Market Report & Homes Sales: North Wales PA 19454 for November 2014
The median sales price for homes in North Wales PA for August 14 to November 14 was $292,500. This represents a decline of 7.1%, or $22,500, compared to the prior quarter and a decrease of 10.4% compared to the prior year.
Sales prices have appreciated 12.5% over the last 5 years in North Wales. The average listing price for North Wales homes for sale was $344,440 for the week ending Nov 12, which represents an increase of 2.4%, or $8,090, compared to the prior week and an increase of 8.7%, or $27,489, compared to the week ending October 22.
Average price per square foot for North Wales PA was $149, a decrease of 3.2% compared to the same period last year.
North Wales Summary
The median sales price for homes in North Wales PA for August 14 to November 14 was $292,500 based on 39 home sales. Compared to the same period one year ago, the median home sales price decreased 10.4%, or $34,000, and the number of home sales decreased 63.9%.
There are currently 150 resale and new homes in North Wales including 6 open houses, as well as 76 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The average listing price for homes for sale in North Wales PA was $344,440 for the week ending November 12, which represents an increase of 2.4%, or $8,090, compared to the prior week.
Buying vs. Renting?
AND THE WINNER IS . . .
Is it better to buy or rent? Whether renting is better than buying depends on many factors. Low mortgage rates are helping to keep home buying more affordable. According to one analysis homeownership is 38% cheaper than renting in the 100 largest metro areas.
Assuming the following:
- Buy a home with 20% down, borrowing the rest over 30 years at a fixed rate of 4.5%.
- Itemize your federal tax deductions and are in the 25% tax bracket
- Stay in your home for at least seven years
- Home prices appreciate at a fairly conservative 2% annual rate
Source: Trend MLS and Realtor.com