Market Insights – Page 17

Where Is The Wallingford Inventory?

March 23, 2012 by admin

Wallingford Real Estate - Listing Inventory By Price Range - Wallingford, PA

Wallingford PA Listing Inventory

Heading into what is hopefully a busy Spring weekend in Wallingford real estate there are 118 listings currently available for sale in our local market. A quick look at the distribution of local listings finds the majority of the homes are for sale in two price ranges – $100,000 to $200,000, and the $300,000 to $400,000 range.

The lower range is dominated by 14 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.

The heart of the Wallingford single family home market is represented in the $300,000 to $400,000 range with 34 listings. Not dominated by any one development, but largely comprised of 19 listings with 4 bedrooms, 12 three bedroom homes, with a few 5 bedroom homes in the mix as well. This is the traditional heart of our local market, with the average asking price today coming in at $306,997. There are 4 townhouses located in the Mills At Rose Valley in this group, but it consists of mostly detached homes.

Atypically there are not a lot of homes available in the $500,000 plus range at this time, only 12 out of the 118 homes listed.

For a detailed look at the Wallingford homes that are you could tour this weekend, browse the single family and townhouse/condominium listings available.

Wallingford Real Estate – Wallingford, PA 19086

Wallingford PA Home Profile – Traits Of Homes Sold In 2011

January 3, 2012 by admin

We welcomed 136 new Wallingford PA homeowners to our community this year during 2011. This represents an increase in 10 sales when compared to 2010. Overall these 136 new owners paid an average price of $301,741, a 6.6% decrease compared to 2010.

What constitutes an “average” home sold in Wallingford during the past year?

88% of the homes sold during 2011 were single detached family homes -115, townhomes accounted for 12 sales – 7%, and there were 8 condominium transactions – 5%.

Single family homes sold for an average price 0f $320,034, and sellers had to endure 148 days on the market before going under contract. Townhouse buyers paid an average of $254,233, and condominium buyers paid an average of $118,250. Sellers paid out an average Seller Assist of $3,357 in 44% of local transactions, one seller had the net selling price reduced by a $19,350 assist.

Wallingford homes sold in 2011 have reached middle age – the average age was 51.5 years old. Single homes had 3.66 bedrooms, 1.95 full bathrooms, and .73 half baths.

On the price spectrum, one new homeowner paid $38,000 on the low end of the scale, while the high price topped out at $872,500.

Colonials were all the rage accounting for 81 single homes sold, followed by 19 Cape Cods, and 13 ranchers. On one of the first cold nights of winter 91 homes have a fireplace, 21 have two, and 4 even have 3 fireplaces. For primary heating 71 homes have gas heat, and 48 utilize oil heat for warmth.

Meals are prepared in a kitchen ranges fueled by natural gas in 40% of homes, but electric cooking was in the majority of homes – 57%. Dishes are washed with hot water heated by gas in 75 homes, and with oil in 18 homes.

Central air cooled 107 homes with an average of 2,124 square feet. The largest home had 5,738 square feet of interior space, while the smallest came in at 635.

68% of new Wallingford homeowners have a garage in their new abode and should be avoiding cleaning snow off of at least one car, 4 homes sold have a 3 car garage. Basements will likely be full of moving boxes in 121 of the homes sold – 89%.

The foreclosure crisis did not avoid the area. Data from the Multiple Listing Service (MLS) indicates that 9 homes sold in Wallingford PA last year were Bank Owned properties – just slightly over six percent – coming in at 6.6%.

Alas our new neighbors would have inherited an average 2011 tax bill of $7,826 – so much for being average. One lucky buyer is paying a budget busting tax bill of $23,508!

Take a look at all 136 Wallingford homes or Wallingford towhouses/condos that sold last year.

Wallingford Real Estate – Wallingford, PA 19086

Sproul Estates – Wallingford, PA – 2011 In Review

December 29, 2011 by admin

Wallingford PA - Sproul Estates - 110 Cameron Drive

Sproul Estates Top Price In 2011 -110 Cameron Drive – $309,900

Sproul Estates activity during the year of 2011 mirrored the general trend in the Wallingford market – the number of sales increased, but sale prices decreased.

Ten homes sold in Sproul Estates during 2011, compared with 5 during 2010. The average price was $249,955 – median price was $241,375. In 2010 the average sales price was $283,000, and the median sales price was $275,000. This translates into a 11.7% decrease in the average sales price between 2010 and 2011.

Seller’s Assists were very popular with buyers in the community this year. Seven homes had a Seller’s Assist, a rate that is much higher than the local market in general. Assist amounts ranged from $5,000 to $13,500, which drove the net amount to the seller down even further. Factoring in the average Seller’s Assist of $6,126, the average net selling price was $243,829.

As a resident of thhis community I have an keen interest in keeping in close touch with neighborhood real estate activity. I have visited all the listings that have been on the market in Sproul Estates this past year, and I have two observations pertaining to home values in our community. In my opinion prices were adversely affected by two factors this past year – Bank Owned properties – aka Foreclosures, and long time owners who sold this year.

Bank Owned properties accounted for 3 neighborhood sales in 2011. These foreclosures sold for an average price of $216,883 compared to the average price of non-foreclosure homes at $264,271 – a -17.9% difference in selling price. Appraised values take into account recent neighborhood sales, and foreclosures contribute in part to a lower valuation of homes in the community, especially when they comprise 30% of the housing stock that has sold. The sale price 0f the bank owned property at 103 Micahels dipped below the $200,000 mark – selling at $198,000. Prior to this transaction the last sale in our community that was below the $200k mark was in December 2001.

Another factor depressing community prices this year were 3 homes being sold by long time residents. In my view these home were “tired” and in need of updating to bring them in line to what today’s buyers are looking for. To get top dollar in this neighborhood the biggest value add changes that you can undertake is the removal of the wall between the dining room and kitchen, and updating of the kitchen.

Wallingford PA - Sproul Estates - 110 Cameron Drive Kitchen

110 Cameron Drive – Updated Kitchen

Both top price selling homes this year featured these changes.

I had the listing at 110 Cameron Drive on the market for 3 days, and the first people through the home purchased it for full asking price, largely in part to the remodeled kitchen and dining room.

SPROUL ESTATES HOMES SOLD – 2011

Address	Bed	Bath	Price	Settled
118 Governors Drive	3	1.5	$268,000	01/27/2011
110 Canterbury Drive	3	1.5	$250,000	02/22/2011
123 Westminster Drive	4	1.5	$232,750	04/08/2011
130 Westminster Drive	4	1.5	$298,500	05/20/2011
116 Cameron Drive	4	2.0	$278,500	05/31/2011
114 Governors Drive	3	1.5	$227,000	01/27/2011
110 Cameron Drive	4	2.5	$309,900	08/03/2011
209 Stanford Drive	3	1.5	$219,900	09/23/2011
103 Sharlow Drive	4	1.5	$217,000	11/14/2011
103 Michaels Lane	3	1.5	$198,000	11/21/2011

These 10 Sproul Estates homes sold for an average price of $249,955, and were on the market an average of 81 days, fetching 94.76% of original asking price, and 97.07% of last asking price.

Days On Market

119 Governors Drive – 170 days

110 Canterbury Drive – 48 days

123 Westminster Drive – 42 days

130 Westminster Drive – 5 days

116 Cameron Drive – 283 days

114 Governors Drive – 49 days

110 Cameron Drive – 3 days

209 Stanford Drive – 54 days

103 Sharlow Drive – 119 days

103 Michaels Lane – 36 days

Sproul Estates Sales – 2010 vs 2011

	*SALES*	*AVERAGE*	*DOM*	*STL TO ORIG*	*STL TO LAST*
2010	5	$283,000	82	91.36%	95.50%
2011	10	$249,955	81	94.76%	94.76%
	100.0%	-11.7%		3.4%	-0.74%

At year’s end there are currently 2 homes on the market in our community at an average asking price of $307,400.

Wallingford Real Estate – Wallingford, PA 19086

Cash Transactions On The Rise In 2011

December 28, 2011 by admin

In a year which has seen record low mortgage rates, cash transactions are becoming increasingly popular.

In 2011 38% of homes were purchased with cash. Several factors have led to the flight to cash – as mortgage rates have fallen underwriting rules have tightened, and real estate investors are seeking a better return on their investment dollar.

Data from the National Association Of Realtors reports that in 2008 cash transactions comprised only 14% of home purchases.

In some areas of the country, for example the Miami-Fort Lauderdale area, cash transactions account for more than 50% of sales, as buyers are purchasing distressed properties at rock bottom prices.

Locally in the Wallingford market, cash transactions have accounted for slightly over 19% of homes sold in 2011.

Wallingford Real Estate – Wallingford, PA 19086

National 2011 New Home Sales On Track For Record Low

November 29, 2011 by admin

In a healthly market approximately 750,00 new homes would be sold nationwide. At the current annualized rate new home sales for 2011 are predicted to top out at just 307,000 units. Economists are already claiming that 2011 will be the worst year on record for new single family homes, and the demand for new housing has been descibed as “miniscule”.

Only 3 states have not set record lows for new housing permits, and the inventory of new homes for sale is at a 6.3 month supply – approximately 163,000. Average new home prices in October were $243,000 – the lowest since August 2003.

Nationally home prices are at levels last seen in 2003. The Phoenix metropolitan area is almost back to January 200 price levels, along with other hard hit areass such as Atlanta and Las Vegas area where prices have slipped even further.

Nationally sales of existing single family homes may avoid a record low due to the fact that a third of existing homes are being sold at “distressed” prices. Distressed sales contribute to housing sale units but have a negative effect on home prices overall.

Third quarter data puts the number of homeowners who are “underwater” at 22.1%, making 10.7 million homes vunerable to foreclosure.

Wallingford Real Estate – Wallingford, PA 19086

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S. Clark Kendus