Neighborhood Sales for Brookstone, Heritage Hills, Makefield Glen & Tapestry for Jan. & Feb. 2009 Click below:
http://thecosackteam.com/neighborhood-sales-.asp
We just received the year to date results for Bucks County and Philadelphia for December 2008, and there is Plenty of Good News! Everywhere I go I am astounded and amazed at what people think is going on in our local real estate market. I hear people say things like, "I've lost $100,000 on my house!" and time and again I ask where are they getting their information. Now, here are the facts and only the facts.
Year to date for December 2006 (the height in the market) to year to date for December 2008 Single Family Homes in Bucks County have seen the average sales price drop 6.2% from $376,230 in 2006 to $352,890 in 2008. Now average sales prices can be affected by one extreme whether that is a one off low price, or high price so it is usually better to focus on the median price, or both together to get a true sense of what the numbers are telling us. The median price has gone from $319,030 in 2006 to $298,900 in 2008 which is a decrease of 6.33% which is almost identical to the drop in the average sales price so we can confidently say that since the peak in the local housing market sales prices are only off by approximately 6%. In other words for someone's home to be off $100,000 their home would have to have been worth $1,666,666 in 2006. I'm guessing that's not you, and I know it's not me, or the majority of us here in Bucks County. After the wild ride of soaring home prices that saw the average sales price for a single family home grow 70.56% from 2000 to 2007 ($199,879 to $340,913) there has to be some sort of slowdown. It's just the natural progress of any market. However, let me backtrack to the fact that the average sales price for a single family home is up 70.56% since 2000. That is a staggering fact that should make every homeowner happy because buying a home continues to be the greatest investment one can make even in this market. View The Market Statistics for all years between 2000 and 2008 here:
Now, don't get me wrong the market isn't all roses and I wouldn't want to make anyone believe that, but what I do want is to talk about the facts using the stats to paint a realistic picture so my clients can make educated decisions. The area where the market has taken a big hit is in the number of single family homes settling which is off 25% since 2006. That's a huge percentage, but at the same time it does not mean homes are not selling. In fact, 5,390 homes sold in Bucks County last year and every month between 300 and just over 600 homes sold so homes are definitely selling and as seen from the stats above they are still selling for 94% of what they sold for at the height of the market. Now let's look at Philadelphia the local Metro hub and see what has gone on there.
Year to date in December 2006 the average sales price for a single family home in Philadelphia was $160,170 and year to date in December 2008 the Average Sales Price was UP to $168,520, or 5.2%. Once, again we have to remember that the average sales price can be influenced by a random high, or low priced sale so it is wise to look at the median sales price as well to see what the numbers are really telling us. Using the same year to dates for December 2006 and December 2008 the Median Sales Price was UP from $125,000 to $129,900, or 3.9%. Not too many news stories about this out there, and it should be shouted from the rooftops that our local area is not only holding its' own, but some areas have continued to see sales prices grow.
Again, it's not all roses. The number of single family homes that settled is down 30.95% in Philadelphia since 2006, but again as seen above this does not mean homes are not selling. Year to date for December 2008 over 11,000 homes had sold. I believe most of us are more concerned with the value of our home rather than if everyone else's home is selling. So, as I've proved using only the facts, the values are still there. The important thing is to be one of those homes that sell. So how is this accomplished?
The important thing to consider here is what does it take to be one of the thousands of homes that sell every year and what that comes down to is finding the right Realtor who will help you get the house in shape, staged, and listed at the right price, and who will market the hell out of it. Which is were The Cosack Team comes in. With over 30 years combined experience we have been through markets like this before, and we know how to get your home sold for the highest price, in the least amount of time and with the least amount of angst possible. Just checkout our Testimonials on our home page to see what our clients have to say about us. Then give us a call.
* Remember when viewing the attached stats that the total settled volume needs to take into consideration the change in percentage of settled units as they go hand in hand *
http://thecosackteam.com/the-cosack-blog-.asp
Check out the link below from NAR for a great backdown of the tax credit
The 38 home community had it's first sales at the end of ‘08 and the beginning of ‘09. 749 Maple Ln. #3 dropped it's asking price from $259,900 to $209,900 and went under agreement for that price settling on 11/17/2008. 745 Maple Lane #1 dropped it's price from $264,900 to $209,900 and that settled for $210,000 on 1/10/2009. Currently in our MLS there is only one active property, 747 Maple Lane #2 that has also dropped it's price to $209,900. The other listings have all been withdrawn at this time.
This community started offering the properties in May ‘07 so after nearly two years on the market they have sold for approximately 20% less than their original asking price. This does not reflect our local market as we have not seen the same sharp decline other areas of the country have. We have seen more of a 5% drop since the peak of the market in ‘05/'06. I would attribute the drop in sales price to the fact that there are not many comparables in the local area for new construction, and this being Philly's first solar community there is nothing to compare it too in that facet. The good sign is that people are interested in Going Green, and the builder has finally found the price that people are willing to jump on board with. Hopefully we see more of these places sell this year.
All Home Sales in 2008 for Society Place and Yardley Corners now posted on our website under Neighborhood Sales.
I work in the Bucks County area as well as Philadelphia. I not only help homebuyers and seller, but also specialize in Real Estate Investments using tools and knowledge from my CRS Creating Wealth Co
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