A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 24 homes listed for sale – 11 Active listings and 13 Active Under Contract listings – in Wallingford PA and Nether Providence Township on May 5, 2021 with an average asking price of $524,554.

Buyers who purchase newly constructed homes are paying more not only because of intense competition in the market but also surging lumber prices. Record-breaking growth for the cost of lumber is pressing on builders’ budgets and prompting them to pass along price increases to buyers.

The increase in lumber prices over the past year has added $35,872 to the price of an average new single-family home and $12,966 to the price of an average new multifamily home. The latter translates to an extra $119 per month in rent for apartment dwellers, according to new housing data from the National Association of Home Builders.

Some builders report slowing production due to the rising building costs. Still, single-family housing starts jumped 41% in March compared to a year earlier, according to U.S. Census Bureau data. More than a quarter of single-family homes that were on the market in the first quarter of this year were new construction—the highest share on record, according to Redfin research.

But lumber prices—up a whopping 340% compared to a year ago, according to Random Lengths, a wood products industry tracking firm—threaten that market share. For a new home, lumber is often used for framing as well as for cabinets, doors, windows, flooring, and decks.

Builders are facing rising costs for other building materials, too. For example, year-over-year prices are up nearly 7% for drywall, 27% for copper—the price of which set a record high this month—and 11% for land prices. Prices for single lots especially have jumped this year due to high buyer demand and low supply.

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Wallingford Market Snapshot – 24 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$524,554	$460,000	$139,000	$999,900	29

Single Home Market Snapshot – 15 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$660,833	$649,000	$209,500	$999,900	42

Townhouse Market Snapshot – 5 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$354,780	$395,000	$240,000	$445,000	6

Condo Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$192,633	$139000	$139,000	$299,900	10

Twin Home Market Snapshot – 1 Listing

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$325,000	$325,000	$325,000	$325,000	13

*DOM =  Days On Market

6 Wallingford PA homes went under contract 

5 new listings came onto the market 

No listings were withdrawn from the market

1 listing was temporarily taken off the market

No listings expired

51 homes are Under Contract at this time

7 Wallingford PA homes sold last week

Wallingford Homes Sold April 26, 2021 To May 2, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
321 Prichard Lane	SNG	4	2.1	$475,000	04/29/21	9
618 Georgetown Road	SNG	4	2.1	$430,000	04/29/21	4
517 Georgetown Road	SNG	4	3.0	$495,000	04/29/21	11
223 Canterbury Drive	SNG	4	2.0	$440,000	04/29/21	5
800 Avondale Road #PH11	CONDO	2	2.0	$160,000	04/30/21	5
724 W Brookhaven Road	SNG	3	2.0	$360,000	04/30/21	5
20 Willow Road	SNG	3	2.1	$305,000	04/30/21	38
AVERAGE				$380,714		11

2 homes sold with a Seller Assist:

– 321 Prichard Lane – $4,750

– 618 Georgetown Road – $3,500

Wallingford PA Real Estate – Wallingford, PA 19086

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 22 homes listed for sale – 16 Active listings and 6 Active Under Contract listings – in Wallingford PA and Nether Providence Township on April 27, 2021 with an average asking price of $507,968.

Home prices are rising quickly, bidding wars are common, and housing shortages abound: It’s not easy to be a home buyer this spring. “I have been in the business for more than 30 years, and I’ve never seen a market this hot,” Glenn Brunker, president of Ally Home, told CNBC.

Real estate pros are working hard to prevent buyers from feeling remorse after frantically jumping into the market. Figuring out the buyers’ finances is key, real estate pros say. “Come up with a number first,” Jacqueline Cooper, founder and president of Financial Education Associates in Dorchester, Mass., told CNBC. “What you can afford is going to guide not just your principal and interest payments but also taxes and insurance payments.”

Home buyers are heading into transactions quickly, but they need to take into account the full costs of homeownership to truly know what they can afford, such as costs for homeowners associations, sewer and trash maintenance, and utility fees. A mortgage preapproval also is necessary before house hunters start their search, real estate pros say. With a preapproval, a lender reviews the borrower’s finances and provides a specific loan amount for which the borrower qualifies. Also, giving sellers more time to find a new home may be another way to make an offer more attractive. Some first-time buyers are finding that this extra time allotment is a better way to compete against other offers.

Waiving contingencies has grown more common in bidding wars, but it can be a gamble and lead to buyer’s remorse later on. You should talk thoroughly with your clients about waiving inspection or appraisal contingencies so they understand the risks. Also, have more talks about competing in a bidding war so your clients make a smart financial decision. Some buyers may get so involved in a biding war and the idea of winning that they take on more than they can comfortably afford. “It doesn’t matter what the highest bid is and whether you can beat that if you don’t have the money,” Cooper told CNBC.

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Wallingford Market Snapshot – 22 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$507,968	$459,450	$139,000	$999,900	29

Single Home Market Snapshot – 15 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$610,500	$565,000	$209,500	$999,900	38

Townhouse Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$359,633	$395,000	$240,000	$443,900	3

Condo Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$204,633	$175,000	$139,000	$299,900	13

Twin Home Market Snapshot – 1 Listing

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$325,000	$325,000	$325,000	$325,000	13

*DOM =  Days On Market

7 Wallingford PA homes went under contract 

6 new listings came onto the market 

2 listings were withdrawn from the market

No listings were temporarily taken off the market

No listings expired

46 homes are Under Contract at this time

No Wallingford PA homes sold last week

Wallingford Homes Sold April 19, 2021 To April 25, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
– No Homes Sold –
AVERAGE				N/A		N/A

Wallingford PA Real Estate – Wallingford, PA 19086

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 19 homes listed for sale – 14 Active listings and 5 Active Under Contract listings – in Wallingford PA and Nether Providence Township on April 20, 2021 with an average asking price of $495,013.

The U.S. housing market needs nearly 4 million single-family homes to meet the nation’s demand, according to a new analysis from Freddie Mac. The 3.8 million shortfall marks a 52% increase in the housing shortage since 2018.

“This is what you get when you underbuild for 10 years,” says Sam Khater, Freddie Mac’s chief economist. “We should have almost four million more housing units if we had kept up with demand the last few years.”

Lawrence Yun, chief economist of the National Association of REALTORS®, has been among real estate economists leading the calls over the last few years for greater inventory and more homebuilding to meet demand. “We need to build more homes,” Yun told NPR, adding that since the housing crisis more than a decade ago, homebuilders have been building too few homes.

The housing shortage mixed with strong buyer demand since the pandemic is prompting home prices to rise rapidly. The median existing-home price for all housing types in February was $313,000, up 15.8% compared to a year earlier, according to the National Association of REALTORS®.

The housing shortage is most prominent among entry-level homes, and it’s making it more expensive for first-time buyers to enter the market, Khater told The Wall Street Journal.

Freddie Mac calculated the housing shortage of nearly 4 million by factoring in the amount of single-family homebuilding that would be needed to match the demand from household formation, second-home purchases, and replacement of damaged or aging homes. Researchers then compared it to the pace of construction in trying to meet that demand.

The nation’s homebuilders decreased their building during the 2007-2009 recession and kept construction levels lower in the years following. Builders have been ramping up construction, but they are facing many challenges, such as labor and lot shortages and the rapidly rising costs of materials, notably lumber.

Homebuilders need to construct between 1.1 million and 1.2 million single-family homes a year to meet long-term demand. That rate, however, would need to be even higher to remove the existing deficit, Robert Dietz, chief economist at the National Association of Home Builders, told The Wall Street Journal.

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Wallingford Market Snapshot – 19 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$495,013	$475,000	$139,000	$999,900	32

Single Home Market Snapshot – 14 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$603,382	$575,000	$214,250	$999,900	36

Condo Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$164,633	$175,000	$139,000	$179,900	27

Twin Home Market Snapshot – 2 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$232,000	$232,000	$139,000	$325,000	8

*DOM =  Days On Market

5 Wallingford PA homes went under contract 

3 new listings came onto the market 

No listings were withdrawn from the market

No listings were temporarily taken off the market

No listings expired

40 homes are Under Contract at this time

5 Wallingford PA homes sold last week

Wallingford Homes Sold April 12, 2021 To April 18, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
366A Saybrook Lane	CONDO	2	1.0	$142,000	04/14/21	5
642 E Wiltshire Drive	TWIN	3	2.1	$261,100	04/14/21	5
700B Putnam Blvd	CONDO	2	1.0	$139,900	04/15/21	5
108 Avonbrook Road	SNG	5	3.1	$950,000	04/15/21	5
109 Blackthorn Road	SNG	3	1.1	$475,000	04/16/21	4
AVERAGE				$393,600		5

No homes sold with a Seller Assist

Wallingford PA Real Estate – Wallingford, PA 19086

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 23 homes listed for sale – 12 Active listings and 11 Active Under Contract listings – in Wallingford PA and Nether Providence Township on April 13, 2021 with an average asking price of $496,739.

Homeowners may notice an increase in their property tax bills. Municipalities levied about $323 billion in property taxes on single-family homes in 2020, a 5.4% increase compared to 2019, according to ATTOM Data Solutions’ newest property tax analysis for nearly 87 million single-family homes in the U.S.

The average tax on single-family homes nationwide in 2020 was $3,719—reflecting an effective tax rate of about 1.1%. But many areas of the country faced much higher rates.

“Homeowners across the United States in 2020 got hit with the largest average property tax hike in the last four years, a sign that the cost of running local governments and public school systems rose well past the rate of inflation,” says Todd Teta, chief product officer for ATTOM Data Solutions. “The increase was twice what it was in 2019. Fortunately for recent home buyers, they have mortgages with super-low interest rates that somewhat contain the cost of homeownership. But the latest tax numbers speak loud and clear about the continuing pressure on both recent and longtime homeowners to support the rising cost of public services.”

The states with the highest effective property tax rates in 2020, according to ATTOM Data Solutions’ analysis, are:

• New Jersey: 2.2%
• Illinois: 2.18%
• Texas: 2.15%
• Vermont: 1.97%
• Connecticut: 1.92%
• New Hampshire: 1.86%
• New York: 1.68%
• Pennsylvania: 1.64%
• Ohio: 1.62%
• Nebraska: 1.53%

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Wallingford Market Snapshot – 23 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$496,739	$462,000	$139,000	$999,900	26

Single Home Market Snapshot – 16 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$621,512	$624,500	$214,400	$999,900	31

Condo Market Snapshot – 5 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$175,180	$175,000	$139,000	$237,000	20

Townhouse Market Snapshot – 1 Listing

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$279,900	$279,900	$279,900	$279,900	7

Twin Home Market Snapshot – 1 Listing

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$325,000	$325,000	$325,000	$325,000	4

*DOM =  Days On Market

5 Wallingford PA homes went under contract 

3 new listings came onto the market 

1 listing was withdrawn from the market

1 listings was temporarily taken off the market

No listings expired

41 homes are Under Contract at this time

2 Wallingford PA homes sold last week

Wallingford Homes Sold April 5, 2021 To April 11, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
210 Dogwood Lane	SNG	5	3.1	$616,000	04/07/21	8
4 Morgan Lane	SNG	4	2.2	$586,000	04/08/21	12
AVERAGE				$601,000		10

210 Dogwood Lane sold with a $2,000 Seller Assist

Wallingford PA Real Estate – Wallingford, PA 19086

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 27 homes listed for sale – 13 Active listings and 14 Active Under Contract listings – in Wallingford PA and Nether Providence Township on April 6, 2021 with an average asking price of $520,496.

The interest rate for the 30-year fixed-rate mortgage rose slightly this week to an average of 3.18%, inching even higher from its sub 3% average just a month ago. Still, by historical standards, mortgage rates remain low, and some buyers are in a rush to complete their home purchases ahead of any further increases.

“Although mortgage rates remain low, we are beginning to see a pullback by those looking to enter the housing market,” says Sam Khater, Freddie Mac’s chief economist. “In fact, homebuyer demand has gone from 25% above pre-COVID-19 levels at the start of the year, when mortgage rates hit record lows, to 8% above pre-COVID-19 levels today.”

Purchase demand, as reflected in mortgage applications, is also falling compared to late May and early June of 2020, when mortgage rates were at the same level, Khater says. “This is confirmation that while purchase demand remains strong, the marginal buyer is feeling the affordability squeeze resulting from the increases in mortgage rates and home prices we’ve experienced in recent months,” Khater adds.

Still, competition remains strong in the housing market as bidding wars grow more common. The National Association of REALTORS® released its Pending Home Sales Index on Wednesday, attributing a decrease in contract signings mostly to the lack of inventory and not lower buyer demand. Housing activity is expected to remain strong in 2021, but mortgage rates likely will continue to rise. However, they will remain at historical lows near 3.5%, according to NAR’s Economists’ Outlook blog.

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Wallingford Market Snapshot – 27 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$520,496	$462,000	$145,000	$999,900	28

Single Home Market Snapshot – 20 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$609,390	$569,500	$214,400	$999,900	24

Condo Market Snapshot – 4 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$215,200	$208,450	$145,000	$298,900	25

Townhouse Market Snapshot – 3 Listings

AVERAGE	MEDIAN	LOW	HIGH	DOM*
$334,933	$325,000	$279,900	$399,900	58

*DOM =  Days On Market

4 Wallingford PA homes went under contract 

4 new listings came onto the market 

No listings were withdrawn from the market

No listings were temporarily taken off the market

1 listing expired

36 homes are Under Contract at this time

3 Wallingford PA homes sold last week

Wallingford Homes Sold March 29, 2021 To April 4, 2021

ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
907 Putnam Blvd	TOWN	2	2.1	$225,000	03/31/21	5
307A Saybrook Lane	CONDO	2	1.0	$137,900	04/01/21	6
981 Putnam Blvd	TOWN	3	2.1	$232,000	04/01/21	5
AVERAGE				$198,300		5

Wallingford PA Real Estate – Wallingford, PA 19086