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Real Estate Articles and Statistics

Main Line Rental Market - April, 2018

Main Line Rental Market April, 2018

The Main Line rental market is very hot in April of 2018. Properties frequently come on the market and disappear in a matter of days as families look to secure homes prior to the start of the 2018 school year. The graphic below depicts rentals that have settled in the last year, 4/16/2017 - 4/15/2018. 851 properties were leased in this time period or roughly 71 per month. Currently, there are 164 properties listed for rent. In real estate parlance, this means there is 164 / 71 or 2.3 month's supply on hand. A supply of less than 6 months for a specific real estate market is considered a seller's market. The practical significance of this is that landlords have more bargaining power than tenants with regard to rental price and terms, though prices have not gone up in 2018 versus the same period in 2017.

If you are a prospective tenant, you need to act quickly if you find a property you like as there are likely to be others interested...

Tredyffrin-Easttown School District Real Estate Statistics Oct 2016 - Oct 2017

Tredyffrin-Easttown School District Real Estate Market October 2017

This post is similar to those recently created for Lower Merion Township and Radnor Township. The charts below plot data from the spreadsheet above. The X axis is always a set of price ranges. The Y axis is either months of inventory, days on the market or the sold price to original list price ratio. The data is for Tredyffrin-Easttown School District for the referenced 1 year period.

A month of inventory is the number of houses sold in a month. The relevant formula is: 

Sales per Month = Sold in Period / 12

The formula for months of inventory is:

Months of Inventory = Currently Active / Sales per Month

The Months of Inventory chart clearly shows that the...

Radnor School District Real Estate Market October 2017

Radnor School District Real Estate Market October 2017

This post is similar to one just created for Lower Merion Township. The charts below plot data from the spreadsheet above. The X axis is always a set of price ranges. The Y axis is either months of inventory, days on the market or the sold price to original list price ratio. The data is for Radnor School District for the referenced 1 year period.

A month of inventory is the number of houses sold in a month. The relevant formula is: 

Sales per Month = Sold in Period / 12

The formula for months of inventory is:

Months of Inventory = Currently Active / Sales per Month

The Months of Inventory chart clearly shows that the supply rises significantly above $1400k. 

The Median Property Marketing Period graph shows a clear trend to a longer marketing period as the price range rises....

Lower Merion Real Estate Market Oct-2017

Lower Merion Real Estate Market October 2017

There is a lot said these days about a lack of inventory in the residential real estate market. But, as in many things real estate related, one has to look at the specific local market and price range. The charts below plot data from the spreadsheet above it. The first one plots months of inventory on the Y axis against price range on the X axis for Lower Merion School District for the referenced 1 year period. The second plots days on the market versus price range and the third plots the sold price to original list price ratio against price range. 

A month of inventory is the number of houses sold in a month. The value for a given price range is calculated by dividing the value in the 'Sold in Period' column--the period is12 months--by 12. This value is displayed in the 'Sales per Month' column. To get the current months of inventory for a given price range, the 'Currently Active' column is divided by the value in 'Sales per Month.'...

Bella Vista Home Sales Review 2016

Bella Villa Home Sales 2016

The number of homes sold in the Bella Vista neighborhood in Philadelphia decreased by approximately 2% in 2016 from 2015. There was a 13% drop in the number of properties offered for sale. See statistics, relevant graphs and further analysis below.

Bella Vista Philadelphia Real Estate Statistics 2016

Sales Breakdown by Property Type

Single/detached: 2
Twins/semi-detached: 1
Townhouses: 126
Unit/Flat: 24
Mobile Homes: 0

Sales breakdown by Property Category

Condominiums (usually unit/flat): 34 
Properties with Homeowner's Association (usually townhouses): 7
Other (usually singles and twins): 112
New Construction (could be of any type): 5

There are currently 36 properties for sale in the Bella Vista section of Philadelphia, less than 3 months supply, as 13 properties...

Art Museum Home Sales 2016

Art Museum  Property Sales 2016

The number of homes sold in the Art Museum neighborhood in Philadelphia decreased by approximately 16% in 2016 from 2015. There was a similarly sized drop in the number of properties offered for sale. See statistics, relevant graphs and further analysis below.

Art Museum Philadelphia Real Estate Statistics 2016

Sales Breakdown by Property Type

Single/detached: 2
Twins/semi-detached: 3
Townhouses: 158
Unit/Flat: 114
Mobile Homes: 0

Sales breakdown by Property Category

Condominiums (usually unit/flat): 124
Properties with Homeowner's Association (usually townhouses): 16
Other (usually singles and twins): 137
New Construction (could be of any type): 3

There are currently 56 properties for sale in Art Museum area of Philadelphia, less than 3 months supply, as 23 properties...

Northern Liberties Home Sales 2016

Northern Liberties Real Estate 2016

The number of homes sold in Northern Liberties increased by approximately 20% in 2016 from 2015. Since only 3.5% more homes were offered for sale, this indicates rising demand. See statistics and relevant graphs at the following link:

Northern Liberties Real Estate Statistics 2016

Sales Breakdown by Property Type

Single/detached: 2
Twins/semi-detached: 7
Townhouses: 211
Unit/Flat: 43
Mobile Homes: 0

Sales breakdown by Property Category

Condominiums (usually unit/flat): 62
Properties with Homeowner's Association (usually townhouses): 80
Other (usually singles and twins): 121
New Construction (could be of any type): 98

There are currently 93 properties for sale in Northern Liberties, about 4 months supply as 22 properties sold per month in 2016. A market with less than 6 month's...

Washington Square West Real Estate Summary 2016

Washington Square West Real Estate 2016

The amount of homes sold in Washington Square and Washington Square West declined by approximately 13% in 2016. This was primarily due to a 21% in the number of properties offered for sale. See statistics and relevant graphs at the following link:

Washington Square West Real Estate Statistics 2016

Sales Breakdown by Property Type

Single/detached: 1
Twins/semi-detached: 1
Townhouses: 72
Unit/Flat: 66
Mobile Homes: 0

Sales breakdown by Property Category

Condominiums (usually unit/flat): 86
Properties with Homeowner's Association (usually townhouses): 12
Other (usually singles and twins): 42
New Construction (could be of any type): 0

At the time of this post, there are 40 properties for sale in Washington Square and Washington Square West, about 3.5 months supply given that approximately...

Fishtown 2016 Real Estate Summary

Fishtown Real Estate Market summary 2016

The demand for residential real estate in Fishtown continued to be strong in 2016. See statistics and relevant graphs at the following link:

Fishtown Real Estate Statistics 2016

Sales Breakdown by Property Type

Single/detached: 15
Twins/semi-detached: 30
Townhouses: 584
Unit/Flat: 75
Mobile Homes:

Sales breakdown by Property Category

Condominiums (usually unit/flat): 89
Properties with Homeowner's Association (usually townhouses): 57
Other (usually singles and twins): 563
New Construction (could be of any type): 209

At the time of this post, there are 164 properties for sale in Fishtown, slightly less than 3 months supply given that approximately 59 properties sold per month in 2016. A market with less than 6 month's inventory is considered to be a seller's market. This is further confirmed...

Rittenhouse Square Real Estate Market 2016

Rittenhouse Square Real Home Sales 2016

The demand for residential real estate in Rittenhouse Square continued to be strong in 2016. See statistics and relevant graphs at the following link:

Rittenhouse Square Real Estate Statistics 2016

Sales Breakdown by Property Type

Single/detached: 3
Twins/semi-detached: 0
Townhouses: 73
Unit/Flat: 255
Mobile Homes:1

Sales breakdown by Property Category

Condominiums (usually unit/flat): 234
Properties with Homeowner's Association (usually townhouses): 45
Other (usually singles and twins): 53
New Construction (could be of any type): 7

At the time of this post, there are 145 properties for sale in Rittenhouse Square, slightly more than 3 months supply given that approximately 45 properties sold per month in 2016. A market with less than 6 month's inventory is considered to be a seller's market. This...

Phoenixville School District Home Sales 2016

Phoenixville School District Home Sales 2016

The demand for residential real estate in Phoenixville School District continued to be strong in 2016. See statistics and relevant graphs at the following link:

Phoenixville School District Real Estate Statistics 2016

Sales Breakdown by Property Type

Single/detached: 264
Twins/semi-detached: 77
Townhouses: 166
Unit/Flat: 21
Mobile Homes:12

Sales breakdown by Property Category

Condominiums (usually unit/flat): 37
Properties with Homeowner's Association (usually townhouses): 172
Other (usually singles and twins): 331
New Construction (could be of any type): 23

At the time of this post, there are 112 properties for sale in the school district, less than 3 months supply given that approximately 45 properties sold per month in 2016. This has been one of the hottest markets in the area, and though inventory...

Radnor School District Home Sales 2016

Radnor School District Real Estate summary 2016

Strong demand for residential real estate in Radnor School District continues in 2016. See statistics and relevant graphs at the following link:

Radnor School District Real Estate Statistics 2016

Sales Breakdown by Property Type

Single/detached: 267
Twins/semi-detached: 26
Townhouses: 18
Unit/Flat: 35

Sales breakdown by Property Category

Condominiums (usually unit/flat): 48
Properties with Homeowner's Association (usually townhouses): 50
Other (usually singles and twins): 238
New Construction (could be of any type): 8

At the time of this post, there are 110 properties for sale in the township, less than 4 months supply given that approximately 28 properties sold per month in 2016. The less-than-6-months inventory and the 6.9% rise in average prices to roughly $694k make this a seller's market. This is a theme...

Lower Merion Real Estate Summary 2016

Lower Merion Real Estate summary 2016

Strong demand for residential real estate in Lower Merion Township continues in 2016. See statistics and relevant graphs at the following link:

Lower Merion Township Real Estate Statistics 2016

Sales Breakdown by Property Type

Single/detached: 603
Twins/semi-detached: 95
Townhouses: 60
Unit/Flat: 150

Sales breakdown by Property Category

Condominiums (usually unit/flat): 171
Properties with Homeowner's Association (usually townhouses): 50
Other (usually singles and twins): 687
New Construction (could be of any type): 36

At the time of this post, there are 330 properties for sale in the township, less than 5 months supply given that approximately 75 properties sold per month in 2016. The less-than-6-months inventory and the 2.5% rise in average prices to roughly $615k make this a seller's market. The fact that more properties...

So You're Looking for a Condo

Condominium living offers many benefits:

  • You don't have to concern yourself about exterior home maintenance anymore. Bye-bye lawn equipment and extension ladders.
  • You own a real estate asset that provides the same tax benefits and appreciation possibilities as any home.
  • There is frequently an enhanced sense of community in a condominium development versus a detached home neighborhood

But before you take the plunge, you owe it to yourself and your family to get answers to the 7 questions below.

  1. What is the financial health of the development? You have the right to examine the current financial statement of the condominium association of your prospective development. Your real estate agent can procure this for you. This is done after there is an agreement of sale in place and the agreement should allow you to exit the deal and receive back your earnest money if you are not satisfied with what you find. You want to look at the operating budget and see what kind of cash reserves exist....

Haverford Reserve Condos and Carriage Homes

The carriage homes and the condominium development at Haverford Reserve are a significant development in Haverford Township. The condominiums, known as Athertyn, are being constructed by Pohlig Builders. The carriage homes are being built by Guidi Homes and the Goldenberg Group. Building began in 2008 and continues in 2015. Relevant facts below:

  • This is a luxury development. The price of the least expensive condominium sold to date was in the mid $400s and the least expensive carriage home price was in the mid $600s. Price per square foot for recently sold condominiums at Athertyn is approximately $325. This is lower than the price per square foot at some other new or almost new developments such as Pembroke North in Wayne and Ardleigh in Ardmore, similar to the square foot price for recently sold units at Cambridge Square, another almost new building in Ardmore but more than the square foot price for units in older luxury buildings such as 100 Grays Lane and La Chanterelle in Haverford.

  • Condo fees at Athertyn vary by square footage...

Importance of Floor Plans

How Important are Floor Plans?

One thing we provide to all our listing clients is an electronic floor plan of their house. The floor plan is then used to market the house along with photographs, a video walkthrough and textual description, usually incorporated into a virtual tour. Why do we include a floor plan in our listings? Because of its importance to prospective buyers. Recent research by Rightmove,
a property portal serving the United Kingdom, revealed that 1/3rd of buyers were less likely to inquire about a property that did not include a floor plan. The survey further indicated that a floor plan was the second most desired feature in a listing. Having a large number of images of the property was the most desired feature. A survey performed in 2011 by Homegain bears these...

Buying versus Renting

A report published by economist Jed Kolko of Trulia in March of 2013 states that on average it is 44% cheaper to own a residential property than to rent a similar property in the 100 largest metropolitan areas in the US. In Philadelphia, it is 40% cheaper to buy than to rent. The report considers the following in arriving at this conclusion:

  • Similar homes in the similar neighborhoods were compared, not the average rent and average sale price of homes overall.

  • Initial and future costs of renting and buying were considered including maintenance, insurance, taxes, price and rent appreciation and inflation

  • One time costs such as closing costs, security deposits, etc. were included as well

  • The initial set of assumptions were that a buyer put down 20%, took out a 3.5% 30 year mortgage, was in the 25% tax bracket and itemized deductions on their income tax.

The prices of owning and renting were closest in San Francisco at 20% cheaper to own and furthest apart in Detroit at 70% cheaper to...