By Clark Kendus
Registration for the 2013 Nether Providence Township Summer Recreation Program is underway at the Township building located at 214 Sykes Lane in Wallingford. Hours for registration are Monday through Friday from 9:00 AM to 5:00 PM, and will close when all camper spots have been filled. Payment must be made at registration time.
The venue for the program this year will again be the Wallingford Elementary School.
Wallingford PA Real Estate – Wallingford, PA 19086
The 1st quarter of 2014 in Wallingford PA saw a total of 39 homes sold, way ahead of last year by 12 homes, representing a 44.4% increase in sales. The average sales price fell to $240,010, a percentage decrease of 30.93%, and a dollar decrease of $107,484. The average selling prices was depressed by the unusual amount of sales activity in the lowest price range – below $100,000. There were 9 home sales with prices under that level during the quarter, representing 23% of sales. For the whole of 2013 there were only 10 sub $100,000 sales that made up only 5.3% of the yearly total.
On the other end of the price spectrum there was a sale with a price that exceeded $1 million – 1018 South Beech Road which sold for $1,150,000, an event that has not occurred since December 2007, and only 3 times in the past 10 years. Despite the boost from the aforementioned sale the average price for the core category of single family detached homes fell from $388,926 last year to $294,058 this year, a $94,868 price drop of 24.3%.
The harsh weather did not deter buyers during the first three months of 2014. On the occasional fair weather day they were out in force. I held an Open House in February that was visited by over 30 groups of people, and the home sold within 4 days. Of the 39 homes that settled during the quarter 15 were on the market 30 days or less, and the average for the January to March time period was 115 days on market.
WALLINGFORD PA 1ST QUARTER 2013 VS 1ST QUARTER 2014
|
SALES |
AVERAGE |
DOM |
STL TO ORIG |
STL TO LAST |
|
|
2013 |
27 |
$347,494 |
134 |
90.38% |
95.79% |
|
2014 |
39 |
$240,010 |
115 |
90.02% |
92.88% |
|
44.44% |
-30.93% |
-14.18% |
-0.36% |
-2.91% |
WALLINGFORD PA 1ST QUARTER 2014 SALES BY PRICE RANGE
|
RANGE |
SALES |
|
< 100K |
9 |
|
100K – 200K |
11 |
|
200K – 300K |
7 |
|
300K – 400K |
6 |
|
400K – 500K |
5 |
|
> 500K |
1 |
| Avg Price | Median Price | Low | High | Days Listed |
| $294,058 | $258,000 | $52,000 | $1,150,000 | 100 |
| Avg Price | Median Price | Low | High | Days Listed |
| $243,643 | $209,500 | $152,000 | $440,000 | 107 |
| Avg Price | Median Price | Low | High | Days Listed |
| $109,000 | $105,000 | $74,500 | $147,500 | 351 |
| Avg Price | Median Price | Low | High | Days Listed |
| $53,000 | $53,000 | $53,000 | $53,000 | 3 |
| Avg Price | Median Price | Low | High | Days Listed |
| $54,375 | $57,500 | $42,500 | $60,000 | 70 |
WALLINGFORD PA 1ST QUARTER 2014 MONTHLY PRICES
Wallingford PA Real Estate – Wallingford, PA 19086
Three Of The Top Ten Median Homeowner Income Metropolitan Areas Are In California.
Three metropolitan areas in California are among the top 10 in median income of owner occupied households. The San Jose area leads the nation in median income with a median household income of $115,297. Not surprisingly 9 out of 10 of these high income areas have home ownership rates well below the average of 64.7%. Across the country the median household income for owner occupied homes stands at $65,154.
The results are from a National Association Of Homebuilders (NAHB) and Census Bureau study.
Housing in the San Francisco area is the most expensive in the nation with a median home value of $719,800. By comparison, the Philadelphia metro area has a median home value of $235,100.
According to the latest American Community Survey (ACS) conducted annually by the Census Bureau, the median income for the Philadelphia metro area is $60,105.
|
METROPOLITAN AREA |
STATE |
MEDIAN INCOME |
| San Jose – Sunnyvale – Santa Clara |
CA |
$115,297 |
| Bethesda – Rockville – Frederick |
MD |
$114,444 |
| Washington – Arlington – Alexandria |
DC/VA |
$111,816 |
| San Francisco – San Mateo – Redwood City |
CA |
$110,663 |
| Cambridge – Newton – Framingham |
MA |
$105,786 |
| Bridgeport – Stanford – Norwalk |
CT |
$104,790 |
| Nassau – Suffolk |
NY |
$102,632 |
| Oakland – Fremont – Hayward |
CA |
$101,124 |
| Newark – Union |
NJ |
$100,067 |
| Boulder |
CO |
$97,690 |
Wallingford PA Real Estate – Wallingford, PA 19086
con·tin·gen·cy
– dependence on chance or on the fulfillment of a condition; uncertainty; fortuitousness: Nothing was left to contingency.
A contingent offer is pretty standard in real estate. It means an offer on a home has been made and the seller has accepted it, but the finalized sale is contingent upon certain criteria that have to be met. These criteria, or contingencies, typically consist of 5 varieties: home inspection, appraisal, mortgage, home sale, and sale and settlement contingencies.
These contingencies are mainly put in place for the buyer to back out of a sale if a specific event does not occur or if something unexpected does occur, usually without losing their deposit. A seller might entertain other offers, but will not deal with another buyer until the contingent offer is finished in one way or another. Think of a contingency as a legal method to cancel a contract without penalty.
Home Inspection Contingency
A home inspection contingency could well be the most important one. It gives the buyer the right to have the home professionally inspected by a certified ASHI (American Society Of Home Inspectors) inspector, not their brother in law contractor or their Uncle who works in construction. If there are deficiencies in the house the buyer can request it be fixed or they can back out of the sale, and have their deposit money returned. It is rarely advisable to waive an inspection contingency. The waiving of the inspection contingency is most often used to better position an offer in a multiple offer situation, but it should be used with extreme caution, if at all in my opinion.
Appraisal Contingency
With this contingency, a third party hired by the lender evaluates the fair-market value of the home. In the instance the appraised value is less than the sale price, the appraisal contingency lets you back out of the deal.
In hot markets, eager buyers might feel pressured to waive it in order to make their contract more attractive to the seller. However, the lender will only put up a certain amount of money for the appraised cost—not the asking price—and the buyer will have to cover the rest.
For example, let’s say you have mortgage that is financing 90% of the purchase price and you need to put 10% down for a home selling for $500,000. If the house is appraised at $475,000, the lender is only going to cover 90 percent of that appraised value, or $427,500. And instead of a $50,000 down payment, the buyer would be expected to put down $72,500 to cover the difference. Waiving this contingency can be a gamble.
Mortgage Contingency
You don’t want to sign a property sale without having the money to back it up. A mortgage contingency protects the buyer and seller from getting into a sale without a proper loan. Under this contingency, the buyer has a specified time period to obtain a loan that will cover the mortgage. If the buyer can’t get a lender to commit to a loan, the buyer has the right to walk away from the sale with the down payment.
Like an appraisal contingency, eager buyers and sellers in hot markets might want to waive this contingency, especially if cash is on the table. But waiving this contingency means that if your lender delays or denies your loan, you can lose the deposit, so it’s a risky venture.
Sale And Settlement Contingency
A sale and settlement contingency is a condition in which a buyer writes a purchase offer for a home and attaches the requirement that their current home must sell and settle prior to the settlement of the new home. The contingency specifies that the buyer has X number of days in order to sell a current home, typically 60 days. During that time the seller can continue to market their home and accept offers. If an offer is received that has is better than the original offer the seller can request the original buyer remove their contingency within a specified period of time, usually 24 – 48 hours. If the prospective buyer is unable to proceed without the contingency the contract is voided and any deposit monies are returned. When the buyer’s home goes under contract a settlement contingency goes into effect.
Settlement Contingency
This is a common contingency in which the contract is predicated upon the buyer’s current home going to settlement prior to the purchase of the new home. Typically the buyer needs the proceeds from the sale of the original property in order to fund the purchase of the new home. If the original property does not settle on specified date the contract can be terminated and any deposit monies on hand are returned.
Wallingford PA Real Estate – Wallingford, PA 19086
Spring Color Finally Arrived Locally In Late March
March 2014 recorded 14 closed sales in Wallingford PA which surpasses last year monthly total by 6 homes. Statistics for March were skewed by 4 sales under $75,000 which accounted for 21% of units for the month which was an unusual occurance. During all of 2013 there were only 4 sales under $75,000 in the entire year, accounting for only 2.1% of total units sold. The 700 block of Pennsylvania Avenue accounted for 3 of the 4 lower priced homes sold.
Wallingford’s average selling price dropped by $111,224, a 33.57% decrease.
The overall average sale price during February dropped 26.6% when compared to last year. For the core category of single family detached homes the average price price dropped from $328,684 last March to $308,844, a 6% drop. Buyer demand continued to be strong with 16 homes that went under contract during the month, 5 of which sold in less than 3 weeks.
|
Address |
Bed |
Bath |
Price |
DOM* |
Settled |
|
505 Maple Road |
3 |
1.0 |
$145,000 |
497 |
03/07/14 |
|
306 Woodridge Lane |
3 |
2.1 |
$305,000 |
50 |
03/14/14 |
|
10 Meadow Lane |
5 |
3.1 |
$420,000 |
16 |
03/14/14 |
|
752 Pennsylvania Avenue |
3 |
1.0 |
$55,000 |
15 |
03/14/14 |
|
983 Putnam Blvd |
3 |
2.1 |
$209,500 |
16 |
03/14/14 |
|
106 Manchester Road |
3 |
1.1 |
$415,000 |
5 |
03/14/14 |
|
441 Saybrook Lane |
2 |
2.1 |
$152,000 |
105 |
03/19/14 |
|
834A Putnam Blvd |
2 |
1.0 |
$74,500 |
144 |
03/21/14 |
|
731 Pennsylvania Avenue |
3 |
1.0 |
$60,000 |
164 |
03/21/14 |
|
720 Pennsylvania Avenue |
3 |
1.0 |
$60,000 |
60 |
03/27/14 |
|
211 Ridley Drive |
3 |
2.0 |
$202,000 |
129 |
03/28/14 |
|
405 Turner Road |
3 |
2.1 |
$333,750 |
149 |
03/31/14 |
|
216 N Providence Road |
6 |
2.1 |
$470,000 |
9 |
03/31/14 |
* DOM = Days On Market
Six of the 14 Wallingford PA homes sold in March 2014 had a Seller Assist:
– 505 Maple Road – $7,350
-306 Woodridge Lane – $5,350
– 10 Meadow Lane – $800
– 211 Ridley Drive – $2,000
– 405 Turner Road – $10,500
Financing Methods
– Conventional Mortgage – 7 transactions
– Cash – 7 transactions
There was 1 distressed property sale in March – 731 Pennsylvania Avenue was a Short Sale
| Avg Price | Median Price | Low | High | DOM |
| $308,444 | $319,375 | $145,000 | $470,000 | 136 |
| Avg Price | Median Price | Low | High | DOM |
| $58,333 | $60,000 | $55,000 | $60,000 | 80 |
| Avg Price | Median Price | Low | High | DOM |
| $180,750 | $180,750 | $152,000 | $209,500 | 61 |
| Avg Price | Median Price | Low | High | DOM |
| $74,500 | $74,500 | $74,500 | $74,500 | 144 |
|
SALES |
AVERAGE |
DOM* |
STL TO ORIG |
STL TO LAST |
|
|
2013 |
8 |
$331,349 |
125 |
94.14% |
97.53% |
|
2014 |
14 |
$220,125 |
114 |
88.11% |
92.61% |
|
75.0% |
-33.57% |
-7.2% |
-6.03% |
-4.92% |
* DOM = Days On Market
Looking ahead to upcoming activity, there are 14 homes scheduled to settle in April, 8 in May, and 7 in June.
Wallingford PA Real Estate – Wallingford, PA 19086
