After peaking in 2007, Edgmont Township home sales activity and sales prices have stabilized over the last few years.
Edgmont Township is located in western Delaware County and is crossed to the north by the West Chester Pike and south by Middletown Rd. Founded in 1687, it started as part of Thornbury Township and was originally inhabited by the Lenape Indian tribes. Over the years it was primarily an agricultural area with large farms throughout the west and many mills developing along Ridley Creek. In the early 1900's the area along the trolley lines on West Chester Pike known as Castle Rock became a popular amusement park, picnic grove, and entertainment area. Today, Edgmont is home to much of the Ridley Creek State Park and many of the existing farms have been developed into newer housing developments.
With a wide variety of mostly higher end housing options throughout the township, Edgmont has been a very popular housing choice in the area. As seen in much of Delaware County, both sales activity and prices peaked in 2007 when there were 61 sales with an average sales price of $720,000 in the township. This included sales from several new developments that were under construction.
Since then, home sales and prices have fallen but continue to retain their value better than many areas in this economic environment.
Prices declined to an average sales price of $530,00 in 2008 with 45 sales but then continued with 34 sales averaging $550,000 in 2009, 50 sales averaging $507,000 in 2010, and 14 completed sales averaging $551,000 in 2011 year-to-date. Currently, there are 57 homes on the market having an average asking price of $685,000 with an additional 11 properties now under contract averaging $658,000.
Today, the township continues to retain the best of both worlds with plenty of housing options but in a more semi-rural environment. Edgmont's central Delaware County location affords easy commuting options into Philadelphia, Wilmington, West Chester, and throughout the region. This combination has allowed home prices and sales activity to remain more stable on a relative basis than seen in much of the area.
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)
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.
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.
Voted as:
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.
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.
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.
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.
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.