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Seller’s Disclosure Revisons To Debut
A revised Seller’s Disclosure form is scheduled for release on September 17 by the Pennsylvania Association of Realtors.
The new format is designed to make it easier for Seller’s to fill out, for readers to understand the responses, and to make it simpler to spot any questions which have gone unanswered.
Questions regarding subjects such as property occupancy and ownership, water supply sewage, heating,and appliances are among the topics that have been added or expanded.
Wallingford PA Real Estate – August 2012
WALLINGFORD PA REAL ESTATE – August 2012
There were 15 Wallingford PA homes sold during the month of August 2012, representing a 16% decrease in sales when compared to August 2011, when 18 homes sold. Across the board August underperformed when compared to August 2011 – the average sale price decreased by 16.9%, it took longer to sell a home – up by 40 days, representing a 40% increase, and the selling price ratio to both the original price and last list price saw declines.
However, through the end of August 2012 the number of Wallingford PA homes sold over the same time period of 2011 has increased by 23 homes – a 25.3% gain.
WALLINGFORD PA HOMES SOLD – AUGUST 2012
Address |
Bed |
Bath |
Price |
DOM* |
Settled |
800 Avondale Road – 4G |
2 |
2.0 |
$599,000 |
256 |
08/01/2012 |
31 Willow Road |
3 |
1.5 |
$155,000 |
94 |
08/09/2012 |
215 Willow Road |
3 |
2.5 |
$130,000 |
168 |
08/09/2012 |
1010 Putnam Blvd |
2 |
2.5 |
$161,000 |
164 |
08/10/2012 |
832 Surrey Lane |
3 |
2.0 |
$377,250 |
23 |
08/10/2012 |
6 Irving Road |
3 |
2.0 |
$262,000 |
321 |
08/13/2012 |
826 Meredith Drive |
4 |
2.5 |
$600,000 |
119 |
08/15/2012 |
407 Blakeley Road |
4 |
1.0 |
$196,000 |
29 |
08/15/2012 |
1019 Putnam Blvd |
2 |
2.5 |
$178,000 |
4 |
08/15/2012 |
224 Canterbury Road |
3 |
1.5 |
$215,000 |
113 |
08/21/2012 |
404 Moore Road |
4 |
2.5 |
$290,000 |
58 |
08/22/2012 |
827 Parkridge Drive |
4 |
3.0 |
$365,000 |
15 |
08/23/2012 |
615 W Brookhaven Road |
4 |
3.5 |
$298,700 |
57 |
08/29/2012 |
415 Turner Road |
3 |
1.5 |
$220,000 |
282 |
08/29/2012 |
111 Waterville Road |
3 |
2.0 |
$175,000 |
361 |
08/31/2012 |
* DOM = Days On Market
These 15 Wallingford PA homes sold at an average price of $249,197. Selling prices represented 85.84% of the original asking price, and 93.74% of the last asking price.
Financing Methods
– Conventional Mortgage – 11 transactions
– Cash – 3 transactions
– FHA Mortgage – 1 transaction
Sellers granted a Seller Assist in 4 of the 15 Wallingford PA homes sold in August 2012 ranging from $1,000 to $8,860.
– 6 Irving Road – $8,860
– 407 Blakeley Road – $4,200
– 827 Parkridge Drive – $1,000
415 Turner Road was a Short Sale.
Wallingford August 2012 Activity vs August 2011
SALES | AVERAGE | DOM | STL TO ORIG | STL TO LAST | |
2011 | 18 | $299,948 | 98 | 92.00% | 96.39% |
2012 | 15 | $249,197 | 138 | 85.84% | 93.74% |
-16.7% | -16.9% | 40.8% | -6.16% | -2.65% |
In September 7 homes are scheduled to settle, 6 homes are scheduled to settle in October, and 1 in November.
SWARTHMORE REAL ESTATE – AUGUST 2012
August 2012 Swarthmore home sales were short of August 2011 sales by 2 units. August 2012 Swarthmore homes sold for an average price of $320,288, and were on the market an average of 75 days. Selling prices represented 92.32% of original asking price, and a strong 97.08% of the last asking price.
There were 8 Swarthmore PA homes sold during the month of August 2012.
SWARTHMORE HOMES SOLD – AUGUST 2012
Address |
Bed |
Bath |
Price |
DOM* |
Settled |
8 Village Greens Lane |
3 |
3.0 |
$305,000 |
32 |
08/01/2012 |
801 Yale Avenue – 917 |
2 |
2.0 |
$115,000 |
18 |
08/01/2012 |
337 Vassar Avenue |
4 |
2.5 |
$457,000 |
6 |
08/01/2012 |
801 Yale Avenue – 726 |
2 |
2.0 |
$87.500 |
324 |
08/02/2012 |
402 Cornell Avenue |
4 |
2.0 |
$275,000 |
150 |
08/09/2012 |
507 Riverview Road |
5 |
2.5 |
$825,000 |
44 |
08/10/2012 |
130 Harvard Avenue |
3 |
1.0 |
$302,800 |
7 |
08/16/2012 |
801 Yale Avenue – 622 |
3 |
2.0 |
$195,000 |
16 |
08/23/2012 |
* DOM = Days On Market
Financing Methods
– Conventional Mortgage -4 transactions
– Cash – 4 transactions
A Seller Assist was present in 2 of the 8 Swarthmore PA homes sold in August 2012.
– 8 Village Greens Lane – $2,000
– 337 Vassar Avenue – $4,650
No distressed sales – Short Sales or Bank Owned Foreclosures were reported during August.
Swarthmore August 2012 Activity vs August 2011
SALES | AVERAGE | DOM | STL TO ORIG | STL TO LAST | |
2011 | 10 | $443,300 | 70 | 93.13% | 95.56% |
2012 | 8 | $320,288 | 75 | 93.32% | 97.08% |
-20.0% | -27.8% | 7.1% | 0.19% | 1.52% |
Looking ahead, 7 Swarthmore properties are scheduled to settle in September, and 1 in October.
Where Have The First Time Buyers Gone?
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
Wallingford PA Real Estate – July 2012
WALLINGFORD PA REAL ESTATE – JULY 2012
There were 19 Wallingford PA homes sold during the month of July 2012, representing a 58% increase in sales when compared to July of 2011. This continues the trend this year of rebounding sales in terms of homes sold, but a continued decrease in both average and median sale prices.
Through the end of July the number of Wallingford PA homes sold over the same time period of 2011 has increased by 25 units – a 36% gain. However the average price has decreased by 7.1% to $274,129, and the median price has slipped by 8.9% to $241,500, when compared to the first seven months of 2011.
WALLINGFORD PA HOMES SOLD – JULY 2012
Address |
Bed |
Bath |
Price |
DOM* |
Settled |
6 Kelly Lane |
4 |
3.5 |
$599,000 |
208 |
07/02/2012 |
410 Palmers Lane |
3 |
1.5 |
$335,000 |
188 |
07/10/2012 |
101 Beech Road |
3 |
1.5 |
$204,000 |
164 |
07/12/2012 |
703 Concord Court |
2 |
1.0 |
$82,000 |
82 |
07/13/2012 |
814 Ridge Lane |
4 |
3.0 |
$327,500 |
55 |
07/13/2012 |
122 Westminster Drive |
3 |
2.5 |
$290,000 |
55 |
07/13/2012 |
404 Media Parkway |
2 |
1.5 |
$185,000 |
13 |
07/20/2012 |
218 Ash Road |
3 |
1.0 |
$99,000 |
73 |
07/19/2012 |
11 Waterford Way |
5 |
2.5 |
$299,000 |
222 |
07/26/2012 |
909 Ash Road |
3 |
2.0 |
$187,000 |
429 |
07/26/2012 |
3 Putters Lane |
3 |
2.0 |
$335,000 |
158 |
07/27/2012 |
3 Morgan Lane |
4 |
2.5 |
$473,000 |
46 |
07/27/2012 |
4 Shepherds Lane |
4 |
3.0 |
$339,900 |
19 |
07/27/2012 |
27 Maple Road |
3 |
2.0 |
$135,000 |
164 |
07/30/2012 |
503 S Providence Road |
3 |
2.5 |
$260,000 |
16 |
07/30/2012 |
225 Engle Drive |
3 |
2.2 |
$310,000 |
9 |
07/31/2012 |
209 W Rose Valley Road |
3 |
2.0 |
$345,000 |
65 |
07/31/2012 |
202 Beaumont Drive |
5 |
2.5 |
$397,000 |
154 |
07/31/2012 |
1052 Putnam Blvd |
2 |
2.5 |
$157,000 |
9 |
07/31/2012 |
* DOM = Days On Market
These 19 Wallingford PA homes sold at an average price of $282,121. Selling prices represented 91.26% of the original asking price, and 95.82% of the last asking price.
Financing Methods
– Conventional Mortgage – 10 transactions
– FHA Mortgage – 4 transactions
– Cash -3 transactions
– VA Mortgage – 1 transaction
– Other Financing – 1 transaction
Sellers granted a Seller Assist in 8 of the 19 Wallingford PA homes sold in July 2012 ranging from $4,100 to $18,700.
– 122 Westminster Drive – $15,950
– 404 Media Parkway – $4,100
– 11 Waterford Way – $8,997
– 909 Ash Road – $4,980
– 3 Morgan Lane- $15,000
– 4 Shepherds Lane – $10,000
– 503 South Providence Road – $5,000
– 202 Beaumont Drive – $18,700
11 Waterford Way was a Short Sale.
Wallingford July 2012 Activity vs July 2011
SALES | AVERAGE | DOM | STL TO ORIG | STL TO LAST | |
2011 | 12 | $291,483 | 40 | 95.21% | 96.55% |
2012 | 19 | $282,121 | 114 | 91.26% | 95.82% |
58.3% | -3.2% | 185.0% | -3.95% | -0.73% |
During August 14 settlements are scheduled, 2 homes are scheduled to settle in September, and 1 in October.
SWARTHMORE REAL ESTATE – JULY 2012
July 2012 Swarthmore home sales equaled July 2011 sales with 7 Swarthmore homes sold. July’s Swarthmore homes sold for an average price of $361,514, and were on the market an average of 45 days. Selling prices represented 95.67% of original asking price, and a strong 99.43% of the last asking price.
There were 7 Swarthmore homes sold during the month of July 2012.
SWARTHMORE HOMES SOLD – JULY 2012
Address |
Bed |
Bath |
Price |
DOM* |
Settled |
109 Yale Avenue |
4 |
2.5 |
$404,900 |
6 |
07/02/2012 |
301 N Swarthmore Ave |
2 |
2.5 |
$349,200 |
89 |
07/06/2012 |
216 Yale Avenue |
5 |
2.5 |
$375,000 |
115 |
07/10/2012 |
301 College Avenue |
5 |
2.5 |
$695,000 |
13 |
07/12/2012 |
25 Dogwood Lane |
3 |
2.5 |
$343,000 |
71 |
07/13/2012 |
511 Yale Avenue |
3 |
1.0 |
$191,000 |
7 |
07/24/2012 |
801 Yale Avenue – 1020 |
2 |
2.0 |
$172,500 |
13 |
07/26/2012 |
* DOM = Days On Market
Financing Methods
– Conventional Mortgage -5 transactions
– Cash – 1 transaction
– FHA Mortgage – 1 transaction
A Seller Assist was present in 3 of the 7 Swarthmore PA homes sold in July 2012 ranging from $6,000 to $20,000.
– 301 N Swarthmore Avenue – $20,000
– 25 Dogwood Lane – $18,000
– 511 Yale Avenue – $6,000
No distressed sales – Short Sales or Bank Owned Foreclosures were reported during July.
Swarthmore July 2012 Activity vs July 2011
SALES | AVERAGE | DOM | STL TO ORIG | STL TO LAST | |
2011 | 7 | $668,429* | 15 | 96.77% | 97.22% |
2012 | 7 | $361,514 | 45 | 95.67% | 99.43% |
0.0% | -48.9% | 200.0% | -1.10% | 2.21% |
*NOTE: There were 3 homes sold in July 2011 with selling prices exceeding $900,000.
Looking ahead, 4 Swarthmore properties are scheduled to settle in August, 4 in September and 1 in October.