Real Estate Information

Tuesday

12 to 2

2344 Deer Meadow Ln Furlong PA 18925

 ( Buckingham Forest)

 MLS6048864
$649,900

Lunch; Hearthy Soup

Wednesday

12 to 2

4160 Herbst Dr Doylestown PA 18902

 (Cold Spring Hunt)

MLS 6039923

$500,000 (Henri)

Lunch

4223 Sir Andrew Cir Doylestown PA 18902

 (Buckingham Sqare)

 MLS 6046826

$384,900 (Jeri)
 

WARM WINTER BRINGS OUT BUYERS!

Pending properties rose sharply while prices continued to dip precariously as the Philadelphia area* real estate market moved, slowly, in the direction of a recovery.  Last year, three winter weekends were lost due to 2-foot snowstorms – this winter has been extraordinarily mild, and buyers were extraordinarily busy in February!

STATISTICS

This newsletter will compare FEB-2012 to FEB-2011 for the Philadelphia area*.  The information was gathered from the “Market Statistics” section in TREND:

Closed (Residential) Units were up 12% compared to FEB-11:  up 11% in PA, and up 15% in NJ

Closed Dollar Volume ($600 million) was up 8% compared to FEB-11:  up 7% in PA, and up 13% in NJ

Pending Properties were up 41% compared to FEB-11:  up 45% in PA, and up 31% in NJ (this bodes well for the spring!)

Distressed Properties:  20% of closed sales were distressed properties – this is a drop in percentage from 2011, but the number of distressed sales remains about the same

Days on Market for closed units increased 8% compared to FEB-11 – an average of 110 DOM for a closed property in PA, and an average of 131 DOM for a closed property in NJ

New Listings - there were approximately 8,300+ new listings in FEB-12 – the highest number of new listings in a February for 3 years; even with this increase, there are fewer properties on the market now than there were last year at the same time

TAILWINDS

Pending Properties point to an active spring.  It looks like it will be easy to beat 2011 numbers for unit sales and dollar volume.  Interest rates remain low, while FICO scores remain high!

HEADWINDS

Prices are under GREAT pressure, even with extra buyers. Inventory remains stubbornly high, and prices fell 3% in February (CHART BELOW). The average price in FEB-11 for a property in PA was $230K, and the NJ average price was $213.

INVENTORY CHECK

The numbers below represent “annualized” inventory** (see explanation below).  The suburban counties of Bucks, Montgomery and Chester are doing better than other counties as inventory levels struggle to stay below last year’s levels:

Berks County remains problematic with 9.3 months of inventory, slightly above MAR-11

Bucks County rose to 7.5 months, about ½ month less than MAR-11 – it remains better than many counties with less than 7 months of inventory in the under $300K price range

Chester County rose slightly to 7.5 months, similar to the MAR-11 level

Delaware County is troublesome with more than 9 months of inventory – it has been consistently higher than 2011 levels

Montgomery County shows improvement with approximately 7.3 months of inventory – lower than MAR-11

Philadelphia County is stabilizing, slightly above 9 months (about the same as 2011)

Burlington (NJ) County remains above 1 year (about the same as 2011)

Camden (NJ) County remains stratospheric with more than 14 months of inventory (and it stubbornly remains above last year levels)

Gloucester (NJ) County continues to improve and is now slightly under 12 months of inventory – almost 2 months below MAR-11 inventory

Mercer (NJ) County is slightly below MAR-11 with 9.8 months – strangely, the crowded segment of this county is in the under $300K range (more than 10 months) while the $700K-$1 million range has slightly above 7 months of inventory (and $300-$700 has only 8 months of inventory)

**”Annualized” Inventory - to get a similar number for the area where you have listings:  find out how many properties sold in the last 12 months and divide that by 12 (to get an average of how many properties sell per month), then unclick “Settled” and click “Active”; then, divide the number of “Active” properties by the average number of sales per month (the previous number) to get “annualized inventory.”

This Information was compiled and prepared by Mr Chips (Chuck Cosgrove)

Did two brokers open on Tuesday March 13 on our latest two listings.

a) 3876 Powder Horn Dr , Furlong PA,  18925

Served a good Irish meal ( corned beef and cabbage)  in honor of St Patrick .

Great attendance , we got about 25 fellow Realtors to see this fantastic priced home.

Very happy with all the positive comments, most admired feature was the very large

bonus room.

1) 5179 New Hope Rd, New Hope PA 18938 (Buckingham TWP) 

2) 2050 Cathill Rd Telford, PA 18969

Come and visit between 1-4pm on Sunday, June 26. Jeri will be doing 5179 New Hope Rd and Henri will be at 2050 Cathill Rd.

Our Cold Spring Hunt house is now 18 years old and while our master bath is completely functional, it would be a source of contention for a future buyer.  Are we selling?  Well, the kids are gone and the house is way too big for two people who are never home so yes, the thought crosses my mind daily.  Where would we go?  Good question.  I'd love a little ranch on a small piece of property with a big open floor plan . . . There aren't any.  AND . .. the thought of actually getting my house ready for my peers (other Realtors) to traipse through is just so overwhelming.  So, the decision was to make it nice for a buyer and we'll enjoy it until that little ranch shows up!

I have chosen a contractor who I have worked with before and my first order was to remove the wallpaper.  Not bad paper, but wallpaper and we all know that's a big sin!

I hate my huge tub and my smaller shower but I'm trying to do this for a reasonable amount of money and removing the tub and enlarging the shower shot the price up over where I wanted to be.  We're doing new, larger tiles with some nice trim in the shower; rescuing my very nice vanity and raising it; adding granite (not my favorite, but necessary); changing shower door to clear glass and changing the fixtures.  I have already been shopping for fixtures and the biggest problem is finding a faucet for the tub that matches all the new stuff out there.  I'll be heading to Weinsteins Plumbing Supplies in Willow Grove as I've been told they have a huge selection.

So, stick with us as we go thru the re-do.  I'll let you know costs, etc. as we go!  Hopefully, by the end of May, we'll have the big Reveal!

 4 Open Houses 4/17/2011 from 1 to 4 PM

  

238 Kulp Dr. Perkasie Pa 18944 (Bedminster Hunt)

Meet Beth Stahl, to discuss the purchase of this lovely home in Bedminster Hunt. Beth will guide you through the process to make your transaction as smooth as possible. If you also need to sell your present home, he can assist you with that too . Beautiful home in a neighborhood with lots of ammenities! 

 5425 Ridgeview Dr. Doylestown . PA 18902 

Meet Jeri Gutner  Don't be deceived by the unassuming size of this solid home!  7,000+ square feet of finished space all warm and cozy and located in sought-after Buckingham Township! 

610  Essex Ct. Perkasie, Pa 18944

Meet Lynn Benson, to discuss the purchase of this lovely home. Lynn  will guide you through the process to make your transaction as smooth as possible. If you also need to sell your present home, she can assist you with that too.  Great home with great floorplan on quiet cul de sac! 

5179 New Hope Rd, New Hope PA 18938 (Buckingham TWP) 

Meet Ron Sisca ,to discuss the purchase of this lovely home. Ron will guide you through the process to make your transaction as smooth as possible. If you also need to sell your present home, he can assist you with that too. But be warned!  When you come, you won't want to leave! 

Open Houses 11/14/2010 from 1 to 4PM
1) 5020 Mead Dr in Cold Spring Hunt, Buckingham 18902
2) 4810 Redfield Dr in Cold Spring Hunt, Buckingham 18902
3) 610 Essex Ct in Wykford Commons, Perkasie PA 18944
4) 3271 Berry Brow Dr in Hilltown Ridge, Chalfont PA 18914

Come and visit. Jeri will be doing 5020 Mead Dr and Henri will be at 4810 Redfield.

Lynn Benson will be at 610 Essex Ct and Mike Olinger will be at 3271 Berry Brow

If you know us stop by and say hello. If you don't , stop and meet us.

We can discuss the sate of the Market, renovations, handymen, landscaping or just shoot the breeze.

What is Happening  in Cold Spring Hunt April Newsletter

What is Happening In Patriots Ridge April Newsletter

What is Happeining in Northbranch April Newsletter

Link to the April Newsletter

http://coldspringhunt.blogspot.com/

Presently only one active in CSH

link to virtual tour:

http://tinyurl.com/yf8ac76

4953 Mead Dr Reduced to $524,900

offered by Barry Angely Remax Centre