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. 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 the different 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.
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% |
|
| ||||||||||||||||||||||||||||||||||||||||||
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% |
|
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Thank you for the information and many people lump everything together rather than separate each county.
Nick & Trudy - Absolutely!!! The fact that Real Estate is Local can't be emphasized or reiterated enough!