Swarthmore Real Estate

New Construction Projected To Increase This Year

February 11, 2014 by admin

The National Association Of Home Builders (NAHB) has profiled the average new construction home built in 2013. The average new home was built on a lot size of 14,359 square feet, which is approximately 1/3 of an acre, and the typical home featured 2,607 square feet of finished interior space. Buyers paid on average $399,352 for a new home in 2013 with the average construction costs of the home averaging 62% of the sales price.

New home sales are averaging 8.7% of total home sales – barely half the historical average of 16.1 percent, according to NAHB. The NAHB projects 1.15 million total housing starts in 2014, up nearly 25 percent from the 2013 total of 928,000 units. Single-family production is expected to increase 32 percent in 2014 to 822,000 units, and then rise an additional 41 percent to 1.16 million units in 2015.

In Wallingford PA new construction accounted for 2.1% of sales for 2013. The 4 newly built homes sold for an average of $418,825. There were was no new construction sold in Swarthmore during the past year.

Wallingford PA Real Estate – Wallingford, PA 19086

Housing Market Gains Statewide In 2013

January 14, 2014 by admin

Wallingford PA Real Estate - Wallingford PA - Pennsylvania Housing Market Posts Gains Over 2012 In 2013

The Pennsylvania Housing Market In 2013 Posted Gains Over 2012

2013 results locally were mixed with the Wallingford PA market recording a 21.9% gain in closed sales, and the Swarthmore market finishing with a 11.4% decrease in homes sold. Both markets showed increases in the average selling price. Across the Commonwealth of Pennsylvania the housing market showed signs of positive growth and momentum.

More about the market’s positive upswing statewide in 2013.

By Author: Kim Shindle, Manager of Media Relations at the Pennsylvania Association of Realtors®.

Wallingford PA Real Estate – Wallingford, PA 19086

FHA Mortgage Premiums Increasing April 1, 2013

February 4, 2013 by admin

Well, the door to home ownership via an FHA loan is getting a little harder to open come April 1.

High delinquency rates among FHA loans is causing mortgage insurance premiums (MIP) to rise again this year in order to maintain reserve funds required by law.

Despite the fact that mortgage delinquency rates are down as a whole, the FHA holds a disproportionate share of the mortgage default market. Higher rates of default among FHA borrowers has forced the FHA to increase the cost of its MIP five times in the last five years.

Now FHA mortgages, a favorite loan product for home buyers with lower down payments and less than stellar credit scores, are about to increase again. An associated change is that borrowers will get stuck with the higher fee for the life of their loans.

The Federal Housing Administration has announced several changes to FHA loans, including increasing the MIP fee that is added to the borrower’s monthly mortgage payments. The FHA will also tighten the requirements for borrowers with low credit scores and will propose raising the down payment on larger loans.

The higher fee for mortgage insurance takes effect on April 1, 2013, with annual mortgage insurance premium on new FHA mortgages increasing by 0.1 percent, the equivalent of 10 basis points, to 1.35 percent of the balance of the loan. A current borrower with a $200,000 FHA mortgage pays about $2,500 per year, or $208 per month, in mortgage insurance.

After the increase the FHA estimates the change will add $13 a month to the average borrower’s monthly payments

Starting June 3, borrowers who take out new mortgages will have to pay for mortgage insurance for the life of their loans if they are putting less than 10% down, which describes the majority of FHA borrowers.

The FHA will reverse a policy that automatically canceled required premium payments after loans reached 78 percent of their original value. Most FHA borrowers will now have to continue paying annual premiums based on the unpaid principal balance for the life of their mortgage loan. The agency estimates it lost billions of dollars in premium revenue on mortgages endorsed from 2010 through 2012 because of this cancellation policy.

Under current rules, the FHA has to stop charging the borrower for mortgage insurance when the loan reaches 78 percent of the original loan amount.

Wallingford PA Real Estate – Wallingford, PA 19086

Swarthmore 2012 Home Profile

February 4, 2013 by admin

There Were 51 Single Homes Sold In Swarthmore In 2012

The year 2012 saw 79 new homeowners in Swarthmore, with single detached homes accounting for 51 of the homes sold during the year, which translates into 65% of the market. Condos were the next most popular home type with 20 sales, followed by 6 twin homes, and 2 town homes.

Colonials were the most prevalent style with 30 of the 51 singles sold, with Cape Cods being the next most popular. A single home sold in Swarthmore during 2012 had an average of 2,521 square feet of living space and had 4.1 bedrooms and 2.09 full bathrooms.

The “average” Swarthmore home sold during the year had 3,54 bedrooms, 2,112 square feet of interior space and 1.96 bathrooms.

A majority of homes had fireplaces – 52, with 44 having 1 fireplace, 5 having 2, and 3 with 3 or more hearths. On the cooler side of the equation 55 homes sold had central air, which also matches the number of homes with basements.

Gas was the predominant heating source, present in 59 homes, and it also led in the kitchen with 55 homes utilizing gas for cooking. The average age for a home sold in Swarthmore during the year was 65.6 years.

Average taxes came in at $9,805, and it was on the market for 96 days before going under contract.

Foreclosures accounted for 2 of the sales for the year 2012, which at 2.5% of sales is lower than the averages for the county. Interestingly there were no short sales reported among the homes sold.

Pricing:

The $300,000 to $400,00 price range saw the most activity for the year with 18 sales, accounting for 22.7% of the market, the $200,000 to $300,000 range was the second most active for the year with 16 sales in that category.

Swarthmore Real Estate - Swaerthmore PA - 2012 Sales By Price Range

Mid Range Homes Accounted For 43% Of Sales In 2012

Swarthmore Single Home Sales – 51 Homes – 2012

Avg Price	Median Price	Low	High	Days Listed
$433,065	$400,000	$128,000	$850,000	91

Swarthmore Condominium Sales – 20 Homes – 2012

Avg Price	Median Price	Low	High	Days Listed
$131,610	$110,000	$68,620	$250,000	132

Swarthmore Twin Home Sales – 6 Homes – 2012

Avg Price	Median Price	Low	High	Days Listed
$265,083	$264,750	$191,000	$325,000	50

Swarthmore Townhouse Sales – 2 Homes – 2012

Avg Price	Median Price	Low	High	Days Listed
$305,000	$305,000	$305,000	$305,000	17

The year 2012 saw an increase in sales over 2011 of 23 home, up to 79 from the 2011’s total of 56. The average price declined from 2011’s $436,566 to $340,747, with a corresponding decline in the median price from $365,000 in 2011 to $310,000 in 2012.

A note on 2011 vs 2012 year comparisons. In 2011 condominium sales accounted for 6 of the 56 homes sold, amounting to 10.7% of sales. In 2012 the condominium market experienced a resurgence with 20 condominiums being sold, translating into just over 25% of the market. With 2012’s average condo price standing at $131,000, the conclusion can be drawn that the decrease in average selling price was influenced in large part due to this fact.

Wallingford PA Real Estate – December 2012

January 1, 2013 by admin

Wallingford PA Real Estate - Santa Visits Wallingford - Courtesty Of Garden City Fire Department

Santa Visits Wallingford PA - Thanks To The Garden City Fire Department

WALLINGFORD PA REAL ESTATE – DECEMBER 2012

December 2012 sales posted a 1 home increase over the same month of the previous year, with 11 Wallingford PA homes sold in December 2012 as opposed to 10 sales in November 2011.

The average sales prices also took a tumble over last year, dropping to $221,468, which is a 32.1% drop. The dramatic decrease in the average sale price exhibits the detrimental effect distressed property sales have on the market. Two of the sales in December were short sales, and without including those properties in the single home sales data the average rises up to $285,986, which still represents a big dip when compared to the December 2011 average.

There is some underlying good news in December sales data. Three homes sold for the asking price or above, and were on the market an average of only 16 days. That is an indication of listing prices being closely aligned with buyers and the market. Overall single homes fetched an average of 96.8% of the last list price, which also indicates pricing aligning with the market.

There were 11 Wallingford PA homes sold in December 2012.

WALLINGFORD PA HOMES SOLD – DECEMBER 2012

Address	Bed	Bath	Price	DOM*	Settled
713 Atlanta Court	2	1.0	$76,000	22	12/07/2012
231 Canterbury Drive	5	3.0	$290,000	228	12/07/2012
15 Waterford Way	4	2.5	$342,000	177	12/12/2012
306 Woodward Road	6	2.5	$495,000	2	12/13/2012
1090 Putnam Blvd	2	2.5	$152,000	20	12/18/2012
836A Putnam Blvd	2	1.0	$109,000	212	12/20/2012
120 Ronaldson Street	3	1.0	$55,343	23	12/21/2012
205 Walnut Road	3	2.5	$207,900	23	12/21/2012
305 Chestnut Pkwy	3	2.0	$120,000	384	12/26/2012
116 West Brookhaven Rd	4	2.5	$339,000	7	12/27/2012
712 Hemlock Road	3	1.0	$249,900	248	12/28/2012

* DOM = Days On Market

These 11 Wallingford PA homes were on the market an average of 122 days, with the average sold price representing 92.62% of the original asking price, and 96.15% of the last asking price. The median sale price came in at $207,900.

Financing Methods

– Cash – 6 transactions

– Conventional – 5 transactions

A Seller Assist was utilized in 2 of the 11 Wallingford PA homes sold in December.

– 15 Waterford Way – $3,500

– 712 Hemlock Road – $14,994

120 Ronaldson Street and 305 Chestnut Parkway were recorded as Short Sales.

Wallingford PA Single Homes – December 2012 – 9 Sales

Avg Price	Median Price	Low	High	Days Listed
$241,683	$249,900	$55,343	$495,000	124

Wallingford PA Townhouse/Condos – December 2012 – 2 Sales

Avg Price	Median Price	Low	High	Days Listed
$130,500	$130,500	$109,000	$152,000	116

Total Wallingford PA December 2012 Activity vs December 2011

	*SALES*	*AVERAGE*	*DOM*	*STL TO ORIG*	*STL TO LAST*
2011	10	$326,250	119	89.15%	95.08%
2012	11	$221,468	122	92.62%	96.15%
	10.0%	-32.1%	2.5%	3.47%	1.07%

Looking ahead there are 7 settlements scheduled in January, and 2 due to take place in February 2013.

SWARTHMORE REAL ESTATE – DECEMBER 2012

Swarthmore Home Decorated For The Season

5 Swarthmore homes sold during the month of December 2012. Across the board the performance for December 2012 outpaced last year. Average price for all homes was up 66.2%, and 5 homes sold this past month as opposed to 2 in December 2011.

SWARTHMORE PA HOMES SOLD – DECEMBER 2012

Address	Bed	Bath	Price	DOM*	Settled
801 Yale Avenue – 508	3	2.0	$181,000	24	12/10/2012
133 Ogden Avenue	8	**	$419,500	13	12/13/2012
801 Yale Avenue – 609	2	2.0	$158,000	20	12/13/2012
920 Westdale Avenue	5	4.5	$415,000	475	12/14/2012
414 Thayer Road	4	2.5	$750,000	9	12/20/2012

* DOM = Days On Market

** – 133 Ogden Avenue is a triplex – # of baths not reported, was reported as a single family home sale

These 5 Swarthmore homes sold for an average price of $384,700 and were on the market an average of 108 days, fetching 93.67% of both original asking price and last asking price.

Financing Methods

– Cash – 2 transactions

– Conventional Financing – 2 transactions

– VA Financing – 1 transaction

Seller Assist – December 2012 Swarthmore transactions.

– 133 Ogden Avenue – $25,170

– 920 Westdale Avenue – $23,600

Swarthmore PA Single Homes -December 2012 – 3 Sales

Avg Price	Median Price	Low	High	Days Listed
$528,167	$419,500	$415,000	$750,000	166

Swarthmore PA Townhouse/Condos – December 2012 -2 Sales

Avg Price	Median Price	Low	High	Days Listed
$169,500	$169,500	$158,000	$181,000	22

Total Swarthmore PA December 2012 Activity vs December 2011

	*SALES*	*AVERAGE*	*DOM*	*STL TO ORIG*	*STL TO LAST*
2011	2	$231,500	107	80.85%	93.27%
2012	5	$384,700	108	93.76%	93.76%
	150%	66.2%	.009%	12.91%	0.49%

Looking ahead to projected activity, January has 3 settlements scheduled, and 1 in April 2013.

Wallingford PA Real Estate – Wallingford, PA 19086

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Pricing:

Swarthmore Single Home Sales – 51 Homes – 2012

Swarthmore Condominium Sales – 20 Homes – 2012

Swarthmore Twin Home Sales – 6 Homes – 2012

Swarthmore Townhouse Sales – 2 Homes – 2012

WALLINGFORD PA REAL ESTATE – DECEMBER 2012

WALLINGFORD PA HOMES SOLD – DECEMBER 2012

SWARTHMORE REAL ESTATE – DECEMBER 2012

SWARTHMORE PA HOMES SOLD – DECEMBER 2012

S. Clark Kendus