With the recent rain and snow we received this past weekend, I'm hoping the weather begins its warming trends for the real estate market and my weekends. While there seems to be quite a few buyers looking for homes, the weather has definitely delayed many from making their way out to open houses.
Here is a look at Haverford Townshp's 2007 Real Estate market (provided by Trend Multiple Listing Service). This information is based on sales between $0 and $999,000 over the 1st Quarter of 2007:
Average Listed Price: $351,083.00
Average Sold Price: $286,268.00
Average # of Days on Market: 63
Compare this information to Haverford Township's 2006 Real Estate Market (provided by Trend Multiple Listing Service). This information is based on sales between $0 and $999,000 over the 1st Quarter of 2006:
Average Listed Price: $324,608.00
Average Sold Price: $294,705.00
Average # of Days on Market: 51
As seen above, it seems that the average sold price and average listing price have gone in opposite directions, spreading the gap by $64,797.00. Additionally, you can see that homes, on average, are sitting on the market 12 more days then this time last year.
Here is a comparison of the first quarters over the last couple of years:
1st Quarter ----Sold Homes---Percentage(+/-) --Days on Market
2003------------- $233,472 -------------------------------- 35
2004------------- $267,836----------- 15% ---------------- 37
2005------------- $301,136----------- 12% ---------------- 46
2006------------- $294,705----------- -2% ---------------- 51
2007------------- $286,286----------- -3% ---------------- 63
So what does this mean??
While the newspapers and media would like to make you think that the sky is falling, Haverford Township's market has remained fairly steady. From the numbers above, the net value of homes has increased 22% over the past 4 years. You can see that the market shot up between 2003 & 2005 and has been re-adjusting since. Homes are sitting on the market a little longer and prices have fallen, but within reason when considering the slow down of the economy.
So, if you've owned a home for 3 or more years you've enjoyed quite a bit of appreciation. If you've improved your home, you should enjoy an even larger amount of appreciation.
Now, on the flip side, if you are a buyer, we're seeing that prices have come down a bit from the spike in 2004. With the spread of listing price and sold price increasing, it seems seller's have not come to a full realization of the market, however are accepting offers below their asking prices. Additionally, with the increase of days on the market, sellers are becoming more willing to consider lower offers. Finally, there is a larger inventory of homes on the market, placing further pressure on sellers to price their homes appropriately. All of these market conditions place buyers in a much stronger position for purchasing a home.
Therefore, while good values still remain in Haverford Township, it seems that the buyers currently have the edge on the market. However, when seller's price their homes appropriately we still continue to see multiple offers.
I'll Keep You Posted
Questions or Comments? Please send me an email or post. For more information and all of the local available homes check out www.TalktoTyler.com
Here is a look at Haverford Townshp's 2007 Real Estate market (provided by Trend Multiple Listing Service). This information is based on sales between $0 and $999,000 over the 1st Quarter of 2007:
Average Listed Price: $351,083.00
Average Sold Price: $286,268.00
Average # of Days on Market: 63
Compare this information to Haverford Township's 2006 Real Estate Market (provided by Trend Multiple Listing Service). This information is based on sales between $0 and $999,000 over the 1st Quarter of 2006:
Average Listed Price: $324,608.00
Average Sold Price: $294,705.00
Average # of Days on Market: 51
As seen above, it seems that the average sold price and average listing price have gone in opposite directions, spreading the gap by $64,797.00. Additionally, you can see that homes, on average, are sitting on the market 12 more days then this time last year.
Here is a comparison of the first quarters over the last couple of years:
1st Quarter ----Sold Homes---Percentage(+/-) --Days on Market
2003------------- $233,472 -------------------------------- 35
2004------------- $267,836----------- 15% ---------------- 37
2005------------- $301,136----------- 12% ---------------- 46
2006------------- $294,705----------- -2% ---------------- 51
2007------------- $286,286----------- -3% ---------------- 63
So what does this mean??
While the newspapers and media would like to make you think that the sky is falling, Haverford Township's market has remained fairly steady. From the numbers above, the net value of homes has increased 22% over the past 4 years. You can see that the market shot up between 2003 & 2005 and has been re-adjusting since. Homes are sitting on the market a little longer and prices have fallen, but within reason when considering the slow down of the economy.
So, if you've owned a home for 3 or more years you've enjoyed quite a bit of appreciation. If you've improved your home, you should enjoy an even larger amount of appreciation.
Now, on the flip side, if you are a buyer, we're seeing that prices have come down a bit from the spike in 2004. With the spread of listing price and sold price increasing, it seems seller's have not come to a full realization of the market, however are accepting offers below their asking prices. Additionally, with the increase of days on the market, sellers are becoming more willing to consider lower offers. Finally, there is a larger inventory of homes on the market, placing further pressure on sellers to price their homes appropriately. All of these market conditions place buyers in a much stronger position for purchasing a home.
Therefore, while good values still remain in Haverford Township, it seems that the buyers currently have the edge on the market. However, when seller's price their homes appropriately we still continue to see multiple offers.
I'll Keep You Posted
Questions or Comments? Please send me an email or post. For more information and all of the local available homes check out www.TalktoTyler.com
