Media continues to exhibit a more balanced real estate market than seen in many areas of Delaware County PA.
As the county seat of Delaware County, Media has continued to be a popular housing choice in the region. It's location adjacent to the Blue Route (Route 476) and Route 1 makes it easily accessible to all areas of the county and an easy commute to Philadelphia, Wilmington, and surrounding areas. It also has great rail connections directly to Philadelphia and is just minutes down I-95 from the Philadelphia International Airport.
Unlike many communities in the county, for the most part, the Media real estate market has been able to maintain both its pricing and activity through the last several years.
The average home price first breached the $250,000 level in 2005 when the average home sales price rose to $255,000 with 58 sales. Since that time prices have remained fairly stable with average prices in 2006 = $266,000 with 57 sales, 2007 = $328,000 with 66 sales, 2008 = $270,000 with 57 sales, 2009 = $265,000 with 59 sales, and 2010 = $248,000 with 53 sales.
The home price spike in 2007 can largely be explained by looking at the highest sales prices for each year. In 2005 there was only one home sold in Media on the MLS listed for greater than $500,000. In 2006 there were two home sales at this level, while in 2007 this spiked to 8 properties sold at prices between $500,000 and $780,000. The activity then dropped to 4 sales in 2008, 1 in 2009, and none in 2010.
In Media today, there are 26 properties currently active on the market with an average sales price of $409,000 and 3 properties under contract with an average list price of $336,000 (2 properties have settled in 2011 for $258,000). Although the active housing inventory is reasonable representing just half of last year's sales, the asking prices seem a bit hefty with 7 of those active properties currently having list prices above the $500,000 level. The current pending and sold prices would indicate that activity continues to be concentrated at lower price points but a strong spring market may be enough to generate sales above this level.
As seen for the last few years, Media should continue to see a strong and stable market as we progress through 2011.
David Henke
Long & Foster Real Estate Inc – Newtown Square,PA/Bear, DE
Office: 610-225-7400/Cell: 610-618-0808
www.DelawarePAHomes.com
(All statistics per the TrendMLS System and believed accurate but not guaranteed)
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