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 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.

Last week, I had the opportunity to attend the 2010 International Builders' Show in Las Vegas Nevada.

With over 1000 exhibitors and 175 educational programs this is the largest industry gathering in the states and an incredible gathering of expertise for the home building industry.  It was a chance to see the latest and most innovative products on the market and get a better feel for the directions now coursing through the industry.

Several important trends quickly became clear as you perused both the booths and the education courses during the show.  Throughout all offerings, everything is becoming more green.  Almost all producers are trying to use less and consume less of all our natural resources.  There is an increased emphasis on building communities and homes that have easier access to public transportation options and shorter commutes to work and shopping.  And everyone is trying to reduce costs both for the products themselves and the resources used throughout their life-cycles.

In addition, across all demographics, there is a renewed emphasis on quality.  As priorities have shifted, demand is growing for "smaller" homes.  Buyers are not necessarily trying to downsizing per se, but they want efficient use of space.  Average home sizes throughout the country have been shrinking while often losing the high ceilings and unused space.  At the same time within these properties, few are giving up the newest amenities with homeowners still demanding the best, the newest, the most efficient, and the most renewable products throughout their properties.

In the coming months, I will continue to provide more details coming from the show as it impacts our local communities and building industry.  It is going to be an interesting year to watch these new developments flow through the industry.

As always, if you have any questions or need any additional information, never 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

(Be sure to check out the Haverford Hill update in July 2011)

As we begin a new year, the Haverford Hill Condominiums in Havertown PA have continued to be a popular home choice in the area.

Located just east of the Blue Route/ I-476 and south of West Chester Pike off Glendale Rd, the Haverford Hill condos have always been one of the most popular and convenient complexes in the area.  Built in 1967 with over 250 one, two, and three bedroom units, there is a home for almost every situation.  This location is ideal for anyone working in Delaware County offering immediate access to the freeway as well as quick access east or west along West Chester Pike.  There is also access to the SEPTA bus, trolley, and rail lines heading into Philadelphia.

Real estate activity and pricing has remained strong through this year after the slowdown seen throughout the area in late 2008/ early 2009.  Today, there are currently 6 two bedroom units available with an average list price of $158,000, 1 three bedroom unit listed for $209,999, and 1 one bedroom unit for $122,500.  There are no homes currently under contract.

For 2009, there have been 18 completed sales: 1 three bedroom, 7 two bedroom homes, and 10 one bedroom units.  This compares to 10 sales in 2008, 26 in 2007, 17 in 2006, and a high again of 26 in 2005.  Since 2005 there, has been a bit more variability in type of units sold.  From 2006 through 2009, there was 1 three bedroom unit sold each year, between 7 and 13 units per year for the two bedrooms, and between 1 and 12 one bedroom units per year.

We have also seen the same variability in pricing.  Three bedroom units hit a high of $196,000 in 2007 and drifted down to $179,000 this year.  The two bedroom homes hit a peak last year at $162,000 which included several completely redone units, and fell back to $149,000 in 2009.  Finally, the one bedroom homes experienced a surge of activity rising from one sale in 2008 for $95,000 to ten sales in 2009 with an average sales price of $108,000.

All in all, it has been a solid year for sales and activity in Haverford Hill with overall solid pricing and sales activity.  With its wide array of living choices, great location, and reasonable pricing, it should continue to be a popular choice.

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

WMMR's Preston and Steve's Camp Out for Hunger is almost upon us for 2009.  DONATE TODAY!

From Monday November 30 through their broadcast on Friday December 4th, Preston and Steve are once again holding their Camp Out for Hunger in the Metroplex Shopping Center in Plymouth Meeting, PA.  Donations will be accepted at the Camp Out from 6:00 AM to 8:00 PM daily until it wraps up on Friday at 10:00 AM.  There will be a wide variety of daily prizes for the largest donations from individuals, businesses, and groups and random prizes throughout the event.

All donations will benefit Philabundance.   Philabundance is "the Philadelphia region's largest hunger relief organization.  Their mission is to end hunger and malnutrition in the Delaware Valley by acquiring food and distributing it through organizations serving people in need.  They've been around since 1984 and have provided food for over 60 million meals!"  This is Steve from last year's Camp Out:

In addition, there is still time to make a donation before the Camp Out begins through the Camp Out Head Start.  Until Wednesday November 25th, you can donate online through www.ACMEMarkets.com .  If you will be unable to drop by in person, this is a great way to continue to support the local community and the efforts of WMMR's Preston and Steve.  If you can drop by, Preston and Steve will be broadcasting each morning and there will be live events throughout the day.

It's a great cause and they need your help this year now more than ever.   Be sure to stop by, say Hi, and support Philabundance next week.

WMMR Rocks!   Support Philabundance Today!

Be sure to visit the WMMR site for all the details, location, and times!
Also be sure to check out the programs offered by Philabundance.

Last night, PA State Rep Greg Vitali held a Green Energy Meeting at the Coopertown Elementary School to update local residents and businesses on new programs and financing available for energy efficiency upgrades.

With an audience composed of about one third homeowners, one third contractors, and one third small business owners, the speakers covered various programs currently underway.  They also highlighted resources that are available today for energy consumers in the area.

They split the presentation into four sections.  After a brief introduction by Rep Vitali, each speaker had about a twenty minute presentation followed by a lengthy open formal and then informal question and answer period.

Dan Griffiths, Director of Energy Technology and Deployment Pennsylvania Department of Environmental Protection, was the first speaker covering the PA Sunshine Program and the state's energy independence strategy.  Pennsylvania is making an over $650 million investment toward increasing our energy independence and promoting green energy in the state.  The state has already raised about $100 million in new bond funding with $30 million already being deployed in the new programs.  The program includes both funding and rebates for individual projects meeting their criteria.

The second speaker was Jeffery Gatter, Senior VP of AFC First Financial.  He delved more deeply primarily into the Keystone Help Program.  This program provides low cost financing for Energy Efficiency Home Improvements with interest rates and rebates varying on the type of projects being proposed.  This program is a key driver for both homeowners and contractors to make the investments cost effective for all involved.  Rebates are available for projects completed after February 23, 2009 while financing is available for projects begun after February 23, 2009.

The final speaker was Spencer Finch from the Pennsylvania Environmental Council and the Delaware Valley Green Building Council.  He added to the previous speakers by discussing the High Performance Green Building Program and highlighting how to approach these projects.  The key is to start small and do the obvious projects first before starting with the major retrofits and solar/geothermal options that are available.  He reviewed several of the resources available both in the area and nationally.

Thanks again to Representative Vitali's efforts to put on another great program highlighting the steps the state is taking to help the state, the residents, and the environment as they grow towards a greener future.  Be sure to check his website for upcoming legislation.

Success in buying a home, like many things in life, is all about focus.

Everyday, buyers are being buffeted by contrasting news reports saying that its both a great time to buy and that people are losing their shirts in a real estate meltdown.  Well, both views can be correct.

The only really important concern is what is right for you.

Before you start you really need to consider some key questions:

-Where do you want to live?
-Is it better to own or rent?
-How much home can we afford?
-What monthly payments would work with our lifestyle?
-How much money can we afford to put down today?
-Where are the right schools for our family?
-How is the commute?  Which routes could work?
-Where do we spend the most time outside work?
-What style, size, and amenities would we like in a potential home?
-Where are our friends and family?
-What entertainment options do we want?
-Do we need to be near the freeway, airport, bus, or trains?

Once you have a clear focus on your goals, then you can quickly narrow down your search and put together a plan to reach your goals. You can then focus on deciding on target areas, putting together your financing, and really researching the homes in those areas.

This is truly a great time to be in the market - particularly if you are a first time home buyer and can qualify for the $8000 First Time Buyer Tax Credit.  Purchasing a home can be a great experience or a confusing mess.  If you start out focusing on where you want to arrive, the entire experience can be a much less confusing and much more enjoyable process.

Ready to start looking?  Feel free to call me anytime.  It's time to take advantage of all this area and this market have to offer.

Today, we have the opportunity to visit the Ardmore Avenue Station of the SEPTA Route 100 High Speed Line.

The SEPTA Rt 100 High Speed Line runs from the 69th Street Terminal in Upper Darby Delaware County to Norristown Montgomery County.  This particular station is located at the crossing of the tracks with Ardmore Avenue just to the north of the Merion Golf Club and south of the intersection of Ardmore Ave with Haverford Road.

The station has limited parking so it is better situated as a drop off/walk up station for the local residents.  It is within walking distance of much of the western areas of Ardmore Park and within range of much of the student housing for Haverford College which is located north of Haverford Road and west of Ardmore Ave.  The Haverford station would be a closer stop to the campus itself.  Closer to the station it becomes largely single family homes.  The video provides a bit better idea of the area:

As far as real estate in the area, there is a wide mix of townhomes, twins, and single family homes in the area.  Using only the twins north of the track just in the western area of Ardmore Park, the pricing is tracking what we have seen in much of the area.  Activity peaked in 2006 with 30 sales and an average price of $275,000.  Pricing peaked in 2007 at $278,000 with 25 sales and then fell to 16 sales at an average price of $268,000 in 2008.  In 2009, we have seen an increase with only four completed sales at an average price of $305,000.  All these properties were in great move-in condition.

Today there are an additional 8 properties on the market at an average of $272,000 list and 2 properties under contract with an average list price of $266,000.  Based on these numbers, we should see the average sales price coming down.

So again, welcome to the Ardmore station.  This is a convenient local suburban Philadelphia commuter station providing easy access to the additional connections both through Norristown and the 69th Street Terminal heading toward Philadelphia.  The station is within walking distance to a wide array of housing choices.  As always, feel free to contact me anytime with questions, topics, or concerns.

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

(Be sure to check out the Haverford Hill update)

If you want to live outside the city but still crave the convenience of condo and town home living, you have a wide variety of options throughout Delaware County.  The area contains a diverse collection of communities ranging from the east with traditional properties such as the Contemporary Village in Glenolden and the Wildman Arms in Lansdowne to the more recent additions to the north and west such as Green Countrie Village in Newtown Square  and Runnymeade Farms in Edgmont Township.

With most of the communities under common maintenance, they allow the owners the flexibilty to come and go as they please knowing that their properties will be well tended.  Many owners also look for easy access to primary transportation links.  Two communities that are centrally located in the county close to major county crossroads are the Haverford Hill Condomiums and the town homes in the adjacent communities of MarpleWoods and San Francisco East.

The Haverford Hill Condominiums are located just east of the intersection of I-476 (The Blue Route) and the West Chester Pike on Glendale Road in Havertown, Haverford Township.  They include over 400 one, two, and three bedroom units in several traditional buildings.  This location affords easy commuting options both locally as well as into much of the Main Line, east and west along West Chester Pike, and to points outside the immediate area using The Blue Route.

In Haverford Hills, the pricing has remained fairly solid over the last several years with the two bedroom units rising from an average price of $149,000 in 2005 with 18 sales to $162,000 in 2007(14 sales) and $163,000 in 2008(9 sales).  In the last six months 3 units have settled with an average price of $162,000 and an additional eight are currently on the market for  an average list price of $174,000.  The average price will be coming down as there is currently one unit pending with a list price of $149,000.

One exit to the south on the Blue Route (I-476) at the Route 1 intersection in Marple Township, you can take advantage of the adjacent communities of Marple Woods and San Francisco East located just to the west of the freeway.  Located at the top of a hill north of Old State Rd, these communities contain over 200 town homes in a nice private environment.  This location provides you with easy access to much of the area by both Route 1 (which becomes Township Line Rd and then City Ave as you head further north and becomes Baltimore Pike to the south) and I-476.  You are also just minutes from Route I-95 and the airport.

With a nice mix of mostly two bedroom units in both communities, the average sales price has remained between $203,000 and $207,000 from 2005 through 2008.  In the last six months, there has only been one sale for $190,000 and it appears prices are also heading down here with the current list prices averaging $205,000.  This mirrors what we have been seeing in many communities in the county.

These are just two of the many options in the area.  If you want to take advantage of suburban Philadelphia living but still want the convenience of condominium or townhome living, you have plenty of options from which to choose. 

Feel free to contact me to investigate all the possibilities.  Click here to view their exact locations on the blog map.

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

Today, we have another of Danielle Mateu's foreclosures but this time located a bit farther north in Havertown, Haverford Township PA in northeast Delaware County. 

This twin is located just north of Darby Road and two blocks east of Eagle Rd in central Havertown.  This is an excellent location within easy walking distance of the commercial area along Darby and Eagle Roads and just blocks from the Haverford Middle and High Schools.  It also provides convenient access to the SEPTA Route 100 High Speed Line for commuting toward Norristown or Center City Philadelphia.

Hastings Ave is a 4 bedroom 1 bath twin with a partially finished basement and detached two car garage.  The home has a newer kitchen, newer bath, replacement windows, front porch, and rear deck. This property is in better condition than most bank owned properties but will still require some light TLC. As with most foreclosures this is sold as-is and corporate addendums and preapproval will be required.  The video shows it best:

This is a newer listing having only been on the market for 6 days, but it appears well priced for homes in the immediate area.  Currently there are 6 homes on the market on the surrounding streets including both twins and single family properties with an average list price of $270,000.  This pricing is roughly in line with the past six months sales that have had an average sales price of $274,000.  In all Haverford Township there are currently 43 active twins with an average $245,000 list price.  Thirty-eight twins have sold over the last six months with an average $226,000 sales price.

Unlike the other foreclosure properties that we have previewed, this demonstrates the good condition that can be found in some of these properties.  Although this is bank owned, its condition is really more reflective of a private owner type property, and it appears to need mainly cosmetic work.

As always, should you have any questions or be considering buying or selling in the area, please do not hesitate to contact me anytime.

(All statistics are from the TrendMLS system and believed accurate but not guaranteed.)