BUY&SELL Home Sales Data For The Greater Philadelphia Real Estate Market - 2013 Summary
THE PENTHOUSE AT 101 WALNUT Kurfiss.com/6103546
$3,495,000
A LETTER FROM THE CHAIRMAN The market has turned a corner. The 2013 homes sales data for the greater Philadelphia real estate market suggest we finally have emerged from the doldrums of 2006-2011, news that is sure to be a relief to home sellers and add urgency to buyers who are combing the market for the perfect house. This review of home-sales activity in Bucks, Chester, Delaware, Montgomery and Philadelphia counties, with data provided by Philadelphia-area market expert Charles “Chuck” Cosgrove, presents sales volume in each market, trends in average home prices, inventory levels, number of housing units sold (we’re still not approaching the frenzy of 2006 but we’re moving in a positive direction) and activity at the $1,000,000 and above price point. You may be surprised to see just how many million-dollar homes were sold in each county in 2013. In between the charts and graphs, we’re showcasing homes from our inventory, distinctive properties in all price ranges. Whether you are a first-time buyer or someone seeking a second (or third) home, we can assist you. If you would like specific information about market conditions in your area, please contact our offices in New Hope or Philadelphia (and later this spring, the Main Line). An associate will be happy to answer your questions and provide a snapshot of market activity in your ZIP code. Warm Regards,
Donald D. Pearson Chairman Kurfiss Sotheby’s International Realty
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TABLE OF CONTENTS • The Year To Date at a Glance...........................................Pg 4 • The Market in Bucks County............................................Pg 8 • The Market in Chester County.......................................Pg 14 • The Market in Delaware County....................................Pg 20 • The Market in Montgomery County............................Pg 26 • The Market in Philadelphia County...............................Pg 32 Buy & Sell is produced twice each year by Kurfiss Sotheby’s International Realty. All rights reserved. Data in the report are prepared by Charles “Chuck” Cosgrove. Cosgrove is the founder of the Mr. Chips School of Real Estate, Inc., formerly in Doylestown, Pa. He has been active in real estate since 1991 and is licensed in Pennsylvania, New Jersey and North Carolina. Cosgrove presents continuing education courses with an emphasis on market information, technology and student involvement. Data are from Trend, the multiple-listing service for 28,000+ real estate professionals in Pennsylvania, New Jersey and Delaware. Questions about the data in this report can be emailed to: info@kurfiss.com Property featured on the cover: Bridgeview House Kurfiss.com/6284512 $1,950,000
BUCKS COUNTY OFFICE 6038 Lower York Road, New Hope, Pennsylvania 18938
Office: 215.794.3227
PHILADELPHIA/MAIN LINE OFFICE 226 W. Rittenhouse Square, Suite 102, Philadelphia, Pennsylvania 19103
Office: 215.735.2225
VIEW DISTINCTIVE PROPERTIES IN EVERY PRICE RANGE AT KURFISS.COM
GLENBURNE
Kurfiss.com/6132428
$875,000
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THE YEAR TO DATE AT A GLANCE
RICHARD NEUTRA’S PITCAIRN HOUSE Kurfiss.com/6361332
$6,000,000
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2013 PHILADELPHIA-AREA HOME SALES Total Volume In Billions Of Dollars From 2004 - 2013
$0.0
PHILADELPHIA-AREA CHANGE IN AVERAGE HOME PRICE From 2004 - 2013 Includes Bucks, Berks, Chester, Delaware, Montgomery and Philadelphia Counties
Total dollar volume for the Philadelphia-area residential market grew by 19% (top graph) from 2012-2013. Moderate growth in average price continued in 2013 with an almost 4% increase (bottom graph) compared to 2012. Average price and dollar volume increased for consecutive years for the first time since 2006-2007.
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THE AYER PENTHOUSE Kurfiss.com/6299534
$4,300,000
PHILADELPHIA-AREA SUPPLY OF HOMES
N U M B E R
In Months By Price Range Includes Bucks, Chester, Delaware, Montgomery and Philadelphia Counties
O F M O N T H S
ANNUALIZED “ABSORPTION RATE”
0.0
$
$
$
<$
Inventory levels improved in all prices ranges throughout 2013. The “move-up” price range ($300K - $700K) shows the lowest inventory. Inventory remains at its thinnest levels since 2006-2007, significantly lower than one year ago in all categories.
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PHILADELPHIA-AREA RESIDENTIAL PROPERTY SALES Units Sold Through 2004 - 2013 Includes Bucks, Berks, Chester, Delaware, Montgomery and Philadelphia Counties
Strong growth through the first three quarters of the year propelled unit sales 15% above 2012 totals, creating two consecutive years of 15% growth and surpassing every year since 2007.
ROCKWOOD FARM
Kurfiss.com/5709082
$9,650,000
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THE MARKET IN BUCKS COUNTY
LONGWOOD
Kurfiss.com/6123184
$3,150,000
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GLENCROFT
Kurfiss.com/6368214
$1,399,000
BUCKS COUNTY HOME SALES Total Volume In Billions Of Dollars From 2004 - 2013
Following 15% growth in dollar volume from 2011-2012, Bucks County expanded in 2013 by more than 21% from 2012 dollar volume. More than $2 billion in listings were closed for the first time since 2007.
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BUCKS COUNTY AVERAGE HOME PRICES Year-to-Year Average Price From 2004-2013 T H O U S A N D S
PCT
YEARS
0.4%
Annual
61.3%
00 - 13
4.0%
04 - 13
-6.9%
05 - 13
-11.1%
07 - 13
-5.5%
08 - 13
-2.9%
10 - 13
Average prices in Bucks County grew a moderate 2% in 2013, only the second year since 2007 to show an average price increase. Average price is only 4% above the 2004 level, but appears poised for continued growth in 2014.
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BUCKS COUNTY SUPPLY OF HOMES
N U M B E R
In Months By Price Range ANNUALIZED “ABSORPTION RATE”
O F M O N T H S
0.0 $
$
$
<$
In Bucks County, inventory dropped in all categories through 2013, leading to less than four months of inventory in lower price ranges, and more normal inventory levels in higher price ranges.
GATESHEAD FARM
Kurfiss.com/6280150
$8,875,000
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CROSSCREEK FARM Kurfiss.com/6280148
$6,475,000
BUCKS COUNTY RESIDENTIAL PROPERTY SALES Units Sold Through 2004 - 2013
Unit sales in Bucks County increased 19% from 2012-2013. This followed a more than 15% jump from 2011-2012. In 2013 the market approached 2007 levels in the actual number of residential resale properties that settled.
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BUCKS COUNTY Year Units 2011 52 2012 62 2013 66
Average Price $1,421,154 $1,691,048 $1,358,455
CLOSED SALES Median Price $1,242,500 $1,362,500 $1,226,773
Distressed 4% 3% 3%
NEW HOPE-SOLEBURY AREA Year Units 2011 19 2012 20 2013 25
Average Price $1,587,789 $1,978,975 $1,507,820
Median Price $1,300,000 $1,638,500 $1,250,000
Distressed 0% 10% 0%
Median Price $1,275,000 $1,250,000 $1,211,773
Distressed 11% 0% 8%
Median Price $1,195,000 $1,250,000 $1,150,000
Distressed 0% 0% 0%
Over $1,000,000 Comparison of 2011, 2012 and 2013 The luxury market showed modest growth in Bucks County, led by strong growth in the Doylestown area.
NEWTOWN AREA Year Units 2011 19 2012 27 2013 24
Average Price $1,400,105 $1,591,315 $1,293,455
DOYLESTOWN AREA Year Units 2011 9 2012 6 2013 14
Average Price $1,228,333 $1,350,833 $1,248,188
TOHICKON GROVE
Kurfiss.com/6318874
$675,000
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THE MARKET IN CHESTER COUNTY
CUSTOM-BUILT HOME Kurfiss.com/6328584
$1,550,000
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GENTLEMANâ&#x20AC;&#x2122;S FARM
Kurfiss.com/5702488
$2,290,000
CHESTER COUNTY HOME SALES Total Volume In Billions Of Dollars From 2004 - 2013
Chester County continued a strong recovery, following an almost 19% increase in dollar volume from 2011-2012 with a more than 20% increase from 2012-2013. This is almost equal to 2007 totals.
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CHESTER COUNTY AVERAGE HOME PRICES Year-to-Year Average Price From 2004-2013 T H O U S A N D S
PCT
YEARS
0.84%
Annual
51.0%
00 - 13
7.8%
04 - 13
-2.5%
05 - 13
-8.0%
07 - 13
-6.2%
08 - 13
-2.2%
10 - 13
From average-price low points in 2009 and 2012, Chester County rebounded with a more than 4% increase in average price in 2013 as it had the highest average price for a county in the Philadelphia area.
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CHESYER COUNTY SUPPLY OF HOMES N U M B E R
In Months By Price Range ANNUALIZED “ABSORPTION RATE”
O F M O N T H S
0.0 $
$
$
<$
Chester County has the lowest inventory in the Philadelphia area, sparked by strong activity in the “move-up” range of $300K - $700K.
EQUESTRIAN MASTERPIECE Kurfiss.com/6347022
$1,975,000
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HARMONY MOUNTAIN Kurfiss.com/6263975
$14,950,000
CHESTER COUNTY RESIDENTIAL PROPERTY SALES Units Sold Through 2004 - 2013
Unit sales increased more than 15% from 2012-2013, as Chester County surpassed 2007 totals for sales, with 2013 units sales also topping the numbers sold in the intervening years (2008-2012).
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CHESTER COUNTY Year 2011 2012 2013
Units 75 62 83
Average Price $1,513,781 $1,380,361 $1,570,638
CLOSED SALES Median Price $1,249,000 $1,225,000 $1,260,000
Distressed 5% 3% 2%
GREAT VALLEY AREA AREA Year 2011 2012 2013
Units 16 14 21
Average Price $1,699,759 $1,497,143 $1,589,490
Median Price $1,388,375 $1,225,000 $1,260,000
Distressed 6% 7% 5%
Median Price $1,200,000 $1,200,000 $1,298,250
Distressed 8% 0% 3%
Over $1,000,000 Comparison of 2011, 2012 and 2013 Chester County experienced sharp growthin properties sold and average price in 2013, accentuated by 30% growth in luxury sales.
MAIN LINE AREA Year 2011 2012 2013
Units 40 27 32
Average Price $1,410,936 $1,280,981 $1,485,406
CHADDS FORD-WEST CHESTER AREA Year 2011 2012 2013
Units 11 8 23
Average Price $1,836,591 $1,560,500 $1,614,245
Median Price $1,275,000 $1,507,500 $1,211,000
Distressed 0% 0% 0%
STONE MOUNT
Kurfiss.com/6290662
$2,695,000
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THE MARKET IN DELAWARE COUNTY
HONEYSTONE CASA PACIFICA Kurfiss.com/6177853 Kurfiss.com/6260230
$5,750,000 $4,950,000
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HISTORIC CONVERTED BARN Kurfiss.com/6277252
$1,499,000
DELAWARE COUNTY HOME SALES Total Volume In Billions Of Dollars From 2004 - 2013
Similar to other counties in the Philadelphia area, Closed Dollar Volume increased more than 15% for consecutive years, making 2013 the best year since 2007 and increasing signs of a return to a “normal market.”
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DELAWARE COUNTY AVERAGE HOME PRICES Year-to-Year Average Price From 2004-2013 PCT YEARS T H O U S A N D S
1.73%
Annual
69.6%
00 - 13
16.7%
04 - 13
7.0%
05 - 13
-0.9%
07 - 13
0.9%
08 - 13
0.9%
10 - 13
Delaware County had a more stable market through the troughs of the past years, as its average price has dropped less than 1% from market highs in 2007. Last year was a moderate year, and average price increased by 2.5% compared to 2012.
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DELAWARE COUNTY SUPPLY OF HOMES N U M B E R
In Months By Price Range ANNUALIZED “ABSORPTION RATE”
O F M O N T H S
0.0 $
$
$
<$
Delaware County has the lowest inventory in the Philadelphia area in the “$1 million+” range, combined with decreasing levels of inventory in other “move-up” ranges. The only section of the market that needs to “catch-up” are first-time home buyers, and the county will have stabilized from the ugly trends of 2008-2011.
CALIFORNIA-STYLE CONTEMPORARY Kurfiss.com/5788540
$3,225,000
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SWANN MANSION Kurfiss.com/6253107
$1,145,000
DELAWARE COUNTY RESIDENTIAL PROPERTY SALES Units Sold Through 2004 - 2013
Unit sales increased more than 20% from 2011-2012 and almost 13% from 2012-2013, exceeding totals from 2008-2012.
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DELAWARE COUNTY Year 2011 2012 2013
Units 57 65 72
Average Price $1,453,364 $1,488,643 $1,529,580
CLOSED SALES Median Price $1,275,000 $1,354,500 $1,294,950
Distressed 2% 2% 0%
MAIN LINE AREA Year 2011 2012 2013
Units 42 50 53
Average Price $1,497,976 $1,449,269 $1,519,490
Median Price $1,295,000 $1,289,750 $1,250,000
Distressed 2% 0% 0%
Over $1,000,000 Comparison of 2011, 2012 and 2013 Delaware County experienced consistent growth in the luxury property market in 2013.
NEWTOWN SQUARE AREA Year 2011 2012 2013
Units 5 7 10
Average Price $1,710,000 $1,719,286 $1,700,180
Median Price $1,700,000 $1,620,000 $1,775,000
Distressed 0% 0% 0%
HIDDEN GEM
Kurfiss.com/6360387
$1,695,000
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THE MARKET IN MONTGOMERY COUNTY
PLUMB NILLY
Kurfiss.com/6131964
$2,100,000
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NORTHSIDE HAVERFORD CONTEMPORARY Kurfiss.com/6351419
$1,395,000
MONTGOMERY COUNTY HOME SALES Total Volume In Billions Of Dollars From 2004 - 2013
Montgomery County experienced consecutive years of 18% growth in dollar volume, adding almost $800 million in closed residential sales from 2011 to 2013.
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MONTGOMERY COUNTY AVERAGE HOME PRICES Year-to-Year Average Price From 2004-2013 T H O U S A N D S
PCT
YEARS
0.61%
Annual
61.3%
00 - 13
5.7%
04 - 13
-4.1%
05 - 13
-8.4%
07 - 13
-4.1%
08 - 13
-1.6%
10 - 13
After remaining flat from 2011-2012, average prices increased more than 3% from 2012-2013, approaching the average price in 2010, when tax incentives fueled sales to first-time buyers. Montgomery County prices are consistent with other suburban counties having dropped 8% from the market high in 2007 and showing moderate growth from 2012-2013.
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MONTGOMERY COUNTY SUPPLY OF HOMES N U M B E R
In Months By Price Range ANNUALIZED “ABSORPTION RATE”
O F M O N T H S
0.0 $
$
$
<$
Montgomery County is similar to many counties in the Philadelphia area with less inventory in the “move-up” range ($300K - $700K) than in the first-time home buyer range (<$300K); the luxury market had a strong finish in 2013 as “high-end” inventory fell below 12 months for the first time in years.
INSPIRED BY TUSCANY
Kurfiss.com/6234112
$2,495,000
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MEADOWBROOK Kurfiss.com/6290716
$5,950,000
MONTGOMERY COUNTY RESIDENTIAL PROPERTY SALES Units Sold Through 2004 - 2013
Closed residential sales approached the 9,000-unit level for the first time since 2007, as Montgomery County completed consecutive years of double-digit percentage growth.
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MONTGOMERY COUNTY Year 2011 2012 2013
Units 94 119 137
Average Price $1,463,840 $1,451,719 $1,519,193
CLOSED SALES Median Price $1,306,250 $1,273,250 $1,325,000
Distressed 3% 3% 4%
WHITEMARSH - ABINGTON - HORSHAM AREA Year 2011 2012 2013
Units 12 12 9
Average Price $1,361,667 $1,597,917 $1,243,333
Median Price $1,225,000 $1,375,000 $1,050,000
Distressed 0% 0% 11%
Over $1,000,000 Comparison of 2011, 2012 and 2013 The luxury market in Montgomery County experienced strong growth (15%) in 2013, led by the prestigious Main Line area.
LOWER GWYNEDD - WHITPAIN AREA Year 2011 2012 2013
Units 10 8 12
Average Price $1,369,125 $1,585,375 $1,516,688
Median Price $1,387,500 $1,387,500 $1,455,000
Distressed 10% 0% 17%
Median Price $1,325,000 $1,250,000 $1,325,000
Distressed 0% 2% 3%
MAIN LINE AREA Year 2011 2012 2013
Units 64 97 110
Average Price $1,510,294 $1,415,531 $1,546,219
CROSSWINDS FIELD FARM Kurfiss.com/6211036
$1,725,000
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THE MARKET IN PHILADELPHIA COUNTY
THE PENTHOUSE AT 101 WALNUT Kurfiss.com/6103546
$3,495,000
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FITLER SQUARE
Kurfiss.com/6272577
$2,270,000
PHILADELPHIA COUNTY HOME SALES Total Volume In Billions Of Dollars From 2004 - 2013
0
Dollar volume increased by more than 22% in Philadelphia County from 2012-2013, exceeding 2008 totals and pointing to an active market in 2014.
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PHILADELPHIA COUNTY AVERAGE HOME PRICES Year-to-Year Average Price From 2004-2013 T H O U S A N D S 0
PCT
YEARS
4.24%
Annual
143.2%
00 - 13
45.3%
04 - 13
22.6%
05 - 13
10.4%
07 - 13
9.3%
08 - 13
13.3%
10 - 13
With changing demographics, Philadelphia County continued strong growth in average price from 2012-2013. With an increase of 5%, this was “best in area” and it remains the only county with an average price above the market peaks in the 2005-2007.
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PHILADELPHIA COUNTY SUPPLY OF HOMES N U M B E R
In Months By Price Range ANNUALIZED “ABSORPTION RATE”
O F M O N T H S
0.0 $
$
$
<$
Though luxury market inventory (over $1 million) grew slightly over 12 months, 10 months’ inventory in this price range is enviable in the region, and the strong upper-end market is supported by lower inventory in the $300K - $1 million price ranges.
THE MURANO CONDOMINIUM Kurfiss.com/6350574
$550,000
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RITTENHOUSE SQUARE PENTHOUSE Kurfiss.com/6352241
$2,499,000
PHILADELPHIA COUNTY RESIDENTIAL PROPERTY SALES Units Sold Through 2004 - 2013
Philadelphia County experienced strong growth in “move-up” unit sales, and unit sales overall increased 16% as lower-priced properties finally started to sell and promote stability throughout the market.
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PHILADELPHIA COUNTY Year 2011 2012 2013
Units 55 83 97
Average Price $1,560,076 $1,510,734 $1,478,167
CLOSED SALES Median Price $1,400,000 $1,325,000 $1,330,000
Distressed 0% 2% 0%
CHESTNUT HILL AREA Year 2011 2012 2013
Units 6 9 16
Average Price $1,204,167 $1,242,222 $1,382,637
Median Price $1,215,000 $1,250,000 $1,277,500
Distressed 0% 0% 0%
Over $1,000,000 Comparison of 2011, 2012 and 2013 The luxury market grew by more than 15% supported by stronger activity in the Chestnut Hill and Rittenhouse Square areas.
RITTENHOUSE SQUARE AREA Year 2011 2012 2013
Units 26 34 47
Average Price $1,637,465 $1,577,908 $1,584,680
Median Price $1,550,000 $1,470,000 $1,373,522
Distressed 0% 3% 0%
Median Price $1,360,000 $1,356,500 $1,300,000
Distressed 0% 5% 0%
SOCIETY HILL AREA Year 2011 2012 2013
Units 13 22 25
Average Price $1,661,923 $1,671,136 $1,431,500
THE WILLINGS
Kurfiss.com/6305037
$699,900
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BUCKS COUNTY OFFICE 6038 Lower York Road, New Hope, Pennsylvania 18938 Office: 215.794.3227
PHILADELPHIA/MAIN LINE OFFICE 226 W. Rittenhouse Square, Suite 102 Philadelphia, Pennsylvania 19103 Office: 215.735.2225
VIEW DISTINCTIVE PROPERTIES IN EVERY PRICE RANGE AT KURFISS.COM