The Haverford Hill condominiums continue to be a popular choice although prices and sales activity have both weakened recently as compared to our last update in January 2010.
Throughout the county, home prices and sales activity have continued to be weak as consumers remain wary of the unsettled local, national, and international prospects. Condominiums of existing complexes have seen lowered demand and this weakness is reflected in both the pricing and sales activity seen in the Haverford Hill condominium complex.
In 2009, the average price of a 2 bedroom unit was $149,000. This eased to $143,000 in 2010 and $133,500 in 2011. With an average list price for properties currently on the market of only $133,000, the average price appears to be headed lower for all of 2011.
The same trend is seen in the activity. In 2008 there were 10 sales, rising to 18 total sales in 2009. In 2010 this fell to only 5 sales in the complex and only one settled sale for 2011 year to date. In detail:
Year: 1BR on the Mrkt | Avg Price | 2BR on the Mrkt | Avg Price
Active: :4 $98,000 14 $133,000
Sold 2011: :0 0 1 $133,500
Sold 2010: :2 $115,000 3 $143,000
Sold 2009: :10 $108,000 7 $149,000
With lower pricing, increased inventory, and the available great financing rates, activity could quickly rise as we continue through the year and consumers get some clarity and feel more confident on their personal situations. Well known communities and developments would likely be the first to benefit.
Long & Foster Real Estate Inc – Devon,PA/Bear, DE
Office: 610-225-7400/Direct: 610-618-0808