A couple of weeks ago I mentioned that there continues to be good news related to the housing market. We have seen evidence of this ourselves with clients and what we are hearing from other local agents in the market.
Every quarter we analyse the prices per square foot for single family homes in several local townships and as we look at these in relation to the same time period over previous years it can give an indication of what is happening in each township as to prices. This can be swayed a little where townships have large numbers of settled properties to those that have comparatively few, but it does give an overall indication.
This last quarter provides little surprising news, indicating that over the last three years prices dropped, but not by as much as many people thought and it varies from township to township, some have been more stable, others have gone up and down in the time period we are looking at indicating a robustness in the local housing market not seen elsewhere in the country. As we always say, every neighborhood can be different, and although these numbers indicate a pattern, it is only looking at your specific house in relation to those around it that will give a clear picture of the market for that home and a price range. This is why sites such as Zillow and Trulia whilst helpful, are never 100% accurate because they have no indication that the data they are using is good for that specific home, were the kitchens and bathrooms updated, did the home have curb appeal above the ordinary, all these things affect home prices.
Prices per square foot for Main Line townshipsTownship/Time Period Township Qtr 3 2010 Qtr 3 2011 Qtr 3 2012 Days on market sold to list price ratio Radnor $247 $235 $236 101 92.8 Lower Merion $232 $208 $216 104 93.3 Tredyffrin $205 $207 $202 102 95.7 Easttown $220 $210 $201 56 93.8 Charlestown $183 $152 68 94.6 Willistown $199 $217 $196 125 91.6 Haverford $170 $164 $166 77