WALLINGFORD REAL ESTATE
At the mid point of the year real estate in the Wallingford, Nether Providence Township can be characterized by a abundant supply of inventory and weak buyer demand. The year began with 91 homes for sale, and the inventory has steadily risen through the year, reaching a peak of 145 earlier this week. It is discouraging to pass through the Spring market with an increase in inventory, and as basic economics teaches- a large supply of inventory coupled with weak demand drives prices down, and the numbers support that lesson.
Sales are down 30% as compared to the first 6 months of 2010. With first half sales historically representing the majority of yearly sales, the market is looking at annualized sales of under 100 homes versus 125 in 2010, and well below the peak sales year of 2007, which recorded 219 sales.
The average sales price is also down by 8.6%. The numbers also show that initial asking prices of area homes has continued to be out of step with the market, with selling prices representing only 88.3% of original list prices, compared with 92.47% in 2010.
| SALES | AVERAGE | DOM | STL TO ORIG | STL TO LAST | |
| 2010 | 80 | $325,856 | 174 | 92.47% | 95.63% |
| 2011 | 56 | $297,724 | 182 | 88.3% | 93.07% |
| – 30.0% | – 8.6% | 8.0% | -4.17% | -2.56% |
There were 18 Wallingford homes sold during the month of June 2011.
WALLINGFORD HOMES SOLD – JUNE 2011
| Address | Bed | Bath | Price | Settled |
| 832B Putnam Blvd | 2 | 1.0 | $120,000 | 06/01/11 |
| 711 Devon Lane | 4 | 2.1 | $260,000 | 06/01/11 |
| 114 Maple Road | 3 | 1.0 | $140,000 | 06/03/11 |
| 210 Willow Road | 3 | 1.0 | $145,000 | 06/03/11 |
| 510 West Brookhaven Road | 4 | 2.1 | $340,000 | 06/09/11 |
| 219 Sykes Lane | 4 | 2.0 | $350,000 | 06/13/11 |
| 835 Manchester Avenue | 4 | 1.1 | $180,000 | 06/14/11 |
| 410 West Rose Valley Road | 4 | 2.2 | $500,000 | 06/15/11 |
| 110 Walker Lane | 4 | 3.1 | $590,000 | 06/15/11 |
| 115A Beech Road | 3 | 2.1 | $260,000 | 06/15/11 |
| 725 Kincaid Mills Lane | 3 | 2.1 | $435,500 | 06/17/11 |
| 707 Harvey Road | 3 | 2.0 | $248,000 | 06/20/11 |
| 900 Heathdale Lane | 4 | 2.1 | $470,000 | 06/22/11 |
| 817 Parkridge Drive | 4 | 3.1 | $360,000 | 06/23/11 |
| 13 Kershaw Road | 4 | 4.1 | $872,500 | 06/24/11 |
| 300 Colonial Drive | 5 | 3.1 | $435,000 | 06/24/11 |
| 3 Chatham Place | 5 | 3.1 | $313,000 | 06/29/11 |
| 104 Quaint Road | 4 | 2.0 | $347,500 | 06/29/11 |
These 18 Wallingford homes were on the market an average of 245 days, with the average sold price representing 87.4% of the original asking price, and 93.07% of the last asking price.
3 Chatham Place was only on the market for 7 days, While 13 Kershaw Road was on the market 807 days.
Conventional financing was utilized in 10 transactions, Cash in 5 transactions, and 3 used FHA financing. There were no distressed homes sales – Short Sales or Foreclosures reported.
A Seller Assist was popular during June with 11 of 18 Wallingford homes sold having one, ranging from $400 to $16,650.
711 Devon Lane – $7,000
832B Putnam Blvd – $7,200
210 Willow Road – $800
114 Maple Road – $400
510 West Brookhaven Road – $9,000
110 Walker Lane – $16,650
510 West Rose Valley Road – $5,568
725 Kincaid Mills Lane – $5,500
707 Harvey Road – $10,000
900 Heathdale Lane – $1,500
104 Quaint Road – $1,450
June 2011 Activity vs June 2011
| SALES | AVERAGE | DOM | STL TO ORIG | STL TO LAST | |
| 2010 | 26 | $382,871 | 152 | 93.5% | 95.85% |
| 2011 | 18 | $353,964 | 245 | 87.4% | 93.07% |
| – 30.8% | – 7.6% | 61.2% | -6.1% | -5.78% |
There were 12 Swarthmore homes sold during the month of June 2011.
SWARTHMORE HOMES SOLD – JUNE 2011
| Address | Bed | Bath | Price | Settled |
| 334 Rutgers Avenue | 3 | 2.0 | $385,000 | 06/04/11 |
| 7 Village Green Lane | 4 | 3.0 | $312,000 | 06/08/11 |
| 438 Riverview Road | 5 | 3.2 | $890,000 | 06/09/11 |
| 404 Rutgers Avenue | 5 | 4.2 | $490,000 | 06/15/11 |
| 210 Dartmouth Avenue | 3 | 3.0 | $350,000 | 06/15/11 |
| 508 Harvard Avenue | 5 | 2.1 | $425,000 | 06/16/11 |
| 625 North Chester Road | 4 | 3.1 | $355,000 | 06/20/11 |
| 801 Yale Avenue #714 | 2 | 2.0 | $140,000 | 06/21/11 |
| 318 Brighton Avenue | 4 | 2.1 | $425,363 | 06/24/11 |
| 137 Rutgers Avenue | 5 | 3.1 | $305,000 | 06/30/11 |
| 60 Dogwood Lane | 4 | 3.2 | $599,000 | 06/30/11 |
| 405 Dickinson Avenue | 5 | 4.0 | $592,000 | 06/30/11 |
These 12 Swarthmore homes sold for an average price of $439,030, and were on the market an average of 111 days, fetching 90.81% of original asking price, and 96.15% of last asking price.
To emphasize the point that real estate is local in nature, in this case hyper-local, Swarthmore sales through the first half of 2011 have increased over last year for the same period. There have been 27 sales at the mid point of the year compared to 26 units last year at the same time. For the same time period the average Swarthmore sales price rose from $345,058 in 2010 to $388,521 through June 30 of 2011.
