Real Estate Market, Summer 2014
I work primarily in the Greater Philadelphia region- for me, that includes Philadelphia, Delaware, and Montgomery counties. I recently read an article discussing the possibility of another real estate bubble in some markets (link: http://business-news.thestreet.com/philly/story/lenders-fear-another-real-estate-bubble-inflating/1) but I haven’t found that trend to be true for our region.
Home values bumped up nicely in 2013, after a major recessional slump in 2009-2012. However, 2014 has seen values either remain at 2013 levels, or drop slightly. Let me give you a few local examples. Havertown, a classic Philly ‘burb, has stayed fairly steady with home values in the last 3 years, averaging between $250 and $260k for median sales price. Havertown’s spring market was particularly weak, with home values at a median $239k, but bounced back April-June to $265k.
Here are a few more median sales prices for Delaware County in April-June:
Upper Darby: $72,000
Looking at Montgomery County, some different trends were at play. Jan-March in some of Montco’s most popular areas saw a strong rise in values, while April-June actually saw a slight decline. For example, Lafayette Hill in Whitemarsh Township had a median sales price of $317,500 in early spring, but late spring/early summer values dropped to $288,000. Lafayette Hill’s drop in values can be attributed to a number of older homes hitting the market, garnering lower prices based on condition. Similar trends occurred in Flourtown, Blue Bell, and North Wales. Meanwhile, in Lower Merion’s Wynnewood, values showed a more typical growth as the spring market heated up, jumping from a median sales price of $306,500 in Jan-March to $440,500 in April-June.
Here are a few median sale prices for Montco, April-June:
Bala Cynwyd: $389,500
King of Prussia: $254,900
Blue Bell: $365,000
Finally we can’t leave out Philly. Philadelphia values are diverse, which is typical for a large city with many neighborhoods. Overall, sales slowed in the second quarter of this year, but with values are generally on the rise in most zip codes. Below are a median sale prices for some of Philly’s more popular residential zip codes:
Center City 19102:$402,500 19103: $425,000
Art Museum: 19130: $319,000
Bella Vista: 19146: $315,000 19147: $339,845
Northwest: 19144:$132,000 19119: $244,900 19150: $127,500 19118: $430,000
Roxb./Manayunk: 19128: $206,000 19127: $260,000
Northeast: 19111: $150,000 19114: $155,000 19115: $200,000 19116: $222,500
West: 19104: $167,000 19131: $70,750 19151: $111,000
Median sale prices are a good indicator of values in a neighborhood or township, but each house is unique. Condition, location and size can all impact your home’s potential value. If you’re interested in getting a market analysis done on your home, please get in touch!