After a steep real estate decline in 2009, prices and activity for Newtown Square homes appear to be on the mend.
In Newtown Square a decade ago, the average sales price for a home was $375,000 with a top price of $2,028,000 encompassing 176 sales for the year.
2001: 176 Sales: Avg price = $370,000, Top price = $2,028,000
( including 14 sales greater than $1,000,000)
By 2005, the average price had risen to $563,000 with a top price of $2,900,000 including 191 sales. From 2005 through 2008 the average yearly prices were fairly steady ranging from $536,000 to $579,000 per year with top prices between $2,800,000 and $3,200,000 and yearly sales between 138 and 159 sales per year. Then the statistics speak for themselves:
2007: 159 Sales: Avg price = $556,000, Top price = $3,200,000
(including 14 sales greater than $1,000,000)
2008: 138 Sales: Avg price = $579,000, Top Price = $2,990,000
(including 16 sales greater than $1,000,000)
2009: 111 Sales: Avg price = $418,000, Top price = $2,000,000
(including 7 sales greater than $1,000,000)
2010: 109 Sales: Avg price = $542,000, Top Price = $2,800,000
(including 11 sales greater than $1,000,000)
2011: 97 Homes Currently on the Market: Avg price = $856,000
(including 27 homes greater than $1,000,000)
23 Homes Under Contract with Avg Price = $609,000
As seen above, the market took a nose dive in 2009 with average pricing for Newtown Township dropping over 25% but this is misleading due to the impact of the 50% decline in activity for those homes priced above $1,000,000. In 2010, although activity did not rise, pricing recovered as we had a more balanced range of sales price points.
Today, it appears that we are off to a good start in 2011 with 23 homes currently under contract with an average price of $609,000. In addition we have 97 homes currently on the market (averaging $856,000 list price) with 27 of these listed for greater than $1,000,000. With only 15 of these properties either older homes or under construction, upper end pricing pressure to moderate.
With continued low interest rates and relatively abundant inventory, prices should remain fairly stable and activity is expected to rise as we begin the traditionally strong spring sales season.
Long & Foster Real Estate Inc – Newtown Square,PA/Bear, DE
Office: 610-225-7400/Cell: 610-618-0808
(All statistics per the TrendMLS System and believed accurate but not guaranteed)