2011 Half Year Market Reports

Greater Philadelphia Housing Prices Decrease 4.8 Percent in the First Half of 2011; Residential Sales Decrease 21.5 Percent

Q2 data suggests home values are on the rise following the expiration of the federal tax credit last year

DEVON, PA – Greater Philadelphia region* median home sale prices decreased 4.8 percent to $200,000 in the first half of 2011, according to Prudential Fox & Roach, REALTORS’® HomExpert Market Report©.  Home sales in the Greater Philadelphia Region decreased 21.5 percent compared to the first half of 2010, when the federal tax credit was still in effect.  Home values showed positive gains in the second quarter, with median sales prices increasing 1.2 percent to $207,400 from the same time last year.

“A slowdown in home sales in the first half of the year was expected for 2011, since there was no federal tax credit program to encourage first-time home buyers,” said Steve Storti, Senior VP of Marketing, Prudential Fox & Roach, Realtors. “While residential home sales are down in the Greater Philadelphia area, Q2 data suggests home prices are increasing, which is an indicator that the residential housing market is trending in a positive direction.”

The average number of days a home remained on the market increased from 86 days in the first half of 2010 to 104 days in the first half of 2011. This is slightly longer than the same time period in 2009, when homes remained on the market for an average of 91 days. The monthly average inventory of homes available on the market for the region held steady in the first half of 2011 at 57,443 compared to 57,574 in the first half of 2010 and 57,323 in the first half of 2009.

Chester County posted the highest median sale price in the first half of 2011 at $288,390, a slight 2 percent decrease since the same time last year, followed by Bucks County ($264,000, -4.2 percent), Montgomery County ($245,000, -4.9 percent), Mercer County ($220,000, -4.3 percent)  and Burlington County ($202,875, -4.3 percent). Philadelphia County posted the lowest median sale price in the region at $132,500. Delaware County was the only county to post an increase in median sales price, gaining 4.2 percent from $192,000 in the first half of 2010 to $200,000 in the first half of 2011. Salem County posted the largest decrease in median sales price, dropping 13.5 percent to $134,000 in the first half of 2011, compared to $155,000 the same time last year.

Philadelphia County saw the highest number of homes sold in the first half of 2011 at 5,260, a 23.5 percent decrease compared to the first half of 2010, followed by Montgomery County (3,204, -21.9 percent), Bucks County (2,301, -19.5 percent), New Castle County (2,074 -15.7 percent) and Chester County  (2,061, -15.9  percent). Home sales in Delaware County declined the most in the region, down 26.9 percent from 2,710 homes sold in the first half of 2010 to 1,982 homes sold in the first half of 2011.

Other first half of 2011 HomExpert Market Report© findings:

12-County Region

  • Princeton Township in Mercer County posted the highest median sales price in the Greater Philadelphia region at $737,500, followed by Princeton Borough in Mercer County at $700,000, Radnor Township in Delaware County at $572,500, Solebury Township in Bucks County at $558,000 and Moorestown Township in Burlington County at $553,250.
  • The Newark/Glasgow area in New Castle County posted the highest number of homes sold in the first half of 2011 at 594, a 18.6 percent decrease from the first half of 2010, followed by Wilmington in New Castle County (351, -4.6 percent), the Brandywine area in New Castle County (344, -7.3 percent), Hamilton Township in Mercer County (324, -16.5 percent) and Lower Merion Township in Montgomery County (298, -11.0 percent).
  • Pennsylvania led the tri-state region in highest median sale price in the first half of 2011 at $212,000 (-3.6 percent), followed by Delaware at $187,500 (-8.5 percent) and New Jersey at $185,000 (-5.1 percent).
  • Pennsylvania led the tri-state region in the number of homes sold in the first quarter of 2011 at 14,808 (-22.0 percent), followed by New Jersey at 5,624 (-22.2 percent) and Delaware at
    2,638 (-16.3 percent).

Center City

  • Center City median home prices did not change from the first half of 2010, holding steady at $325,000 for first of half 2011. In the first half of 2011, Center City saw 537 homes sold, a 20.0 percent decrease from the 671 homes sold the same time last year.
  • The average number of days a home remained on the market increased from 109 days in the first half of 2010 to 120 days in the first half of 2011.

Main Line

  • Main Line median home prices increased 11.5 percent to $375,000 in the first half of 2011, compared to the median sale price in the first half of 2010, which stood at $368,000. In the first half of 2011, the Main Line saw 1,036 homes sold, a 7.5 percent decrease, compared to 1,120 homes sold in the first half of 2010.
  • The average number of days a home remained on the market increased from 77 days in the first half of 2010 to 97 days in the first half of 2011.

New Jersey and Shore Counties (Outside of the Greater Philadelphia Region)

  • Atlantic County median home prices decreased a mere 1.5 percent to $199,000 in the first half of 2011, compared to the median sale price in the first half of 2010, which stood at $202,000. In the first half of 2011, Atlantic County saw 1,182 homes sold, a 15.3 percent decrease from the 1,396 homes sold in the first half of 2010. The average number of days a home remained on the market increased from 116 days in the first half of 2010 to 136 days in the first half of 2011.
  • Middlesex County* median home prices decreased 10.5 percent to $265,000 in the first half of 2011, compared to the median sales price in the first half of 2010, which stood at $290,000. In the first half of 2011, Middlesex County saw 1,943 homes sold, a 24 percent decrease from the 2,588 homes sold the same time last year. The average number of days a home remained on the market increased from 78 days in the first half of 2010 to 102 days in the first half of 2011. *New 2011 coverage area

top 5 counties by region

top 10

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chart two

Please click the links below for more details:

2011 First Half Greater Philadelphia Press Release

2011 First Half Greater Philadelphia Market Report

2011 First Half All Municipalities

2011 First Half Bucks County

2011 First Half Burlington County

2011 First Half Camden County

2011 First Half Chester County

2011 First Half Delaware County

2011 First Half Gloucester County

2011 First Half Kent County

2011 First Half Mercer County

2011 First Half Montgomery County

2011 First Half Main Line

2011 Firsth Half New Castle County

2011 First Half Salem County

2011 First Half Center City

2011 First Half Philadelphia County

*Editor’s Note: The Greater Philadelphia region includes counties in Southeastern Pennsylvania, Southern New Jersey and Delaware, which are: Philadelphia, Bucks, Chester, Delaware, Montgomery, Burlington, Camden, Gloucester, Mercer, Salem, Kent and New Castle. Main Line data includes Malvern Borough, Tredyffrin Township, Willistown Township, Easttown Township, Haverford, Newtown, Radnor, Narberth, and Lower Merion. Center City data includes zip codes 19102, 19103 (Rittenhouse Square), 19106 (Old City), 19107 (Washington Square), 19123 (Northern Liberties/Fishtown), and 19130 (Fairmount/Art Museum). Additional charts and graphs available upon request. Top municipalities listed include 20 or more sales in 2010. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract.

About HomExpert Data©

The HomExpert Market Report© and HomExpert Pending Home Sales Index© are exclusive products of the Prudential Fox & Roach, REALTORS’ Research Division. Findings are compiled using the company’s exclusive HomExpert Data, which analyzes TREND Multiple Listing Service (MLS) data and provides the timeliest information available in the industry. The HomExpert Market Report offers exclusive analysis of real estate activity regionally, by county, MLS area or zip code across the Prudential Fox & Roach service area, while the HomExpert Pending Home Sales Index forecasts market activity based on pending home sales.

About Prudential Fox & Roach, REALTORS®

Prudential Fox & Roach, REALTORS ®, the nation’s fourth largest provider of home services, is an independently owned and operated member of the Prudential Real Estate Affiliate, Inc. and the largest Prudential affiliate in the country. As the Tri-State area’s real estate leader, the company has more than 55 sales locations and 3700 associates. Through its affiliate, the Trident Group, the company provides one-stop shopping and facilitated services to its clients including mortgage financing and title, property and casualty insurance. Visit our website at www.prufoxroach.com.