MALVERN PA – The average and median sales prices of homes within the Spring-Ford Area School District shot up dramatically over the past 12 months, according to a new report from a real estate watchdog in the Philadelphia suburbs, while comparable prices in the Pottsgrove and Pottstown districts moved only marginally.
The report from the Malvern-based Suburban West Realtors’ Association, which it promoted last Wednesday (Feb. 13, 2013) on Twitter, shows the average selling price of single family homes listed in the Spring-Ford district rose from $255,000 during January 2012 to $339,000 in January 2013. The median price, which represents the midpoint over the range of all homes sold, was $219,000 last year, and soared to $350,000 last month, the report stated.
The swing of $84,000 in Spring-Ford homes’ average sales value, and $131,000 in median value, represents a climb of between 32 and 59 percent.
- In the Pottsgrove School District, however, average sales prices went down from $185,000 last year to $183,000 this year; and its median prices fell more, from $190,000 to $173,000.
- Results were mixed in the Pottstown School District, where the year-to-year average rose from $98,000 to $99,000, but the year-to-year median fell from $86,000 to $85,000, according to the report.
- Across Montgomery County, Suburban West said, the year-to-year average remained unchanged at $307,000 while the year-to-year median rose from $239,000 to $245,000.
The Suburban West report, compiled with data from the Trend Multiple Listing Service in Philadelphia, reportedly is its first attempt to present comprehensive sales information for homes in 38 school districts covered by its real estate broker- and agent-members in all of Chester and Delaware counties and Philadelphia, and portions of Montgomery and Berks counties.
The association has distributed similar monthly reports since last summer, but its new effort acknowledges “requests to broaden their scope,” it said. It encouraged members to consider sharing the results “directly with your clients.”
The report also includes statistics that could offer hope to future home sellers in all three school districts. Market inventory, the number of homes actively listed for sale during the past 12 months, has steadily declined. Generally, a smaller number of homes for sale limits buyers’ choices and tends to raise selling prices, as the law of supply-and-demand kicks in.
Inventory was at its peak during September 2012 in Spring-Ford, with more than 310 homes on market; last month it was down to more than 270. Pottsgrove’s inventory peak occurred last April, with more than 190 homes; it’s now down to more than 110. Pottstown inventory hit a high in June, with more than 220 units; as of January, it declined to about 160.