2008 is not over yet, but I'd like to shed some light on our local market in Haverford Township real estate. If you've been listening to the National Association of Realtors (NAR) advertising, you've heard the famous line repeated, "Every market is Local, talk to a Realtor". While national news focuses on the national averages, you might be pleasantly surprised to find out how our local Havertown real estate market has faired.
First of all I'd like to make one distinction. While a stock market graph looks like a plane nose diving, the real estate market graph continues to follow regular trends. As all the bad news of the stock market makes us feel like everything is sinking, this is not a fully direct correlation...there are too many other factors involved. Factors including the location of the town, who's moving into the area, and what type of industries represent large sectors of the area's population. Additionally, what type of appreciation has Havertown seen in comparison to the rest of the U.S. over the real estate boom?
I'm happy to say that Havertown finds itself in a good central location surrounded by a diverse job industry. Additionally,Havertown and the Philadelphia region experienced a much more moderate level of appreciation through the boom in comparison to surrounding metropolitan areas like Washington D.C. and New York City.
The following data was derived from TrendMLS.com, November 24th, 2008 and covers all of HaverfordTownship for sales between $0 and $999,999. I consider sales over 1 million to be unusual in our market, therefore not representative of a the majority of sales. Of the 477 sold properties this year so far, 5 were over 1 million dollars
As you can see 2007 and 2008 residential real estate sales in Haverford Township have stayed relatively equal. At times we've seen jumps and drops, but overall we can say that the average sold home in Havertown remains to fall right around the $300,000 mark.
While I wish this was the full story we have to look at the number of sales as well.
Here the graph shows that we've felt a bigger impact from a lack of sales. In 2007 Haverford Township had sold 651 units and in 2008 we are up to 482 as of November 24th. Unless Havertown experiences and incredible up rise in sales through December, I would predict that the number of sales will have declined by approximately 20%.
What does this mean for Haverford Township Residents looking to sell?
The current market is tricky, but workable. Less units are selling and there is quite a bit of competition. While average home sale prices have remained in tack, it will most likely take you longer to sell. On a positive note, if you've kept you home in great condition, made some improvements and maintained your systems, the market recognizes this and is willing to pay for the improvements. Spending some time or money giving your home a fresh coat of paint can make a world of difference.
What does this mean for Havertown home buyers?
You have a lot of inventory to sift through, but you can find some great deals. If your willing to role up your sleeves and get your hands a little dirty, Havertown offers well built homes that often need some updating, as residents tend to live in their homes for many years. Surprisingly, there have been some recent competitive bidding sections on the homes that are in great shape and priced right. You want to make sure your financing is in line in case that house pops up.
Overall, I think we can safely say that the Havertown real estate market is still intact while feeling a bit of a slow down due to the new mortgage regulations and current economy.
I'll keep you posted.