Everywhere you look right now, there are opinions on the real estate market. It is improving, it is getting worse. As we all know the real estate market is local and in some cases hyper-local. so how is the Main Line Real Estate market holding up?
We looked at several townships and did a survey of sales since the beginning of March for single family homes and compared the square foot price of homes in these townships. Obviously if the price per square foot is going up then prices overall are going up, if it is going down prices are going down.
As we said the real estate market is local so by township we show below the price per square foot for the three months prior to the beginning of March 2010 and sincce the beginning of March to the end of July in 2010:
Township December 2009-February 2010 March 2010 - July 2010
Radnor $224 $247
Lower Merion $216 $232
Tredyffrin $213 $205
Easttown $233 $220
Haverford $182 $171
Willistown $195 $199
Sales by units have been very strong, especially in Lower Merion across all price points. Obviously strong sales in the lower price ranges allow sellers to move up, so strong sales in these lower price points have been reflected in sales at higher price points as well. Both Tredyffrin and Easttown saw price drops, Easttown especially having significantly fewer sales than previously, a reflection of the higher price points in the township.
We saw some short sales in all townships, but these are not a large element as yet affecting price per square foot, however we have seen a large drop in pending sales since the end of June which will be reflected in lower sold volume in August, September and October unless there is a change upwards as we begin the Fall sales season after Labor Day.
If you need help understanding your market, pricing your home, or even structuring an offer in light of the current market we are here to help, so don't hesitate to contact us.