Market Insights

Wallingford PA – 2014 Housing Facts And Figures

February 2, 2015 by admin

Wallingford PA and Nether Providence Township welcomed 208 new homeowners to the area in 2014, and recording an increase in the number of home sold of 18 properties over 2013, which is a 8.7% increase in units. The average selling price in 2014 was $301,079 which is down from $315,327 in 2013, representing a 4.5% drop. It took on average 98 days to find a buyer in 2014.

The 208 sales represent the best year in terms of homes sold since the peak of the market in 2007 when 219 homes settled.

Just over $53,000,050 in sales were the result of 153 single detached family homes that changed hands in 2014. The average selling price for this predominant category was $346,406 down 3.1% from 2013. Single family homes were the took an average of 94 days to sell. The first million dollar plus property sold in 7 years settled in February for $1,150,000.

Wallingford townhomes were the next most popular choice among area buyers last year with 23 sales and an average selling price of $267,257 up a healthy 22.9% from last year’s average of $217,448. Days on market for townhomes was slightly above the overall average coming in at 100. Joining with these new townhome owners in maintenance free living were 16 condo buyers who paid an average price of $106,594, shelling out between $74,500 and a high of $147,500 for their new condos.

There were 18 distressed property sales with 13 bank owned foreclosure sales, putting the local rate of foreclosures at 6.3%, and 5 short sale properties that sold in 2014.

There were 11 twin homes purchased in 2014 selling for an average price of $136,764.

The average Wallingford home sold in 2014 had on average 3.4 bedrooms and 1.76 full baths – with one home having 8 bedrooms, 5.2 baths.

Sellers were marketing homes which on average were 59 years old, with 3 being brand new construction and the oldest still standing at 263 years old. Basements were found in 163 homes (78%) and 131 homes (63%) had fireplaces with 26 homes having 2, and 8 having 3 or more hearths.

The home with the largest parcel reported at 4.8 acres and the predominant home style was most a colonial, of which 115 were sold (55%), along with 27 Cape Cods, 26 ranchers, 10 contemporaries, and 3 bungalows.

Buyers received a seller assist from 32% of sellers during the year, ranging from $500 to $13,500 with the average seller assist coming in at $6,279.

Square footage averaged 1,969 among those with reported square footage data in the MLS, with the smallest home sold having 625 square feet of interior space, and the largest coming in at 7,569 square feet. Single homes averaged 2,146 square feet in size, townhomes coming in at 1,855 square feet, and condos averaging 1,006 square feet.

New residents inherited an average tax bill of $8,067, with one lucky new resident having a tax bill of $23,376. Buyers paid cash in 59 of 2014’s transactions.

While not the time to think of cooling off right now 162 homes reported having central air (77%) and 9 homes had outdoor pools. On the heating side 113 homes (55%) are heated with gas, 63 (31%) by oil, and 23 dwellings keep warm via electric heat. In the kitchen electric cooking was predominant being present in 58% of homes, gas cooking was found in the other 42% of homes sold.

Wallingford PA Real Estate – Wallingford, PA 19086

Wallingford’s Top 10 Homes Of 2014

January 24, 2015 by admin

The top 10 list for Wallingford and Nether Providence Township was topped by the first $1 million plus sale since 2007 with the sale of 1018 S Beech Road in February for $1,150,000.

WALLINGFORD’S TOP TEN FOR 2014

ADDRESS	PRICE	BED	BATH	DOM	SETTLED
201 Woodward Road	$626,000	5	3.1	13	08/14/14
903 Winding Way	$654,500	4	2.1	4	06/26/14
203 Walker Lane	$675,000	5	3.1	131	05/01/14
913 Twyckenham Road	$690,000	3	2.1	4	10/16/14
206 Turner Road	$699,000	4	3.1	165	10/07/14
201 Westbury Road	$715,000	4	3.1	100	08/27/14
10 Kershaw Road	$760,000	4	3.1	112	11/03/14
201 W Country Club Ln	$800,000	5	3.1	17	08/07/14
222 Moylan Avenue	$800,000	7	2.1	4	08/01/14
1018 S Beech Road	$1,150,000	8	5.2	158	02/04/14
Average	$756,950			71

This group performed remarkably well when compared to the overall Wallingford market in 2014. They averaged to sell at 98.74% of their last listing price vs 96.2% for the overall market. They also sold faster than the market as a whole averaging 71 Days On Market (DOM) vs 98 for the overall market.

These 10 homes represented 11.6% of the total dollar volume of sales for the year 2014, while accounting for just 4.8% of the total number of homes sold.

Wallingford PA Real Estate – Wallingford, Pa 19086

Rents And Renters On The Rise

January 5, 2015 by admin

Rents are rising at the fastest pace in six years, according to newly released data from the Bureau of Labor Statistics this week and nationally the vacancy rate at 7.4% has dipped to it’s lowest level in 20 years.

The share of multifamily housing units – those with five units or more units – being constructed as rentals is at its highest since record-keeping began in 1974. More than 93% of units in buildings with at least two units are being constructed as rentals.

Looks like a rental boom is underway.

The annual rent inflation reached 3.5% in November, the highest growth since November 2008, and up from 3.3% in October, according to The Bureau Of Labor Statistics. At the same time consumer inflation rose only 1.3%.

The National Association of REALTORS® recently forecast that 2015 will continue to be a “landlord’s market” as rent growth continues to run higher than overall inflation. However, NAR does project that rent growth will start to cool — slightly next year: Rent growth is expected to reach 3.9% in 2015 compared with 4% this year.

Vacancy rates for rental apartments is expected to remain low for at least two more years, NAR says. The vacancy rate for rental apartments in the fourth quarter is expected to be at 4%, and inch up to 4.1% in 2015 and 4.2%in 2016. Vacancy rates under 5% often are considered by housing analysts to be a “landlord’s market” and ripe conditions for landlords to continue upping rents.

Wallingford PA Real Estate – Wallingford, PA 19086

Citi Mortage Chief Calls Housing Market “Stagnant”

January 4, 2015 by admin

With mortgage lending at 1998 levels Jane Fraser, Chief Executive Officer for U.S. Consumer & Commercial Banking with Citi, a mega player in the mortgage industry, characterized the housing market as “stagnant” and “not a vibrant sector”. She discusses the state of the market in this interview with CNN Money.

Wallingford PA Real Estate – Wallingford, PA 19086

What’s Ahead For The Housing Market In 2015?

December 17, 2014 by admin

It is that time of year when predictions on the factors that will drive the housing market in the upcoming year and well as market growth and metrics for 2015 are publicized. Realtor.com®’s Top 5 Housing Predictions for 2015 were released last week and here they are:

Millennials Will Drive Household Formations:

Both population and households have grown at a slightly higher pace in 2014 and this trend will continue in 2015 with modest improvement over this year’s increases. Households headed by millennials will see significant growth as a reflection of economic gains. Millennials will also drive two-thirds of household formations over the next five years. Next year’s addition of 2.75 million jobs and increased household formation will be the two key factors driving first-time buyer sales.

Existing Home Sales Will Increase By 8%:

Existing home sales will grow as more buyers enter the market motivated by a clear belief that both rates and prices will continue to rise. The increase in home sales year-over-year will be similar to 2012, but this time the composition of properties sold will be more normal with minimal levels of distressed properties. While the majority of housing activity next year will be driven by baby boomers preparing for retirement, millennials will account for 65% of first-time home buyer sales in 2015.

The National Association Of Realtors (NAR) has forecasted a growth of 5 – 7% in existing home sales.

Home Price Will Gain 4 To 5%:

Low inventory levels and demand driven by improved employment opportunities will push home prices up next year. While first-time home buyers have many economic factors working in their favor, increasing home prices will make it more difficult to get into high priced markets such as San Francisco and San Jose, Calif. As a result, first-time home buyer activity is expected to concentrate in markets with strong employment and affordability.

The National Association Of Realtors (NAR) has forecasted a growth of 3 -4% in home prices.

Mortgage Rates Will End The Year At 5%:

Mortgage rates will increase in the middle of 2015, as the Federal Reserve increases its target rate by at least 50 basis points before the end of the year. Thirty year fixed rate mortgages will reach 5% by the end of 2015. One year adjustable rate mortgages (ARMs) will rise minimally. Lower ARM interest rates will influence an uptick in buyer interest for adjustable and hybrid mortgages. While still at historic lows, rate increases will affect housing affordability for first-timers trying to break into the housing market and will be another factor pushing them to less expensive locales.

There is a strong consensus that mortgage rates will rise from their present levels around 4% to higher levels by the 4th Quarter of 2015. Some other predictions:

Fannie Mae – 4.7%

Freddie Mac – 5.1%

Mortgage Bankers Association – 5.1%

National Association Of Realtors – 5.4%

Home Affordability Will Decrease By 5-10%

Affordability will decline in 2015 by 5-10%, based on home price appreciation and increasing mortgage interest rates. This decline will be somewhat offset by increasing incomes. When considering historical norms, housing affordability will continue to remain strong next year.

Wallingford PA Real Estate – Wallingford, PA 19086

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WALLINGFORD’S TOP TEN FOR 2014

S. Clark Kendus