Montgomery County Pennsylvania Median Prices for Housing 2011

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1 Montgomery County Pennsylvania Median Prices for Housing 2011

2 Overall Introduction In 2011, Montgomery County had 7,525 market rate sales of homes, with a median sales price of $260,000. A price decrease of 1.9% in one year. New Homes The median price for new homes in 2011 was $321,540, a decrease of 6.3% from the previous year. Existing Homes The median price for existing homes in 2011 was $250,000, down from $255,000 the previous year. Housing Types All three housing types (Detached, Attached, and Multifamily) decreased overall.

3 Median Housing Prices and Number of Sales All Units Median Number Median Number Price % Change of Sales Price % Change of Sales All Types $265, % 8,123 $260, % 7,525 SFD $309, % 5,029 $299, % 4,714 SFA $220, % 2,506 $216, % 2,315 MF $175, % 585 $161, % 493

4 Median Housing Prices by Type $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50, All Types SFD SFA MF

5 Median Housing Prices by Type, Adjusted for Inflation 2011 Dollars $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50, All Types SFD SFA MF

6 Number of Market Rate Sales, All Units by Type 18,000 16,000 14,000 12,000 Units 10,000 8,000 All Types SFD SFA MF 6,000 4,000 2,

7 Median Housing Prices and Number of Sales New Units Median Number Median Number Price % Change of Sales Price % Change of Sales All Types $343, % 903 $321, % 847 SFD $414, % 416 $433, % 315 SFA $309, % 339 $299, % 410 MF $274, % 148 $238, % 122

8 New Units Median Housing Prices, $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 All Types SFD SFA MF

9 Number of Market Rate Sales - New Units by Type 3,000 2,500 2,000 Units 1,500 All Types SFD SFA MF 1,

10 New Single Family Attached and Multifamily Units Sold as a Percent of Total New Units Sold, % 60% Percent of Total Units Sold 55% 50% 45% 40% 35% 30% 25% 20% Year

11 Median Housing Prices and Number of Sales Existing Units Median Number Median Number Price % Change of Sales Price % Change of Sales All Types $255, % 7,220 $250, % 6,678 SFD $300, % 4,613 $290, % 4,399 SFA $213, % 2,167 $204, % 1,905 MF $158, % 437 $145, % 371

12 Comparative Data National Median sales price for existing single family homes was $166,200 nationwide in 2011, a decrease of 4%. Philadelphia Region The median sales price for existing homes declined 2.2% to $210,100 in Source: National Association of Realtors County 2011 Median % Change County Comparison in Southeast PA Source: Prudential Fox & Roach, HomExpert Market Report Bucks Chester Delaware Montgomery $261,000 $292,056 $200,000 $245, % -2.6% 2.6% -5.4% Philadelphia $133, %

13 Housing Affordability 4 Person Family Area Affordable Percent of Transactions Median House Affordable Income Value All Units New Units 10% Down Payment $80,400 $278,100 56% 33% 20% Down Payment $80,400 $319,800 67% 49% 2 Person Family Area Affordable Percent of Transactions Median House Affordable Income Value All Units New Units 10% Down Payment $64,400 $222,800 37% 15% 20% Down Payment $64,400 $256,200 49% 24%

14 Ten Most Expensive Median Home Prices by Municipality MARLBOROUGH (5) 476 SALFORD (8) WORCESTER (4) 309 tu 202 GWYNEDD (3) WHITPAIN (10) UPPER DUBLIN (10) 276 BRYN ATHYN (1) MORELAND (6) 611 WHITEMARSH (9) 100 tu MERION (2) NARBERTH (6) 1. Bryn Athyn $475, Lower Moreland 2. Lower Merion $475, Narberth $355, Lower Gwynedd $410, Lower Salford $346, Worcester $389, Whitemarsh $339, Marlborough $356, Upper Dublin $330, Whitpain $330, $355,000

15 SFD Most Expensive Median Home Prices 476 MONTGOMERY (9) 309 BRYN ATHYN (4) SALFORD (5) SKIPPACK (10) WORCESTER (2) GWYNEDD (3) tu 202 WHITPAIN (7) tu 422 UPPER PROVIDENCE (6) MERION (1) 76 NARBERTH (8) Lower Merion 2. Worcester 3. Lower Gwynedd $570,500 $542,500 $530,000

16 SFA Most Expensive Median Home Prices HATFIELD BORO MONTGOMERY (5) (8) 276 UPPER GWYNEDD (9) GWYNEDD (3) 611 WORCESTER (1) tu 202 WHITEMARSH (4) PLYMOUTH (2) SPRINGFIELD (10) 100 tu 422 MERION (6) 76 NARBERTH (7) Worcester 2. Plymouth 3. Lower Gwynedd $335,378 $308,475 $295,500

17 Ten Most Affordable Median Home Prices by Municipality EAST GREENVILLE (5) RED HILL (6) FREDERICK (9) tu 202 SCHWENKSVILLE (3) 100 POTTSGROVE (10) POTTSTOWN (1) tu 422 ROYERSFORD (7) NORRISTOWN (2) BRIDGEPORT (8) 76 WEST POTTSGROVE (4) 1. Pottstown $117, Red Hill` 476 $175, Norristown $121, Royersford $180, Schwenksville $125, Bridgeport $182, West Pottsgrove $135, Lower Frederick $183, East Greenville $139, Lower Pottsgrove $184,000

18 Conclusion In 2011, median housing prices decreased overall, as well as in each housing type category. This reverses the optimistic signs we saw a year ago and shows that the housing market is still struggling to recover. The median sales price is lower than what it was in 2005, but still shows a gain over the last ten years, even when adjusting for inflation. Total transactions declined to the lowest point this decade. Prices on new units sold have been dropping as developers have been building smaller and more dense housing types. The rate of change in 2011 median prices for Montgomery County compares favorably to the national rate, but less so within the Greater Philadelphia region. Most Expensive Median Prices - Most Affordable Bryn Athyn Lower Merion Lower Gwynedd Pottstown Norristown Schwenksville