A note from Brendan Reilly
Greetings! My newsletter covers local and national real estate trends to keep you abreast of current conditions. If you or anyone you know is looking to buy or sell a property in Suburban Philadelphia, I would love to help!
To my loyal followers, I apologize for missing a few months. It was a very busy spring market as I've highlighted below.
Click Here to Start Your Home Search
Highlights of my spring market transactions
Seller Representation:
1654 Silver Birch Lane Huntingdon Valley - Sold for $555,000
436 School House Lane Devon - Sold for $690,000
837 Delmont Drive Wynnewood - Sold for $557,500
2013 Sandstone Terrace Phoenixville - Sold for $355,000
1030 Washington Terrace Chesterbrook - Sold for $212,000
502 W. Beechtree Lane Wayne - Under Contract
31 Hampton Court Eagleville - Under Contract
Buyer Representation:
977 Derring Lane Bryn Mawr - Sold for $1,220,000
Lot 4 Kingfisher Lane Doylestown - Sold for $1,200,000
701 Thomas Jefferson Road Wayne - Sold for $960,000
1346 Karen Lane Wayne - Sold for $620,000
238 Deer Run Media - Sold for $465,000
6559 Rutherford Drive Macungie - Sold for $449,000
111 Arlington Road Paoli - Sold for $441,000
209 Deepdale Road Wayne - Sold for $429,600
600 Brookwood Road Wayne - Sold for $415,000
746 Penfield Avenue Havertown - Sold for $405,000
690 Forest Road Wayne - Settles 7/31
Rising Home Sales, Prices Follow Seasonal Trend
Days on Market - 66 / Months Supply of Inventory - 3.8
The rebound in negative sales growth in January and February has been significant with increases in March (24.6%), April (10.9%) and now an 11.5% increase in May. However, sales were still 9.9% below one year ago. For the 3rd month in a row, May home sales rose higher than sales in the previous month. Home prices continued to push higher in May, with a 7.7% increase over May 2013, which is a greater increase than the 5.8% rise seen in April. While both credit availability and inventory remain tight, May became the 6th consecutive month with fewer year-over-year inventory losses than the previous month. At the rate of home sales in May, the Months Supply of inventory dropped to 3.8, where a supply of 6.0 indicates a market balanced equally between buyers and sellers.
Consumer confidence, new home sales return to 2008 level
Good news for the economy: We’re back to where we were in 2008, at least as far when it comes to consumer confidence and new home sales. The Conference Board Consumer Confidence Index hit 85.2 in June, its highest level since January 2008. Expectations regarding the short-term outlook for the economy and jobs were moderately more favorable, while income expectations were a bit mixed. Still, the momentum going forward remains quite positive. Meanwhile, the U.S. Census Bureau reported Tuesday that sales of new homes jumped to an annual rate of 504,000 in May, up nearly 19 percent from April, according to the U.S. Census Bureau. May’s sales rate was the highest in six years — another sign of the housing market’s rebound. On Monday, the National Association of Realtors reported that sales of existing homes rose 5 percent last month.
PA Unemployment at Lowest Since September 2008
The state unemployment rate in May was down 1.9 percentage points from its May 2013 rate of 7.5 percent. According to numbers released by the Pennsylvania Department of Labor & Industry, the unemployment rate declined by one-tenth of a percentage point in May to 5.6 percent, the lowest rate since September 2008. The commonwealth’s unemployment rate was seven-tenths of a percentage point below the U.S. rate of 6.3 percent, which was unchanged from April. The state rate was down 1.9 percentage points from its May 2013 rate of 7.5 percent.
|
|
|
|
|
Click to view my profile on Trulia.com. Review my professional experience, education, and testimonials from past clients.
|
|
|
