Briarcliffe PA and Westbrook Park PA continue to be popular and stable housing choices.
Briarcliffe Darby Pa was last visited here back in March. Since that time, the local pricing has actually strengthened although the activity has remained leisurely. The average prices for 2009 have climbed 4% from the early 2009 sales to an average settled price of $144,000. Activity has remained slow with only 26 settlements year to date with an additional 12 under contract, but this activity could surpass the overall 2008 numbers.
Compared to activity to the same date in 2008, prices have risen 1.6% while activity has fallen 33%. These numbers are comparable to what we have been seeing throughout the county. The prices are also a bit higher due to several single family homes entering the mix. If the market remains under pressure, we could see some additional pullback in prices as the year progresses. Inventory remains reasonable with 33 homes currently on the market (twice the level seen in March) with an average list price of $152,000 and an average of 133 days on the market.
Westbrook Park Upper Darby/ Clifton Heights PA has also continued to hold its own. There have been 24 sales year to date 2009 at an average price of $152,000 exactly matching the average for 2008. As seen above sales activity declined 31% from the rate seen at this same time last year. Pricing however has also remained basically stable falling from $153,000 in 2008 at this point to $152,000 this year.
Days on the market have also climbed from 94 days on average in 2008 to 119 average days today. Like Briarcliffe, this rise is not unreasonable, but the trend, should it continue, will lead to solid pressure to reduce prices. There are now 21 homes on the market versus the 14 homes in January. This seems reasonable on a seasonal basis.
Both communities continue to have solid sales and remain within the price range of many first time buyers. The activity could remain solid through the first part of October as potential buyers align themselves to take advantage of the $8,000 First Time Home Buyer Tax Credit. Pricing after that point will depend on the actions emanating from Washington DC and the overall economic situation.
As always, should you have any questions or need any additional information, please do not hesitate to contact me anytime.
(All statistics per the TrendMLS System and believed accurate but not guaranteed.)