Suburban Philadelphia Real Estate News

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)

Brookthorpe Hills, located in eastern Marple Township Broomall PA, continues to be a popular and stable housing choice in Delaware County. 

The community itself was built and expanded over many decades so it now encompasses several areas just west of the Blue Route along the West Chester Pike.  The tax records list over 400 homes in the community with the bulk of them being located in the eastern portion of the triangle formed by the Blue Route (I-476) , West Chester Pike, and Marple Road.  Further west, there is a second section located south of West Chester Pike adjacent to Sproul Rd.

Brookthorpe Hills includes a wide range of building styles, sizes, and construction due to its long period of growth.  The first real wave of construction began in 1930 along Sterner with some twins and colonials and then expanded in 1938 with new construction along Ferguson, Lindbergh, and New Ardmore to the north of West Chester Pike with mostly single family colonials.  This continued into the 1940s as new construction also developed along Franklin and Harding Avenue to the south of West Chester Pike near Sproul Rd.

Building then continued sporadically through the war years until a second wave took hold in the fifties.  More traditional construction continued north on many of the existing streets progressing toward Anthony Ave and development spread northeast with predominately ranch style homes along Brookthorpe Circle, Mather, and Thomas.  Beginning in 1960, more new construction was started north of Anthony Ave along Lindbergh progressing from split levels to large 2 story colonials.  In the 1970s, there was an additional building spurt as homes were developed along Brookthorpe Terrace and Darlene Circle.  Throughout the entire period continuing until today, homes of varying styles and sizes were constructed on infill lots on already largely built out streets.

Brookthorpe Hills today is a diverse and very stable community with homeowners remaining in their properties for years as they enjoy the convenience and opportunities offered throughout the area.  This has resulted in a very low turnover of homes while maintaining strong pricing.

Currently, there are six properties on the market with an average asking price of $395,000 with no homes now under contract, and only 1 sale year-to-date for $265,000.  In 2009 there were 11 sales at an average final sales price of $330,000.  This compares to 10 sales in 2008 averaging $390,000, 15 in 2007 for $361,000, 12 in 2006 for $381,000, and 10 in 2005 for $319,000.  The average price first rose above $300,000 in 2004.

If you are looking for a convenient stable neighborhood with immediate access to the Blue Route or West Chester Pike and relatively stable pricing, Brookthorpe Hills in Broomall PA, Marple Township, should definitely be included in your search.

As always, should you be considering a move in the area, have any questions, or need ay additional information, 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)

Slowly but surely we are beginning to move in the right direction.

After a tough October and November throughout Delaware County PA, the numbers in December began to look a bit more robust.  Although down, all the numbers are improving from the last couple of months.  Overall, both units sold(339) and homes put under contract(253) were down 14% from December 2007, while new listings(388 ) were down approximately 7%.  Average sold prices were down over 8% from 2007, but I would say this reflects more the mix of homes sold and the realities of the available financing rather than a dramatic shift in pricing.  Countywide, average days on the market remains a bit higher at 78 days on the market, but time on the market varies widely depending on the price range as seen from the Luxury Market report. 

Again, we are seeing a wide range of activity on a more local level.  In Newtown Square PA, the number of homes sold(16) were up 23% from last year (with prices up 23%) while the homes put under contract(5) declined 45%, and newly listed homes(5) fell 61%.  Next door in Marple Township PA, homes sold (6) declined 60% (with prices down 3%) with 6 new homes under contract (down 40%) and 9 new listings (-18%).  Across the county in Lansdowne PA, homes sold during the month (9) declined 18% with an 8% price decline, while new pending (5) and new homes listed (10) both increased 25% from 2007.

Bottom line: We're getting there. 

After a rough fourth quarter, it does look like we are trending back to a more stable market, but we may remain in a bit of a holding pattern until we see the new adminstrations' plans.   In the short term, the overall unsettled economy will probably keep a rein on both prices and activity, but this remains one of the best buying opportunities we have seen in years with lower home prices, more inventory, and incredible financing for well qualified buyers.  In addition, we have seen some move up activity as homeowners take advantage of the available financing and reduced prices to expand their options.  Once financing becomes more available for the larger loans, this could help to accelerate the activity.

(All information is based on TrendMLS Market Statistics and believed correct but not guaranteed)

Quick Market Update:

The top end luxury home market continues at a leisurely pace as we close out the year.

In Delaware County Pennsylvania for the last quarter of 2008 (Oct 1- Dec 31), only eleven sales in the $1+ Million price range were recorded in the TrendMLS Delaware County Market Statistics as of 12/30.  Many of these properties were new construction which were placed under contract well before the recent financial market turmoil. 

Only two existing homes had settlements during the quarter - both in Radnor Township: Wayne PA 19087 - both settled just above $1.3M

 There are currently an additional 155 homes available on the market in this price range reflecting an average asking price of $1,804,000 with an average of 195 days on the market.  Last year there were 29 settlements during this same time period.

Looking forward: As interest rates remain low and the financial markets become more stable, we expect there to be increasing activity as we proceed through 2009.  Demand appears to be rising due to the below average sales pace. Both buyers and sellers are ready but remain out of the market.  I would expect this to begin to correct in the medium term.

(All information per TrendMLS System. Information believed correct but not guaranteed)