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Larry Flick our CEO's take on the Philadelphia real estate market

By
Real Estate Agent with Prudential Fox and Roach REALTORS

link to video:

http://bcove.me/l0lg1eek

 

DEVON, PA – Greater Philadelphia region* median home sale prices decreased three percent to $194,000 in the first quarter of 2011, according to Prudential Fox & Roach, REALTORS’® HomExpert Market Report©. Home sales in the Greater Philadelphia Region decreased 10.4 percent compared to the first quarter of 2010, when the federal tax credit was in full swing.

“It is no surprise that home sales have decreased compared to the first quarter of last year, as the federal tax credit is no longer fueling the housing market,” said Steve Storti, Senior VP of Marketing, Prudential Fox & Roach, Realtors. “However, sales have continued to improve steadily over the past six months and conditions are right for the market to rebound in the near future as the economy continues to recover.”

In the first quarter of 2011, the 12 County Philadelphia region saw 9,301 homes sold compared to 10,381 homes sold in the first quarter of 2010, and 9,162 in the first quarter of 2009. The average number of days a home remained on the market was 109 in 201l, an increase from 92 days in the first quarter of 2010 and 95 days in the first quarter of 2009. Additionally, the monthly average inventory for the first quarter of 2011 was 53,931 compared to 54,914 in the first quarter of 2010 and 76,468 in the first quarter of 2009.

Chester County posted the highest median sale price in the first quarter of 2011 at $280,000, a slight 3.1 percent decrease since the same time last year, followed by Bucks County ($255,000, -5.0 percent), Montgomery County ($238,000, -4.8 percent), Burlington County ($191,000, -7.2 percent)  and New Castle County ($190,500, -7.7 percent). Philadelphia County posted the lowest median sale price in the region at $125,000. Delaware County was the only county to post an increase in median sales price, gaining 2.5 percent from $179,900 in the first quarter 2010 to $184,450 in the first quarter 2011. Kent County posted the largest decrease in median sales price, dropping 13.4 percent to $164,500 in the first quarter of 2011, compared to $190,000 the same time last year.

In terms of home sales, Philadelphia County saw the highest number of homes sold in the first quarter of 2011 at 2,180, a 14.3 percent decrease compared to the first quarter of 2010, followed by Montgomery County (1,212, -11.4 percent), Bucks County (874, -11.1 percent), Chester County (843, +1.8 percent) and New Castle County  (812, -5.8 percent). Homes sales in Kent County declined the most in the region, down 23.2 percent from 276 homes sold in the first quarter of 2010 to 212 homes sold in the first quarter of 2011.

Other first quarter 2011 HomExpert Market Report© findings:

12-County Region

  • Princeton Township in Mercer County posted the highest median sale price in the Greater Philadelphia region at $765,000, followed by Radnor Township in Delaware County at $585,000, Easttown Township in Chester County at $575,000, Moorestown Township in Burlington County at $560,000 and Solebury Township in Bucks County at $555,000.
  • The Newark/Glasgow area in New Castle County posted the highest number of homes sold in the first quarter of 2011 at 234, a 0.4 percent decrease from the first quarter of 2010, followed by Hamilton Township in Mercer County (148, +6.5 percent), the Brandywine and Wilmington areas in New Castle County (141, +6.0 percent/141, -7.8 percent), Trenton City in Mercer County (126, 0.0 percent) and Upper Darby Township in Delaware County (116, -14.7 percent).
  • Pennsylvania led the tri-state region in highest median sale price in the first quarter of 2011 at $200,000, followed by Delaware at $185,000 and New Jersey at $181,750.
  • Pennsylvania led the tri-state region in the number of homes sold in the first quarter of 2011 at 5,885 (-11.2 percent), followed by New Jersey at 2,392 (-8.5 percent) and Delaware at 1,024 (-10.0 percent).

Center City

  • Center City median home prices decreased 13.0 percent to $315,000 in the first quarter of 2011, compared to the median sale price in the first quarter of 2010, which stood at $362,000. In the first quarter of 2011, Center City saw 225 homes sold, a 0.9 percent decrease from the 227 homes sold the same time last year.
  • The average number of days a home remained on the market increased from 112 days in the first quarter of 2010 to 127 days in the first quarter of 2011.

Main Line

  • Main Line median home prices increased 1.4 percent to $365,000 in the first quarter of 2011, compared to the median sale price in the first quarter of 2010, which stood at $360,000. In the first quarter of 2011, the Main Line saw 402 homes sold, a 16.2 percent increase, compared to 346 homes sold in the first quarter of 2010.
  • The average number of days a home remained on the market increased from 87 days in the first quarter of 2010 to 110 days in the first quarter of 2011.

New Jersey Shore Counties (Outside the Greater Philadelphia Region)

  • Atlantic County median home prices decreased 7.25 percent to $185,500 in the first quarter of 2011, compared to the median sale price in the first quarter of 2010, which stood at $200,000. In the first quarter of 2011, Atlantic County saw 495 homes sold, a seven percent decrease from the 532 homes sold in the first quarter of 2010. The average number of days a home remained on the market increased from 120 days in the first quarter of 2010 to 132 days in the first quarter of 2011.

Top Five Counties in the Greater Philadelphia

Region by Number of Homes Sold in First Quarter 2011

County

Q1 2011

Q1 2010

Q1 2009

% Change ’10-‘11

% Change ’09-‘11

Philadelphia

2,180

2,545

2,154

-14.3 %

+1.2 %

Montgomery

1,212

1,368

1,168

-11.4%

+3.8%

Bucks

874

983

828

-11.1 %

+5.6 %

Chester

843

828

770

+1.8 %

+9.5 %

New Castle

812

862

811

-5.8 %

+.12 %

Top Five Counties in the Greater Philadelphia

Region by Median Sale Price in the First Quarter 2011

County

Q1 2011

Q1 2010

Q1 2009

% Change ’10-‘11

% Change ’09-‘11

Chester

$280,000

$289,000

$265,000

-3.1 %

+5.7%

Bucks

$255,000

$268,500

$250,000

-5.0%

+2.0%

Montgomery

$238,000

$250,000

$237,950

-4.8%

0.0 %

Mercer

$203,350

$217,150

$220,000

-6.4%

-7.6%

Burlington

$191,000

$205,750

$199,900

-7.2%

-4.5%

 

Top Ten Municipalities** in the Greater Philadelphia Region

by Median Sale Price in First Quarter 2011

County

Municipality

Q1 2011

Q1 2010

% Change ’11 – ‘10

Mercer

Princeton Twp

$765,000

$577,500

+32.5 %

Delaware

Radnor Twp

$585,000

$560,000

+4.5%

Chester

Easttown Twp

$575,000

$725,000

-20.7%

Burlington

Moorestown Twp

$560,000

$373,500

+49.9%

Bucks

Solebury Twp

$555,000

$440,000

+26.1%

Philadelphia

Zip Code 19103

$530,930

$405,000

+31.1%

Mercer

West Windsor Twp

$500,000

$496,250

+0.8 %

Bucks

Upper Makefield Twp

$475,000

$554,000

-14.3 %

Philadelphia

Zip Code 19106

$466,000

$422,500

+10.3 %

New Castle

Hockssn/Greenvl/Centrvl

$439,000

$515,000

-14.8 %

**Top municipalities listed include 20 or more sales in First Quarter 2011.

Median Sales Price of Homes Sold

First Quarter 2011-2008

2011 - 2008 Q1 Median Prices

 

Greater Philadelphia Region Homes Sold Q1 2008-2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please click the links below for more details:

2011 Q1 Greater Philadelphia Press Release

2011 Q1 Greater Philadelphia Market Report

2011 Q1 Bucks County

2011 Q1 Burlington County

2011 Q1 Camden County

2011 Q1 Chester County

2011 Q1 Delaware County

2011 Q1 Gloucester County

2011 Q1 Kent County

2011 Q1 Mercer County

2011 Q1 Montgomery County

2011 Q1 Main Line

2011 Q1 New Castle County

2011 Q1 Philadelphia County

 

*Editor’s Note: The Greater Philadelphia region includes counties in Southeastern Pennsylvania, Southern New Jersey and Delaware, which are: Philadelphia, Bucks, Chester, Delaware, Montgomery, Burlington, Camden, Gloucester, Mercer, Salem, Kent and New Castle. Main Line data includes Malvern Borough, Tredyffrin Township, Willistown Township, Easttown Township, Haverford, Newtown, Radnor, Narberth, and Lower Merion. Center City data includes zip codes 19102, 19103 (Rittenhouse Square), 19106 (Old City), 19107 (Washington Square), 19123 (Northern Liberties/Fishtown), and 19130 (Fairmount/Art Museum). Additional charts and graphs available upon request. Top municipalities listed include 20 or more sales in 2010. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract.

About HomExpert Data©

The HomExpert Market Report© and HomExpert Pending Home Sales Index© are exclusive products of the Prudential Fox & Roach, REALTORS’ Research Division. Findings are compiled using the company’s exclusive HomExpert Data, which analyzes TREND Multiple Listing Service (MLS) data and provides the timeliest information available in the industry. The HomExpert Market Report offers exclusive analysis of real estate activity regionally, by county, MLS area or zip code across the Prudential Fox & Roach service area, while the HomExpert Pending Home Sales Index forecasts market activity based on pending home sales.

 

 

 

 

 

 

 

 

 

 

 

 

 

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