Market Insights – Page 15

Wallingford PA 2012 Home Profile

January 3, 2013 by admin

We welcomed 155 new Wallingford PA homeowners to our community this year during 2012. This represents an increase of 19 homes changing hands when compared to 2011. Overall these 155 new owners paid an average price of $267,595, a 11.3% decrease compared to the 2011 average price of $301,741. There was a total of $41,329,642 of real estate transferred in Nether Providence Township in 2012.

What constitutes an “average” home sold in Wallingford during the past year? The following statistics were derived from Nether Providence Township home sales data as recorded in the MLS. Some totals do not add up to 100% or fall short of a total of 155 due to missing data in the MLS.

77% of the homes sold during 2012 were single detached family homes -119 homes, townhomes accounted for 18 sales – 12%, 10 condominium transactions – 6%, and there were 8 twin homes sales home sales accounting for 5% of the total.

Single family homes sold for an average price 0f $311,503, and sellers were on the 134 days on the market before going under contract. Townhouse buyers paid an average of $202,772, and condominium buyers paid an average of $115,100.

The price range of $100,000 to $200,000 accounted for the most sales – 43.

A breakdown of price range activity by 100K increments:

PRICE SALES

0 to 100K 16

100K to 200K 43

200K to 300K 40

300K to 400K 35

400K to 500K 9

500K to 600K 7

6ooK to 700K 2

700K + 3

61 sellers paid out $484,884 in Seller Assists, with an average assist of $7,948, one seller had the net selling price reduced by a $24,347 assist.

Wallingford PA homes sold in 2012 had an average age of 60 years. On average the home configuration consisted of 3.5 bedrooms, 1.5 full bathrooms, and 1 half baths. Three bedroom homes were the most prevalent topping the list with 69, followed by 39 four bedrooms, 28 two bedrooms, 14 five bedroom, 3 one bedroom, 1 six bedroom, and even 1 seven bedroom home.

On the price spectrum, one new homeowner paid $31,000 on the low end of the scale, while the high price topped out at $875,000.

Colonials topped the style list with 56 homes, followed by 24 Cape Cods, and 18 ranchers. On one of the first cold nights of winter 95 homes have a fireplace, 13 have two firepalces, and 5 have 3 plus fireplaces. For primary heating 76 homes have gas heat, and 60 utilize oil heat for warmth, and there were 3 propane heated abodes, and 1 other type?

Meals are prepared in a kitchen ranges fueled by natural gas in 41% of homes, but electric cooking was in the majority of homes – 57%.

Central air cools the residents of 124 homes, and 26 owners can enjoy the summer outdoors in their own swimming pool.

The largest home had 7,806 square feet of interior space, while the smallest came in at 650, the average home was 1,952 square feet.

There were 133 homes with basements – 86%, 71 of which were reported as finished.

The foreclosure mess did not avoid the area. Data indicates that 14 homes sold in Wallingford PA last year were Bank Owned properties, and there were 9 recorded as short sales. These represent big increases in distressed property transactions over last year.

Alas our new neighbors would have inherited an average 2012 tax bill of $$6,559.50. One lucky buyer is paying a budget busting tax bill of $21,103! This does not include the 2 new construction homes that sold for an average of $721,950.

Take a look at all 155 Wallingford homes or Wallingford towhouses/condos that sold last year.

Wallingford PA Real Estate – Wallingford, PA 19086

California Tops Nation With The Five Most Expensive Housing Markets

December 18, 2012 by admin

San Francisco Skyline - Wallingford Real Estate

The San Francisco Area Has Some Of The Most Expensive Markets In The Country

The most expensive markets in the country are centered around the tech industry’s Silicon Valley, which is home of such corporate giants as Google and Facebook. Income in these markets is among the highest in the country. According to U.S. Census Bureau data, median household income in these cities far exceeds the U.S. median income by at least $20,000.

#1 – Los Altos, California

– Avgerage listing price: $1,706,688

– Median household income: $149,964

In Los Altos, the average four-bedroom, two-bathroom home lists for nearly $50,000 more than any other city in the nation. Asking prices in the San Jose metro area have risen 12.7% year-over-year, according to Trulia. This is more than nearly every other metro area in the country.

#2- Newport Beach, California

– Average listing price: $1,658,000

– Median household income: $107,007

Home prices are so high in the city that in 2009 a buyer bought a nine-bedroom, 11,000 square feet home for $23 million – and then tore it down. In 2011 the empty plot of land was listed for $26.5 million. The area boasts a vacancy rate of just 1.5%, among the ten lowest in the nation.

#3 – Saratoga, California

– Avgerage listing price: $1,582,434

– Median household income: $145,023

After seeing housing prices tumble by 25.1% in the area during the downturn in the market, Saratoga is yet another example of how the Silicon Valley housing market has recovered. Currently, the median price per square foot for homes in the area is $337, coming in behind only San Francisco and Honolulu.

#4 – Menlo Park, California

– Avgerage listing price: $1,506,909

– Median household income: $107,860

Menlo Park is one of just four cities where the average listing price for a four-bedroom home exceeds $1.5 million. As of 2010, the median income in the city was slightly below $108,000.

#5 – Palo Alto, California

– Average listing price: $1,495,364

– Median household income: $120,670

48.7% of adults in Palo Alto have a graduate or professional degree – more than four times the national rate of 10.3%. The city is a large employer of highly skilled employees, as 25.3% of its workers are employed in professional, scientific and management occupations. Facebook founder Mark Zuckerberg bought a $7 million home here last year.

Wallingford Real Estate – Wallingford, PA 19086

Wallingford PA – Where Is The Inventory?

October 19, 2012 by admin

Heading into what is traditionally a slower time of year for real estate activity in Wallingford PA there are 103 listings currently available for sale in our local market as of October 18,2012. A quick look at the distribution of local listings finds the majority of the homes are for sale in the price range of $100,000 to $200,000.

The range is dominated by 18 listings in the Wallingford Valley complex consisting of Putnam Village, Weston Village, Danbury Village, and Saybrook Village. These homes represent both two bedroom condominiums and townhouses. A suprise to many is the fact that Putnam Village and Weston Village townhomes now are listed and sell for well under $200,000.

The heart of the Wallingford single family home market has shifted to the this lower price range over the past several months. In the Spring the $300,000 to $400,000 range was dominant, which is the traditional heart of our local market, reflecting the current average price of $323,903. There are 3 townhouses located in the Mills At Rose Valley in this group, but it consists of mostly detached homes of 3 to 4 bedrooms.

For a detailed look at the Wallingford PA homes that are listed, browse the single family and townhouse/condominium listings available.

The current average Days On Market broken down by the number of days that listings in each price range have been listed on the market is exhibited in the chart above.

Wallingford Real Estate – Wallingford, PA 19086

Housing Markets Improving Across Pennsylvania

October 17, 2012 by admin

: Home Sales Have Increased Across Pennsylvania

Statewide housing data is looking positive in Pennsylvania, continuing the trend seen earlier this year. Pennsylvania’s housing market has seen an increase in pending sales in the third quarter, up 16 percent over the third quarter in 2011. Inventory levels shrank 11 percent from the same time last year.

Home prices continue to remain stable. The median sales price increased .01 % to $180,000 in the third quarter while days on market was down 6 percent to 92 days from third quarter 2011.

“While all real estate is local, the indicators show that overall the market is recovering slowly in Pennsylvania,” said PAR President Frank Jacovini.

Housing affordability is up 5.8% this quarter over last year this time. The index is 182. An index of 120 means the median household income is 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

Wallingford Real Estate – Wallingford, PA 19086

Where Have The First Time Buyers Gone?

September 3, 2012 by admin

Wallingford Real Estate - Wallingford PA - Wallingford Pa Homes Sold

First Time Home Buyers Are Accounting For Fewer Sales

Despite continuing low interest rates and low home prices, the ever important first time home buyer is on the decrease. According to recent data released by the National Association Of Realtors, first time home buyers accounted for 36% of homes sold nationwide in July 2012. Normally this group accounts for 40% of all home sales.

First time home buyers are critical to the housing market as they purchase homes which allow current homeowners to purchase their next home, and they are not burdened with the need to sell an existing home.

Several factors contribute to the slowing of the first time home buyer market:

Lack Of Down Payment Money:

The lack of down payment funds is a major obstacle cited by 47% of first time home buyers. In addition to down payment money, buyers in our area also face approximately 6% of the purchase price of a home for closing costs.

Poor Credit History:

Poor credit history, or lack of a credit history hampers first time home buyers.

Student Loan Payments:

A majority of college grads are looking at 10 years of student loan repayments. This additional debt affects their ability to maintain the debt to income ratio that lenders are demanding.

Unemployment:

Many potential home buyers in the 24 to 35 age group face higher unemployment rates that other groups.

Wallingford Real Estate – Wallingford, PA 19086

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S. Clark Kendus