In discussion of the T/E school district budget, several people referenced real estate sales, prior sale prices, assessment values, etc. and speculated on current real estate values. Discussion also centered on whether the quality of the school district affects the value of our real estate.
Nationally, we hear much negative real estate news so I was curious if there was any current real estate information available for Tredyffrin. I was particularly interested to know our community fared in the year-end 2010 statistics. Some good news to report . . . the township is doing better than just holding its own. In fact, Tredyffrin Township real estate appreciated in 2010, along with the rest of the Main Line.
Prudential Fox Roach realtor John Flanagan (www.mainlinejohn.com) provides information from TReND, the area’s Multiple Listing Service. In 2010, the average sales price in Tredyffrin increased 8.4%, or $35,054, from $412,490 in 2009 to $447,544 in 2010. The numbers used in this analysis included all types of properties — single-family homes, condos, twins and townhouses.
Interesting to note that the number of houses that went to settlement in Tredyffrin was the same in 2010 as 2009 . . . 374 transactions. The total sales volume increased in Tredyffrin in 2010 from approximately $154 Million to $167 Million. What about the average asking price on houses in Tredyffrin, any change? Yes, we find that sellers were asking approximately 7.2% less for their homes in 2010 than they did in 2009. The average asking price by sellers in 2009 was $507,803; where in 2010, the asking price was $470,806. Depending on when the seller purchased the house, the lower asking price may also be more realistic.
As the real estate problems deepened in the country through 2010, I would assume that it takes longer to sell houses in Tredyffrin (as is the case in many parts of the country). However, apparently that is not the case. In our township, there has been little change on that score; in 2009 the average days a house was on the market was 68 days and in 2010, the average time on the market was down by one day to 67 days.
Although the increase in sales prices in Tredyffrin Township for 2010 is a positive indicator, it may be too early to call it a trend. Following on the heels of housing depreciation during the 2006-2009 period, we hope that last year’s encouraging real estate news continues in 2011. So . . . do you think the quality of our school district is factor?
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Let’s remember that John the realtor is the business of selling homes. Do we really believe, “Easttown Township real estate appreciated 23% in 2010”? Don’t we have information from the school district that people are appealing assessments and the assessment base is decreasing? Have any of your neighbors said, “I can sell my home now for 22% more than last year?” Will the common level ratio reflect a 22% increase in value? Or an 8% increase?
Who’s been drinking T. Leary’s cool aide?
citizenone, I apppreciate that Flanigan is a realtor and in the business of selling real estate. But is it not possible that these stats are accurate and that Tredyffrin actually did increase their real estate sales by 8.4% in 2010? Don’t really see him just making these numbers up to see houses.
Interesting data. The average sale price increased by 8% but the average asking price decreased by 7%. How much of these effects are from true changes in comparable value, from the mix of properties in each year’s sample, and from seller expectations?
In any event, we should look for encouragement wherever we can – the more people believe things will get better, the more they will!
I don’t think Flanigan made up the numbers. I’m guessing there were one or two multi-million home sales in 2010 that lifted the average or the mix of homes (condos vs 4 br homes) changed as Ray mentioned. Would John the realtor make his data available for scrutiny?
These numbers could be accurate as there are more and more luxury homes being sold on the main line at multi million dollar prices. The main line is a really dynamic place where the real estate market is driven by a strong demand, especially in the west counties such as west chester.