Kurfiss Sotheby's International Realty | Buy&Sell

BUY&SELLHome Sales Data For The Greater Philadelphia Real Estate Market - 2013 Summary

BUY&SELLHome Sales Data For The Greater Philadelphia Real Estate Market - 2013 Summary

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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. PearsonChairmanKurfiss Sotheby’s International Realty

THE PENTHOUSE AT 101 WALNUTKurfiss.com/6103546 $3,495,000THE PENTHOUSE AT 101 WALNUTKurfiss.com/6103546 $3,495,000

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

Property featured on the cover: Bridgeview House Kurfiss.com/6284512 $1,950,000

BUCKS COUNTY OFFICE6038 Lower York Road, New Hope, Pennsylvania 18938 Office: 215.794.3227

PHILADELPHIA/MAIN LINE OFFICE226 W. Rittenhouse Square, Suite 102, Philadelphia, Pennsylvania 19103 Office: 215.735.2225

VIEW DISTINCTIVE PROPERTIES IN EVERY PRICE RANGE AT KURFISS.COM

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: [email protected]

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GLENBURNEKurfiss.com/6132428 $875,000

GLENBURNEKurfiss.com/6132428 $875,000

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THE YEAR TO DATE AT A GLANCE

RICHARD NEUTRA’S PITCAIRN HOUSEKurfiss.com/6361332 $6,000,000RICHARD NEUTRA’S PITCAIRN HOUSEKurfiss.com/6361332 $6,000,000

Total dollar volume for the Philadelphia-area residential market grew by 19% (top graph) from 2012-2013. Mod-erate 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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PHILADELPHIA-AREA CHANGE IN AVERAGE

HOME PRICE

From 2004 - 2013

Includes Bucks, Berks, Chester, Delaware, Montgomery

and Philadelphia Counties

$0.0

2013 PHILADELPHIA-AREA HOME SALES

Total Volume In Billions Of Dollars From 2004 - 2013

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THE AYER PENTHOUSEKurfiss.com/6299534 $4,300,000THE AYER PENTHOUSEKurfiss.com/6299534 $4,300,000

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.

$ $ $ <$

NUMBER

OF

MONTHS

PHILADELPHIA-AREA SUPPLY OF HOMES

In Months By Price Range

Includes Bucks, Chester, Delaware, Montgomery and Philadelphia Counties

ANNUALIZED “ABSORPTION RATE”

0.0

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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 FARMKurfiss.com/5709082 $9,650,000

ROCKWOOD FARMKurfiss.com/5709082 $9,650,000

PHILADELPHIA-AREA RESIDENTIAL PROPERTY SALES

Units Sold Through 2004 - 2013

Includes Bucks, Berks, Chester, Delaware, Montgomery and Philadelphia Counties

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THE MARKET IN BUCKS COUNTY

LONGWOODKurfiss.com/6123184 $3,150,000LONGWOODKurfiss.com/6123184 $3,150,000

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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.

BUCKS COUNTY HOME SALES


GLENCROFTKurfiss.com/6368214 $1,399,000

GLENCROFTKurfiss.com/6368214 $1,399,000

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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.

BUCKS COUNTYAVERAGE HOME PRICES

Year-to-Year Average Price From 2004-2013

PCT YEARS0.4% 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

THOUSA NDS

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GATESHEAD FARMKurfiss.com/6280150 $8,875,000

GATESHEAD FARMKurfiss.com/6280150 $8,875,000

$ $ $ <$

NUMBER

OF

MONTHS

0.0

BUCKS COUNTY SUPPLY OF HOMES


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.


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 COUNTYRESIDENTIAL PROPERTY SALES


CROSSCREEK FARMKurfiss.com/6280148 $6,475,000CROSSCREEK FARMKurfiss.com/6280148 $6,475,000

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TOHICKON GROVEKurfiss.com/6318874 $675,000

TOHICKON GROVEKurfiss.com/6318874 $675,000

BUCKS COUNTYYear Units Average Price Median Price Distressed2011 52 $1,421,154 $1,242,500 4%2012 62 $1,691,048 $1,362,500 3%2013 66 $1,358,455 $1,226,773 3%

NEW HOPE-SOLEBURY AREAYear Units Average Price Median Price Distressed2011 19 $1,587,789 $1,300,000 0%2012 20 $1,978,975 $1,638,500 10%2013 25 $1,507,820 $1,250,000 0%

NEWTOWN AREAYear Units Average Price Median Price Distressed2011 19 $1,400,105 $1,275,000 11%2012 27 $1,591,315 $1,250,000 0%2013 24 $1,293,455 $1,211,773 8%

DOYLESTOWN AREAYear Units Average Price Median Price Distressed2011 9 $1,228,333 $1,195,000 0%2012 6 $1,350,833 $1,250,000 0%2013 14 $1,248,188 $1,150,000 0%

CLOSED SALES

Over $1,000,000Comparison of

2011, 2012 and 2013

The luxury market showed modest growth in Bucks County,

led by strong growth in the Doylestown area.

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THE MARKET IN CHESTER COUNTY

CUSTOM-BUILT HOMEKurfiss.com/6328584 $1,550,000CUSTOM-BUILT HOMEKurfiss.com/6328584 $1,550,000

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CHESTER COUNTY HOME SALES


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.

GENTLEMAN’S FARMKurfiss.com/5702488 $2,290,000

GENTLEMAN’S FARMKurfiss.com/5702488 $2,290,000

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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THOUSA NDS

CHESTER COUNTYAVERAGE HOME PRICES



51.0% 00 - 13

7.8% 04 - 13

-2.5% 05 - 13

-8.0% 07 - 13

-6.2% 08 - 13

-2.2% 10 - 13

Chester County has the lowest inventory in the Philadelphia area, sparked by strong activity in the “move-up” range of $300K - $700K.

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EQUESTRIAN MASTERPIECEKurfiss.com/6347022 $1,975,000

EQUESTRIAN MASTERPIECEKurfiss.com/6347022 $1,975,000

$ $ $ <$

NUMBER

OF

MONTHS

0.0

CHESYER COUNTY SUPPLY OF HOMES



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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).

HARMONY MOUNTAINKurfiss.com/6263975 $14,950,000HARMONY MOUNTAINKurfiss.com/6263975 $14,950,000

CHESTER COUNTYRESIDENTIAL PROPERTY SALES


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STONE MOUNTKurfiss.com/6290662 $2,695,000

STONE MOUNTKurfiss.com/6290662 $2,695,000

CHESTER COUNTYYear Units Average Price Median Price Distressed2011 75 $1,513,781 $1,249,000 5%2012 62 $1,380,361 $1,225,000 3%2013 83 $1,570,638 $1,260,000 2%

GREAT VALLEY AREA AREAYear Units Average Price Median Price Distressed2011 16 $1,699,759 $1,388,375 6%2012 14 $1,497,143 $1,225,000 7%2013 21 $1,589,490 $1,260,000 5%

MAIN LINE AREAYear Units Average Price Median Price Distressed2011 40 $1,410,936 $1,200,000 8%2012 27 $1,280,981 $1,200,000 0%2013 32 $1,485,406 $1,298,250 3%

CHADDS FORD-WEST CHESTER AREAYear Units Average Price Median Price Distressed2011 11 $1,836,591 $1,275,000 0%2012 8 $1,560,500 $1,507,500 0%2013 23 $1,614,245 $1,211,000 0%

CLOSED SALES


2011, 2012 and 2013

Chester County experienced sharp growthin properties sold

and average price in 2013,accentuated by 30% growth

in luxury sales.

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THE MARKET IN DELAWARE COUNTY

CASA PACIFICAKurfiss.com/6260230 $4,950,000HONEYSTONEKurfiss.com/6177853 $5,750,000

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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.”

HISTORIC CONVERTED BARNKurfiss.com/6277252 $1,499,000

HISTORIC CONVERTED BARNKurfiss.com/6277252 $1,499,000

DELAWARE COUNTYHOME SALES


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% com-pared to 2012.

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69.6% 00 - 13

16.7% 04 - 13

7.0% 05 - 13

-0.9% 07 - 13

0.9% 08 - 13

0.9% 10 - 13

THOUSA NDS

DELAWARE COUNTYAVERAGE HOME PRICES


Delaware County has the lowest inventory in the Philadelphia area in the “$1 million+” range, combined with de-creasing 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.

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CALIFORNIA-STYLE CONTEMPORARYKurfiss.com/5788540 $3,225,000

CALIFORNIA-STYLE CONTEMPORARYKurfiss.com/5788540 $3,225,000

$ $ $ <$

NUMBER

OF

MONTHS

0.0

DELAWARE COUNTYSUPPLY OF HOMES



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Unit sales increased more than 20% from 2011-2012 and almost 13% from 2012-2013, exceeding totals from 2008-2012.

SWANN MANSIONKurfiss.com/6253107 $1,145,000SWANN MANSIONKurfiss.com/6253107 $1,145,000

DELAWARE COUNTYRESIDENTIAL PROPERTY SALES


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HIDDEN GEMKurfiss.com/6360387 $1,695,000

HIDDEN GEMKurfiss.com/6360387 $1,695,000

DELAWARE COUNTYYear Units Average Price Median Price Distressed2011 57 $1,453,364 $1,275,000 2%2012 65 $1,488,643 $1,354,500 2%2013 72 $1,529,580 $1,294,950 0%


NEWTOWN SQUARE AREAYear Units Average Price Median Price Distressed2011 5 $1,710,000 $1,700,000 0%2012 7 $1,719,286 $1,620,000 0%2013 10 $1,700,180 $1,775,000 0%

CLOSED SALES


2011, 2012 and 2013

Delaware County experienced consistent growth in the luxury

property market in 2013.

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THE MARKET IN MONTGOMERY COUNTY

PLUMB NILLYKurfiss.com/6131964 $2,100,000PLUMB NILLYKurfiss.com/6131964 $2,100,000

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Montgomery County experienced consecutive years of 18% growth in dollar volume, adding almost $800 million in closed residential sales from 2011 to 2013.

NORTHSIDE HAVERFORD CONTEMPORARYKurfiss.com/6351419 $1,395,000

NORTHSIDE HAVERFORD CONTEMPORARYKurfiss.com/6351419 $1,395,000

MONTGOMERY COUNTY HOME SALES


After remaining flat from 2011-2012, average prices increased more than 3% from 2012-2013, approaching the aver-age 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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THOUSA NDS

MONTGOMERY COUNTY AVERAGE HOME PRICES



61.3% 00 - 13

5.7% 04 - 13

-4.1% 05 - 13

-8.4% 07 - 13

-4.1% 08 - 13

-1.6% 10 - 13

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.

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INSPIRED BY TUSCANYKurfiss.com/6234112 $2,495,000

INSPIRED BY TUSCANYKurfiss.com/6234112 $2,495,000

$ $ $ <$

NUMBER

OF

MONTHS

0.0

MONTGOMERY COUNTY SUPPLY OF HOMES



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Closed residential sales approached the 9,000-unit level for the first time since 2007, as Montgomery County com-pleted consecutive years of double-digit percentage growth.

MEADOWBROOKKurfiss.com/6290716 $5,950,000MEADOWBROOKKurfiss.com/6290716 $5,950,000

MONTGOMERY COUNTY RESIDENTIAL PROPERTY SALES


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CROSSWINDS FIELD FARMKurfiss.com/6211036 $1,725,000

CROSSWINDS FIELD FARMKurfiss.com/6211036 $1,725,000

MONTGOMERY COUNTYYear Units Average Price Median Price Distressed2011 94 $1,463,840 $1,306,250 3%2012 119 $1,451,719 $1,273,250 3%2013 137 $1,519,193 $1,325,000 4%

WHITEMARSH - ABINGTON - HORSHAM AREAYear Units Average Price Median Price Distressed2011 12 $1,361,667 $1,225,000 0%2012 12 $1,597,917 $1,375,000 0%2013 9 $1,243,333 $1,050,000 11%

LOWER GWYNEDD - WHITPAIN AREAYear Units Average Price Median Price Distressed2011 10 $1,369,125 $1,387,500 10%2012 8 $1,585,375 $1,387,500 0%2013 12 $1,516,688 $1,455,000 17%


CLOSED SALES


2011, 2012 and 2013

The luxury market in Montgomery County

experienced strong growth (15%) in 2013, led by the

prestigious Main Line area.

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THE MARKET IN PHILADELPHIA COUNTY

THE PENTHOUSE AT 101 WALNUTKurfiss.com/6103546 $3,495,000THE PENTHOUSE AT 101 WALNUTKurfiss.com/6103546 $3,495,000

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Dollar volume increased by more than 22% in Philadelphia County from 2012-2013, exceeding 2008 totals and pointing to an active market in 2014.

FITLER SQUAREKurfiss.com/6272577 $2,270,000

FITLER SQUAREKurfiss.com/6272577 $2,270,000

0

PHILADELPHIA COUNTYHOME SALES


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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0

THOUSA NDS

PHILADELPHIA COUNTYAVERAGE HOME PRICES



143.2% 00 - 13

45.3% 04 - 13

22.6% 05 - 13

10.4% 07 - 13

9.3% 08 - 13

13.3% 10 - 13

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.

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THE MURANO CONDOMINIUMKurfiss.com/6350574 $550,000

THE MURANO CONDOMINIUMKurfiss.com/6350574 $550,000

$ $ $ <$

NUMBER

OF

MONTHS

0.0

PHILADELPHIA COUNTYSUPPLY OF HOMES



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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.

RITTENHOUSE SQUARE PENTHOUSEKurfiss.com/6352241 $2,499,000RITTENHOUSE SQUARE PENTHOUSEKurfiss.com/6352241 $2,499,000

PHILADELPHIA COUNTYRESIDENTIAL PROPERTY SALES


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THE WILLINGSKurfiss.com/6305037 $699,900

THE WILLINGSKurfiss.com/6305037 $699,900

PHILADELPHIA COUNTYYear Units Average Price Median Price Distressed2011 55 $1,560,076 $1,400,000 0%2012 83 $1,510,734 $1,325,000 2%2013 97 $1,478,167 $1,330,000 0%

CHESTNUT HILL AREAYear Units Average Price Median Price Distressed2011 6 $1,204,167 $1,215,000 0%2012 9 $1,242,222 $1,250,000 0%2013 16 $1,382,637 $1,277,500 0%

RITTENHOUSE SQUARE AREAYear Units Average Price Median Price Distressed2011 26 $1,637,465 $1,550,000 0%2012 34 $1,577,908 $1,470,000 3%2013 47 $1,584,680 $1,373,522 0%

SOCIETY HILL AREAYear Units Average Price Median Price Distressed2011 13 $1,661,923 $1,360,000 0%2012 22 $1,671,136 $1,356,500 5%2013 25 $1,431,500 $1,300,000 0%

CLOSED SALES


2011, 2012 and 2013

The luxury market grew by more than 15% supported

by stronger activity in the Chestnut Hill and

Rittenhouse Square areas.

BUCKS COUNTY OFFICE6038 Lower York Road,

New Hope, Pennsylvania 18938 Office: 215.794.3227

PHILADELPHIA/MAIN LINE OFFICE226 W. Rittenhouse Square, Suite 102

Philadelphia, Pennsylvania 19103 Office: 215.735.2225

VIEW DISTINCTIVE PROPERTIES IN EVERY PRICE RANGE AT KURFISS.COM

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