Easttown home sales activity and pricing remain under pressure
Easttown Township is located in eastern Chester County adjacent to Tredyffrin Township to the north, Willistown Township to the west, and in Delaware County - Radnor Township to the east, Newtown to the south. Easttown was established in 1704. Founded originally as an agricultural area, its development grew as early roads developed and it became a stop on the Main Line to Philadelphia allowing an influx of new residents. Beginning in the 1950's, population growth accelerated as older farms were sold and homes were developed.
Today Easttown has a population of over 10,000 with a prime suburban location on the Main Line. SEPTA provides convenient access to Philadelphia through the Paoli, Daylesford, Berwyn, and Devon Regional Rail Stations. It is also easily accessed by road on Lancaster Pike traveling east-west or Route 252 north-south toward Route 202 or Newtown Square. This location is ideal for commuting throughout eastern Chester County or western Delaware County. It is also surrounded by dining, entertainment, historic, and shopping options.
Homes in the area range across all styles, sizes, designs, and ages. From older properties built in the 1700s to Main Line estate properties, you can probably find it here. The majority of properties are single family homes but there are also a good variety of townhomes and twins. Businesses are centered along Lancaster Pike while the Township Offices are located at the intersection of Newtown and Beaumont Roads.
Home sales activity and pricing has largely followed the trends seen throughout the county. Prices peaked in 2006 when there were 161 sales with an average sold price of $958,000. Activity peaked in 2007 with 169 sales while the average price eased to $771,000. Prices dropped to a low of $587,000 in 2009 with 128 sales but recovered to $752,000 with 136 sales in 2011.
In 2012 the average price has again eased to $662,000 with 82 sales year to date. There are also currently 63 properties on the market with an average asking price of $1,289,000 while 19 properties are under contract averaging $560,000. As can be seen from these numbers, activity remains tilted toward the lower price sale points. Sales have ranged from a low of $229,000 to a high of $2,075,000. Listed properties range from $215,000 to over $8,000,000.
Easttown remains a popular Main Line housing option but home sales pricing and activity continue to fluctuate. In the near term, higher end homes prices and activity may continue to remain under pressure due to the overall economy and political uncertainty, but at the lower end of the market, lower prices are attracting solid activity which should put a good foundation for future pricing stability. With its prime location and great amenities, Easttown will remain a solid top choice for years to come.
Long & Foster Real Estate Inc – Devon,PA/Bear, DE
Office: 610-225-7400/Direct: 610-618-0808
(All statistics per the TrendMLS System and believed accurate but not guaranteed)