Real Estate is Local!
As much as you read and hear in the media about the crashing real estate market you must always remember real estate is local. As we do not have a national weather forecast so the real estate market varies from area to area. What is happening in Boston, San Francisco, Miami, Detroit is not the same as is happening in Philadelphia. And what is happening in Philadelphia is not the same as is happening in Chester, Delaware or Montgomery Counties. And what is happening in the counties is not necessarily the same as is happening at township level in Tredyffrin and Easttown. On top of this the market also varies by price bracket as well.
So let’s look at some comparisons for 2006 and 2007 for Tredyffrin and Easttown townships locally using information provided by Trend our local MLS. As you can see this information is split by price brackets and into home sales and condos.
Beginning with Easttown, for Tredyffrin see below, in 2007 there were 168 sales of properties compared to 161 in 2006, the value of the property sold dropped quite substantially, but when you look at the price brackets you will see why. All of 2007 we have seen the million dollar homes taking longer to sell. In 2006 there were 48 homes sold for over a million dollars, of which 2 were over three million dollars. In 2007 there were only 32 homes sold over a million, but interestingly four of these were priced over three million dollars. Most other price brackets have seen minor changes other than the $500-549,999 range which saw a big jump from 4 homes to 13 sold in 2007.
Days on market increased with more homes taking 30 to 90 days to sell rather than selling as soon as they were placed on the market. There was a 1% drop in the average price sellers were receiving at settlement compared to what they were asking from 2006 to 2007.
So, overall, the local market in Easttown does not seem to have been as affected as the so called national market. However, it is important to realize a home priced and prepared correctly for sale does have more chance of selling more quickly and closer to the asking price. If you want to know how to prepare your home for sale or what the right price is for your home now please contact us.
|
Residential Settled Year-To-Date |
|
|
December, 2006 |
|
|
|
|
|
|
Price Class |
Houses Sold |
SF |
Condos Sold |
Condo |
|
|
# of Bedrooms |
Total |
# of Bedrooms |
Total |
|
|
0-2 |
3 |
4+ |
Sales |
0-2 |
3 |
4+ |
Sales |
|
No Price Reported |
|
|
|
0 |
|
|
|
0 |
|
$49,999 or Under |
|
|
|
0 |
|
|
|
0 |
|
$50,000 - $99,999 |
|
|
|
0 |
|
|
|
0 |
|
$100,000 - $149,999 |
|
|
|
0 |
|
|
|
0 |
|
$150,000 - $199,999 |
|
|
1 |
1 |
|
|
|
0 |
|
$200,000 - $249,999 |
|
1 |
1 |
2 |
|
|
|
0 |
|
$250,000 - $299,999 |
|
3 |
1 |
4 |
|
|
|
0 |
|
$300,000 - $349,999 |
|
6 |
2 |
8 |
|
|
|
0 |
|
$350,000 - $399,999 |
|
3 |
1 |
4 |
|
|
|
0 |
|
$400,000 - $449,999 |
|
9 |
6 |
15 |
|
|
|
0 |
|
$450,000 - $499,999 |
|
8 |
3 |
11 |
|
|
|
0 |
|
$500,000 - $549,999 |
|
1 |
3 |
4 |
|
|
|
0 |
|
$550,000 - $599,999 |
|
3 |
8 |
11 |
|
1 |
|
1 |
|
$600,000 - $649,999 |
|
1 |
4 |
5 |
|
|
|
0 |
|
$650,000 - $699,999 |
|
|
3 |
3 |
|
|
|
0 |
|
$700,000 - $749,999 |
|
2 |
9 |
11 |
|
|
|
0 |
|
$750,000 - $799,999 |
|
1 |
8 |
9 |
|
|
|
0 |
|
$800,000 - $849,999 |
|
1 |
5 |
6 |
|
|
|
0 |
|
$850,000 - $899,999 |
|
2 |
7 |
9 |
|
|
|
0 |
|
$900,000 - $949,999 |
|
|
4 |
4 |
|
|
|
0 |
|
$950,000 - $999,999 |
|
1 |
4 |
5 |
|
|
|
0 |
|
$1,000,000 - $1,999,999 |
|
1 |
32 |
33 |
|
|
|
0 |
|
$2,000,000 - $2,999,999 |
|
|
13 |
13 |
|
|
|
0 |
|
$3,000,000 - $3,999,999 |
|
|
1 |
1 |
|
|
|
0 |
|
$4,000,000 - $4,999,999 |
|
|
|
0 |
|
|
|
0 |
|
5,000,000 and Over |
|
|
1 |
1 |
|
|
|
0 |
|
|
|
Total Units |
|
43 |
117 |
160 |
|
1 |
|
1 |
|
Total Value (in 1,000s) |
|
|
|
$153,744.10 |
|
|
|
$557.50 |
|
|
|
Median Price (in 1,000s) |
N/A |
$445.00 |
$885.00 |
$750.00 |
N/A |
$557.50 |
N/A |
$557.50 |
|
Avg Price (in 1,000s) |
N/A |
$496.06 |
$1,131.74 |
$960.90 |
N/A |
$557.50 |
N/A |
$557.50 |
|
Avg Sold Price/Original Price |
N/A |
96% |
95% |
95% |
N/A |
80% |
N/A |
80% |
|
Days on Market |
|
DOM |
Houses |
Condos |
|
0 - 30 |
80 |
0 |
|
31 - 60 |
25 |
0 |
|
61 - 90 |
19 |
0 |
|
91 - 120 |
16 |
0 |
|
121 - 180 |
8 |
1 |
|
181 + |
12 |
0 |
|
|
Financing |
|
Financing |
Houses |
Condos |
|
Cash |
16 |
0 |
|
Conv |
141 |
1 |
|
Other |
3 |
0 |
|
|
Residential Settled Year-To-Date |
|
|
December, 2007 |
|
|
|
|
|
|
Price Class |
Houses Sold |
SF |
Condos Sold |
Condo |
|
|
# of Bedrooms |
Total |
# of Bedrooms |
Total |
|
|
0-2 |
3 |
4+ |
Sales |
0-2 |
3 |
4+ |
Sales |
|
No Price Reported |
|
|
|
0 |
|
|
|
0 |
|
$49,999 or Under |
|
|
|
0 |
|
|
|
0 |
|
$50,000 - $99,999 |
|
|
|
0 |
|
|
|
0 |
|
$100,000 - $149,999 |
|
|
|
0 |
|
|
|
0 |
|
$150,000 - $199,999 |
|
2 |
|
2 |
|
|
|
0 |
|
$200,000 - $249,999 |
|
3 |
1 |
4 |
|
|
|
0 |
|
$250,000 - $299,999 |
|
3 |
2 |
5 |
|
|
|
0 |
|
$300,000 - $349,999 |
1 |
8 |
2 |
11 |
|
1 |
|
1 |
|
$350,000 - $399,999 |
2 |
9 |
5 |
16 |
|
|
|
0 |
|
$400,000 - $449,999 |
|
7 |
4 |
11 |
|
|
|
0 |
|
$450,000 - $499,999 |
|
6 |
4 |
10 |
|
|
|
0 |
|
$500,000 - $549,999 |
|
2 |
11 |
13 |
|
|
|
0 |
|
$550,000 - $599,999 |
|
5 |
11 |
16 |
|
|
|
0 |
|
$600,000 - $649,999 |
|
2 |
7 |
9 |
|
|
|
0 |
|
$650,000 - $699,999 |
|
2 |
2 |
4 |
|
|
|
0 |
|
$700,000 - $749,999 |
|
4 |
5 |
9 |
|
1 |
|
1 |
|
$750,000 - $799,999 |
|
|
5 |
5 |
|
|
|
0 |
|
$800,000 - $849,999 |
|
1 |
5 |
6 |
|
|
|
0 |
|
$850,000 - $899,999 |
|
|
5 |
5 |
|
|
|
0 |
|
$900,000 - $949,999 |
|
|
4 |
4 |
|
|
|
0 |
|
$950,000 - $999,999 |
|
|
4 |
4 |
|
|
|
0 |
|
$1,000,000 - $1,999,999 |
|
3 |
24 |
27 |
|
|
|
0 |
|
$2,000,000 - $2,999,999 |
|
|
1 |
1 |
|
|
|
0 |
|
$3,000,000 - $3,999,999 |
|
|
1 |
1 |
|
|
|
0 |
|
$4,000,000 - $4,999,999 |
|
|
3 |
3 |
|
|
|
0 |
|
5,000,000 and Over |
|
|
|
0 |
|
|
|
0 |
|
|
|
Total Units |
3 |
57 |
106 |
166 |
|
2 |
|
2 |
|
Total Value (in 1,000s) |
|
|
|
$127,634.19 |
|
|
|
$1,035.00 |
|
|
|
Median Price (in 1,000s) |
$350.00 |
$429.00 |
$735.00 |
$575.00 |
N/A |
$300.00 |
N/A |
$300.00 |
|
Avg Price (in 1,000s) |
$355.67 |
$493.41 |
$928.71 |
$768.88 |
N/A |
$517.50 |
N/A |
$517.50 |
|
Avg Sold Price/Original Price |
95% |
94% |
94% |
94% |
N/A |
96% |
N/A |
96% |
|
Days on Market |
|
DOM |
Houses |
Condos |
|
0 - 30 |
74 |
1 |
|
31 - 60 |
32 |
1 |
|
61 - 90 |
22 |
0 |
|
91 - 120 |
10 |
0 |
|
121 - 180 |
12 |
0 |
|
181 + |
16 |
0 |
|
|
Financing |
|
Financing |
Houses |
Condos |
|
Cash |
18 |
0 |
|
Conv |
144 |
2 |
|
Other |
3 |
0 |
|
VA |
1 |
0 |
|
In 2007 one home more sold in Tredyffrin than 2006 in total, how these sales were made up is also interesting, 5 more million or million plus dollar homes sold than 2006, the lower price ranges saw less sales up to $350,000 with 16 less homes selling in 2007 than 2006, there was a jump in the $800-850,000 bracket with an extra five homes selling, but in all other price ranges sales were pretty similar year on year.
Where there was a big difference was in condo sales with a big drop of 40 less condos being sold in 2007 than 2006. I know in Old forge Crossing there was a drop of about 23 sales less in 2007 than 2006 and the other sales were probably in Chesterbrook. The price range most affected here was $150-250,000.
Another interesting point is that sellers are getting just a little less than they were in 2006 in relation to their asking price, this number falling by about only 1%. Days on market did seem to increase for houses, not so much for condos; there also are fewer homes on the market, by about 10% for houses and 20% for condos which may account for the lesser increase in days on market for condos.
|
Residential Settled Year-To-Date |
|
|
December, 2006 |
|
|
|
|
|
|
Price Class |
Houses Sold |
SF |
Condos Sold |
Condo |
|
|
# of Bedrooms |
Total |
# of Bedrooms |
Total |
|
|
0-2 |
3 |
4+ |
Sales |
0-2 |
3 |
4+ |
Sales |
|
No Price Reported |
|
|
|
0 |
|
|
|
0 |
|
$49,999 or Under |
|
|
|
0 |
|
|
|
0 |
|
$50,000 - $99,999 |
|
1 |
|
1 |
|
|
|
0 |
|
$100,000 - $149,999 |
|
1 |
|
1 |
4 |
|
|
4 |
|
$150,000 - $199,999 |
7 |
1 |
|
8 |
59 |
|
|
59 |
|
$200,000 - $249,999 |
19 |
8 |
1 |
28 |
44 |
1 |
|
45 |
|
$250,000 - $299,999 |
4 |
19 |
3 |
26 |
11 |
8 |
|
19 |
|
$300,000 - $349,999 |
7 |
26 |
5 |
38 |
3 |
12 |
|
15 |
|
$350,000 - $399,999 |
1 |
26 |
8 |
35 |
|
4 |
1 |
5 |
|
$400,000 - $449,999 |
1 |
20 |
12 |
33 |
|
1 |
|
1 |
|
$450,000 - $499,999 |
1 |
13 |
17 |
31 |
|
2 |
2 |
4 |
|
$500,000 - $549,999 |
|
8 |
23 |
31 |
|
1 |
1 |
2 |
|
$550,000 - $599,999 |
1 |
5 |
17 |
23 |
|
1 |
|
1 |
|
$600,000 - $649,999 |
|
1 |
20 |
21 |
|
1 |
|
1 |
|
$650,000 - $699,999 |
|
2 |
17 |
19 |
|
|
|
0 |
|
$700,000 - $749,999 |
|
|
10 |
10 |
|
|
|
0 |
|
$750,000 - $799,999 |
|
2 |
9 |
11 |
|
|
|
0 |
|
$800,000 - $849,999 |
|
|
2 |
2 |
|
|
|
0 |
|
$850,000 - $899,999 |
|
|
9 |
9 |
|
|
|
0 |
|
$900,000 - $949,999 |
|
|
6 |
6 |
|
|
|
0 |
|
$950,000 - $999,999 |
|
|
2 |
2 |
|
|
|
0 |
|
$1,000,000 - $1,999,999 |
|
|
19 |
19 |
|
|
|
0 |
|
$2,000,000 - $2,999,999 |
|
|
1 |
1 |
|
|
|
0 |
|
$3,000,000 - $3,999,999 |
|
|
|
0 |
|
|
|
0 |
|
$4,000,000 - $4,999,999 |
|
|
1 |
1 |
|
|
|
0 |
|
5,000,000 and Over |
|
|
|
0 |
|
|
|
0 |
|
|
|
Total Units |
41 |
133 |
182 |
356 |
121 |
31 |
4 |
156 |
|
Total Value (in 1,000s) |
|
|
|
$188,379.01 |
|
|
|
$37,112.67 |
|
|
|
Median Price (in 1,000s) |
$225.00 |
$362.00 |
$605.00 |
$465.00 |
$199.15 |
$325.00 |
$462.50 |
$214.00 |
|
Avg Price (in 1,000s) |
$258.73 |
$380.02 |
$699.06 |
$529.15 |
$201.61 |
$350.76 |
$461.10 |
$237.90 |
|
Avg Sold Price/Original Price |
96% |
95% |
94% |
95% |
96% |
97% |
97% |
96% |
|
Days on Market |
|
DOM |
Houses |
Condos |
|
0 - 30 |
184 |
77 |
|
31 - 60 |
85 |
41 |
|
61 - 90 |
36 |
23 |
|
91 - 120 |
22 |
5 |
|
121 - 180 |
16 |
6 |
|
181 + |
13 |
4 |
|
|
Financing |
|
Financing |
Houses |
Condos |
|
Cash |
29 |
14 |
|
Conv |
321 |
141 |
|
Other |
5 |
1 |
|
VA |
1 |
0 |
|
|
Residential Settled Year-To-Date |
|
|
December, 2007 |
|
|
|
|
|
|
Price Class |
Houses Sold |
SF |
Condos Sold |
Condo |
|
|
# of Bedrooms |
Total |
# of Bedrooms |
Total |
|
|
0-2 |
3 |
4+ |
Sales |
0-2 |
3 |
4+ |
Sales |
|
No Price Reported |
|
|
|
0 |
|
|
|
0 |
|
$49,999 or Under |
|
|
|
0 |
|
|
|
0 |
|
$50,000 - $99,999 |
|
|
|
0 |
|
|
|
0 |
|
$100,000 - $149,999 |
1 |
3 |
1 |
5 |
1 |
|
|
1 |
|
$150,000 - $199,999 |
8 |
|
2 |
10 |
47 |
|
|
47 |
|
$200,000 - $249,999 |
12 |
8 |
|
20 |
26 |
|
|
26 |
|
$250,000 - $299,999 |
3 |
9 |
6 |
18 |
7 |
7 |
|
14 |
|
$300,000 - $349,999 |
4 |
25 |
7 |
36 |
3 |
3 |
1 |
7 |
|
$350,000 - $399,999 |
10 |
19 |
11 |
40 |
1 |
4 |
2 |
7 |
|
$400,000 - $449,999 |
1 |
16 |
14 |
31 |
|
3 |
|
3 |
|
$450,000 - $499,999 |
|
10 |
18 |
28 |
|
3 |
|
3 |
|
$500,000 - $549,999 |
|
7 |
25 |
32 |
|
5 |
1 |
6 |
|
$550,000 - $599,999 |
|
3 |
24 |
27 |
|
|
|
0 |
|
$600,000 - $649,999 |
1 |
1 |
22 |
24 |
|
1 |
1 |
2 |
|
$650,000 - $699,999 |
|
2 |
16 |
18 |
|
|
|
0 |
|
$700,000 - $749,999 |
|
|
11 |
11 |
|
|
|
0 |
|
$750,000 - $799,999 |
|
1 |
7 |
8 |
|
|
|
0 |
|
$800,000 - $849,999 |
|
|
7 |
7 |
|
|
|
0 |
|
$850,000 - $899,999 |
|
|
10 |
10 |
|
|
|
0 |
|
$900,000 - $949,999 |
|
|
2 |
2 |
|
|
|
0 |
|
$950,000 - $999,999 |
|
|
5 |
5 |
|
|
|
0 |
|
$1,000,000 - $1,999,999 |
|
|
23 |
23 |
|
|
|
0 |
|
$2,000,000 - $2,999,999 |
|
|
2 |
2 |
|
|
|
0 |
|
$3,000,000 - $3,999,999 |
|
|
|
0 |
|
|
|
0 |
|
$4,000,000 - $4,999,999 |
|
|
|
0 |
|
|
|
0 |
|
5,000,000 and Over |
|
|
|
0 |
|
|
|
0 |
|
|
|
Total Units |
40 |
104 |
213 |
357 |
85 |
26 |
5 |
116 |
|
Total Value (in 1,000s) |
|
|
|
$194,108.33 |
|
|
|
$29,934.65 |
|
|
|
Median Price (in 1,000s) |
$241.00 |
$352.50 |
$597.00 |
$485.00 |
$195.00 |
$395.00 |
$365.00 |
$221.00 |
|
Avg Price (in 1,000s) |
$283.89 |
$377.80 |
$673.53 |
$543.72 |
$205.10 |
$395.58 |
$443.20 |
$258.06 |
|
Avg Sold Price/Original Price |
95% |
93% |
95% |
95% |
96% |
95% |
98% |
96% |
|
Days on Market |
|
DOM |
Houses |
Condos |
|
0 - 30 |
178 |
53 |
|
31 - 60 |
69 |
24 |
|
61 - 90 |
43 |
19 |
|
91 - 120 |
23 |
8 |
|
121 - 180 |
28 |
7 |
|
181 + |
16 |
5 |
|
|
Financing |
|
Financing |
Houses |
Condos |
|
Cash |
35 |
14 |
|
Conv |
320 |
102 |
|
Other |
1 |
0 |
|
Seller |
1 |
0 |
|
|