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Local Real Estate Market, Springfield Township, SE Pennsylvania (edit/delete)
Here is the data driven scoop on the Real Estate Market in Springfield Township, SE Pennsylvania.
As is the case with just about every location in SE Pennsylvania, we are not, REPEAT NOT, in the midst of a real estate collapse because, average resale prices of single family houses have not come down and sales (as reported through our MLS) are about at the same levels as the last several years. For example, 249 single family houses were sold in 2007. That is down only slightly (about 8%) from the highest year on record in 2005.
| Year |
Number Sold |
Average Price |
% Chg |
| 2001 |
233 |
$186,155 |
| 2002 |
260 |
$207,277 |
11.3% |
| 2003 |
214 |
$239,019 |
15.3% |
| 2004 |
266 |
$266,158 |
11.4% |
| 2005 |
273 |
$292,278 |
9.8% |
| 2006 |
254 |
$299,705 |
2.5% |
| 2007 |
249 |
$299,466 |
-0.1% |
What has changed is that there is a lot of inventory on the market. Check out the below table that shows numbers of houses listed by year along with the number that actually got deals made (Pending)
| Time Pd |
Listed |
Pending |
% Pending |
| 2003 |
297 |
243 |
82% |
| 2004 |
414 |
313 |
76% |
| 2005 |
441 |
314 |
71% |
| 2006 |
449 |
284 |
63% |
| 2007 |
492 |
266 |
54% |
Back in 2003, good old sellers market, 82% of the houses that were listed got deals on them. By 2007, that dropped to 54%.
Tougher market for realtors, sure, but depression or crisis, no
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