of industry from tanning and fertilizer to automobile and chemical production. GM manufactured cars in the area from 1947 through 2009 at its Boxwood plant, and Fisker announced plans in 2009 to begin electric automobile production at the same facility.

Today, Newport lies just to the north of the major I-95 interchange connecting with I-495 to the north and I-295 to the Delaware Memorial Bridge and New Jersey. Route 141 and Route 4 run right through town and it is just moments from the Kirkwood Highway, the Dupont Highway/Route 13 and Route 1 heading toward the beaches. These roads provide immediate access to Wilmington, Newark, and New Castle while also affording easy travel to the beaches, Baltimore, and north into Pennsylvania toward West Chester or Philadelphia.

The 19804 Zip code encompasses a wide range of housing choices.These include single family homes, twins, rows, and apartments of every age and style. As seen throughout much of the area, both housing prices and sales activity have been declining recently.

Prices peaked in 2007 when the average home sales price reached $203,000.  Since then, the average prices fell to $187,000 in 2008, $183,000 in 2009, $171,000 in 2010, and to $149,000 so far this year.

Home sales activity in zip code 19804 has followed the same trend. Activity peaked in 2005 and 2006 when sales reached 273 properties each year.  This activity then fell to 243 completed sales in 2007, 185 in 2008, 168 in 2009, 138 in 2010, and 77 this year to date.  These numbers represent a 26% decline from peak prices and 43% decline from peak sales activity. In detail:

Zip Code 19804 Real Estate Activity:
Year:             Homes      |    Avg Price       |
Active:             112                  $175,000
Pending:          23                    $145,000
Sold 2011:       77                    $149,000
2010:               138                  $171,000
2009:               168                  $183,000
2008:               185                  $187,000
2007:               243                  $203,000
2006:               273                  $192,000
2005:               273                  $175,000

With its ideal central location, Newport and all of Zip Code 19804 should continue to be a prime destination for both home owners and businesses. Combined with its easy access to shopping, entertainment, and all the regional major metropolitan areas, Newport and the surrounding zip should continue to be a great choice for years to come.

David Henke
Long & Foster Real Estate, Inc
Wilmington DE/Devon PA
Direct:610-618-0808 - Office:302-834-3431
www.DelawarePAHomes.com 

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

The Haverford Hill condominiums continue to be a popular choice although prices and sales activity have both weakened recently as compared to our last update in January 2010.

Throughout the county, home prices and sales activity have continued to be weak as consumers remain wary of the unsettled local, national, and international prospects. Condominiums of existing complexes have seen lowered demand and this weakness is reflected in both the pricing and sales activity seen in the Haverford Hill condominium complex.

In 2009, the average price of a 2 bedroom unit was $149,000. This eased to $143,000 in 2010 and $133,500 in 2011.  With an average list price for properties currently on the market of only $133,000, the average price appears to be headed lower for all of 2011.

The same trend is seen in the activity.  In 2008 there were 10 sales, rising to 18 total sales in 2009. In 2010 this fell to only 5 sales in the complex and only one settled sale for 2011 year to date. In detail:

Year:  1BR on the Mrkt | Avg Price | 2BR on the Mrkt | Avg Price
Active:            :4               $98,000            14                    $133,000
Sold 2011:      :0                      0                 1                     $133,500
Sold 2010:      :2              $115,000            3                     $143,000
Sold 2009:      :10            $108,000            7                     $149,000

With lower pricing, increased inventory, and the available great financing rates, activity could quickly rise as we continue through the year and consumers get some clarity and feel more confident on their personal situations. Well known communities and developments would likely be the first to benefit.

Unsold housing inventory continues to rise while sales continue their leisurely pace.

Last week the active inventory for homes for sale passed the 4100 level for the second time this summer. This year-to-date, 2083 homes have been sold.

Year:  Homes on the Market | Homes under Contract | Homes Sold
2010:            :3709                                 637                               2721
2011:            :4124                                 658                               2083
Change:       +11%                                 +3%                             -23%

Sales continue to lag this year as we remain well below a more "natural" sales rate. On the inventory side, the 4124 homes on the market represent an 11.1% rise over last year and a 28% rise since the last update in March 2011. The peak level of inventory for 2010 was reached in September of last year at just over 3900 homes.

Average condominium prices continue to rise in Delaware County PA.

An interesting trend is appearing in the Delaware County sales statistics, average condo prices have continued to rise even as activity has slowed.

Delaware County has always had a wide range of condominium options throughout the county with prices ranging from well below $100,000 to an upper end "traditionally" in the $600,000 range with some few exceptions above the $1,000,000 level. 

Like much of the county, the existing individual complexes have seen the same rise and fall in prices and activity seen throughout the housing market.

While the county wide average sales numbers have seen the same pattern, the average sales prices for all county condos have continued to rise at a steady pace. This reflects a variety of new high end projects that have been developed.  Particularly with the addition of Terrazza in Newtown Square, Athertyn in Haverford, and Louella in Wayne, the new upscale developments are pushing the amenities and associated pricing to levels more often seen in the city. This is creating more options, more competition, better amenities, new standards, and better housing that will benefit the area for years.

So.. the next time you are in the market for a new home, before you make any firm decisions where you are going to live, please be sure to check out all your options. Even in this market, development continues and the new home options just might pleasantly surprise you.

Delaware County PA Condominium Sales Activity

Year      Average Price    Total Sales
2011          $230,000                29           June only
2011          $225,000                122         through June
2010          $222,000                310
2009          $211,000                365
2008          $192,000                377
2007          $190,000                508
2006          $180,000                475
2005          $178,000                485
2004          $160,000                499
2003          $139,000                483

David Henke
Long & Foster Real Estate, Inc
Devon PA/Wilmington DE
Direct:610-618-0808 - Office:610-225-7400
www.DelawarePAHomes.com 

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

Real estate prices and activity remain fairly steady in Paxon Chase.

Paxon Chase is a great home community built in the mid 1980s containing approximately 40 townhomes and 69 single family homes. Located off Paxon Hollow Rd in Marple Township, Paxon Chase offers a nice blend of semi rural living while being in close proximity to major transportation/commuting corridors. This location also affords plenty of entertainment and dining options in Media, the Main Line, and Philadelphia.

Route 320 is minutes to the east and Route 252 is just moments to the west with both providing easy access to the Blue Route (I-476), West Chester Pike, Baltimore Pike and Route 1. With I-95 just down the Blue Route, residents can easily travel toward Philadelphia, Wilmington, and beyond.  It is also convenient to both the Philadelphia International Airport and multiple rail options.

The community was developed in the 1980's. The single family homes were primarily built between 1984 and 1986 while the townhomes along Trout Run Mews were completed in 1987. The single family homes are predominately between 2000 and 3000 square feet with a few ranging over 4000 sq ft usually with 4+ bedrooms. The three bedroom townhomes were on average slightly smaller averaging between 2128 and 2511 sq ft with four units containing 2740 square feet.

Paxon Chase is one of the more stable communities in the area resulting in a relatively slow turnover in properties and more stable pricing. Prices peaked in 2007 as seen in much of the area but have remained fairly stable. The average single family home pricing eased to $438,000 in 2010 versus a $487,000 peak in 2007 but rebounded in 2011 with one closed sale for $473,000. The townhomes saw prices bottom in 2009 with three sales averaging $291,000 but have since recovered into the low $300,000 range. The leisurely pace of sales combined with the variation in individual properties could explain much of this volatility. 

Today there are currently 4 properties on the market: one townhome for $345,000 and three single family homes with an average asking price of $491,000.

With it's relatively stable pricing, great location, and variety of housing options, Paxon Chase should remain a great housing choice in the area for years to come.

Paxon Chase Real Estate Activity Details:

Year:  Townhomes |Avg Price | Single Family |Avg Price
2006:          2            $365,000       1                  $479,000
2007:          1            $365,000       2                  $487,000
2008:          0              ---                1                  $463,000
2009:          3            $291,000       2                  $478,000
2010:          1            $332,000       1                  $438,000
2011:          1            $330,000       1                  $473,000

(excludes one $735,000 sale in 2011)