Suburban Philadelphia Real Estate News

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

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)

Captain Chucky's Crab Cake Co continues to be rated as the best crab cakes in the area - "Crab With An Attitude".

Thousands of people drive by Capt'n Chucky's Crab Cake Co everyday and most don't realize that they have just passed by the best crab cakes in Delaware County PA.  Located in a small shop just off West Chester Pike in Ridley Creek Plaza , there is nothing to announce what waits inside but perhaps their delivery truck.

Voted as:
- "Best of the Main Line" by Main Line Today
- "Best Crab Cakes" & " Best Seafood" by Town Talk
- "Best Crab Cake" by Main Line Life
- "Good Neighbor Award"
Capt'n Chuckys continues its run as the best in the area.  The crab cakes and other seafood items are available directly or from many restaurants throughout the region.

The food is brought in daily and made on site to be the freshest possible.  Their specialty is the "Smith Island" Jumbo Lump Crab Cake made with "succulent, tender, lump crab meet gently folded in a mayonnaise flavored cream sauce, no breading".  They actually have six different types of crab cakes, including one wrapped around a Jumbo Shrimp, all filled with all jumbo lump crab meet.  In addition, they carry five different types of soups from Cream of Crab and Maryland Crab to Snapper and Shrimp Bisque.

If you are considering a fundraiser, they participate with many local organizations to support the local community.  They also have a full line of crab and shrimp appetizers plus all the fixings and carry a selection of Pellman's Cakes and Pies to cover all your party planning needs.   Looking for gift certificates? - these are available as well.  Even if you do not live in the area, they ship across the US and Canada.

So if you feel like a bit of good food or you've moved and your missing your crab cakes, be sure to drop by, call, email, fly in, or have some of the best crab cakes in the world shipped out to salve your cravings. You'll be glad you did.  The owners, Nancy & Chuck Wojciehowski, are always available to answer any questions.

As always, if you need any additional information, let me know anytime

Conveniently located off Providence Rd just south of the West Chester Pike (Rt3) in Edgmont Township PA, Runnymeade Farms remains one of the most popular housing choices in the region.  Encompassing everything from small condominiums up to large single family homes all in a community with its own tennis courts, swimming pool, and plenty of open land, there is something to be found for most anyone.

Runnymeade Farms actually has several separate sections with over 400 homes.  Single family homes are found in the original Runnymeade Farms, The Ridge, Canter Village, The Reserve at Springton Pointe, and Springton Woods.  Pritchard Place is largely traditional condominiums with a handful of townhomes.  The Clusters contain town-homes.  All the various areas have access to the shared pool and tennis facilities.

The community covers a huge price range.  At the lower end, Pritchard Place is primarily composed of 2 bedroom 2 bath condos although there are also some one bedroom units and some town-home designs.   Average pricing rose from below $200,000 in 2004 to peak at $233,00 in 2006 with 13 sales.  Since then prices have drifted down to an average of $214,000 with 14 sales in 2008 and $202,000 with 2 sales year to date in 2009.

Most of the townhomes are 3 bedroom units concentrated in The Clusters on Sawgrass Lane and Muirfield Court.  There are just a few additional two bedroom units in Pritchard Place.  Town home pricing also peaked in 2006 with only 2 sales averaging $328,000.  These price have also been heading down to an average of $291,000 in 2007 (5 sales) and $265,000 in 2008 (3 sales).  Due to the small volume of sales, the price drop appears more dramatic than it should due to a shift in the mix of sold properties.

The single family homes have a more varied picture.  Due to the wide range of styles, settings, and sizes, it is much more difficult to make any generalizations as far as pricing.  From 2004 through today, averaging pricing has ranged from a high of $616,000 in 2005 (13 sales) to an average of $490,000 (2 sales) so far in 2009, but this encompasses sales prices from well below $400,000 to well above $800,000.   The pricing is very much dependent on the homes exact location and section within Runnymeade Farms.  Let me know if you are looking for pricing in a particular location and I can quickly provide you with some additional details.

Today, there's a great selection of homes currently available.  Properties now available range from 3 one bedroom condominiums priced below $200,000 to 3 three and four bedroom single family homes priced in the mid $500s.  In all there are 18 properties on the market with an average asking price of $365,000 and three additional homes are currently under contract with an average list price of $324,000.

So if you are considering a move to a nice Pennsylvania country location with easy access to major highways and commuting routes and are looking for the amenities that can be found in a nicely planned community, it would be difficult to find a more all encompassing choice than Runnymeade Farms.  In addition, the community is just minutes from planned commercial development along Route 3/ West Chester Pike in both Edgmont and Newtown Square which should afford ample local entertainment options in the future.  It is also adjacent to the outdoor facilities and trails in Ridley Creek State Park.  From the convenience of small one bedroom condos to the privacy and  ease of living in a large single family residence, they can all be found within Runnymeade Farms.  Feel free to contact me anytime for further information.

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