reflections Published Monthly By Kurfiss Sothebyâ€™s International Realty / March 2013
Sales in 2012 Halt a Six-Year Slide Positive signs for homes sales are appearing in the greater Philadelphia real estate market, and if trends continue, average prices should stabilize and increase in 2013. Specifically: • In 2012 in Bucks County, the average home price was $316,000, the same as in 2011. The inventory of homes for sale in 2012 fell in every price range, however there is still an astounding 26-month supply of $1,000,000+ homes on the market in Bucks.
• In Montgomery County, average home prices held steady in 2012 at $301,000. Inventory levels dropped in across the board; notably, in 2012 there was a 13.4-month supply of $1,000,000 and above homes, down from 18.7 months in 2011.
• Chester County’s average home price fell in 2012 to $335,000 from $350,000 in 2011. Inventory declined in every price range except the luxury home category, which in 2012 showed a 26-month supply from a 20-month supply in 2011.
• Philadelphia County is the winner as far as increase in average home price, thanks mostly to the high number of luxury home sales in 2012. The 2012 average home price rose to $194,000 from $182,000 in 2011. More noteworthy is the decline in inventory of luxury homes in the city: 9.8 months in 2012, down from 26 in 2011.
• The average home price also fell in Delaware County in 2012 to $259,000 from $263,000 in 2011. Inventory declined in every price range, though the luxury home category at 11.6 months of inventory was down just a hair from 2011’s 11.8 months.
Click Here View complete data for these counties, including home-price data for specific areas within each, please see the 2012 summary in our current issue of Buy&Sell. Click Here Watch a video market summary with Kurfiss SIR Chairman Donald D. Pearson.
NEW LISTINGS on THE MARKET
6356 Meetinghouse Road, New Hope, PA Kurfiss.com/6166783 $6,750,000
5281 York Road, Holicong, PA Kurfiss.com/6175410 $4,500,000
210 W. Washington Square, Philadelphia Kurfiss.com/6172042 $1,395,000
1822 Spruce Street, Philadelphia Kurfiss.com/6162588 $2,450,000
916 Penllyn Pike, Lower Gwynned, PA Kurfiss.com/6173693 $1,100,000
1 Plumridge Drive, Carversville, PA Kurfiss.com/6167029 $945,000
Welcome these New sales Associates Bucks County
Merrie D. Clancy
cheers to that! On April 26, 2013, Sotheby’s auction house in New York will offer wines from the cellar of the celebrated Catalan restaurant elBulli, which closed in 2012. Founded more than 50 years ago, elBulli was led by Ferran Adria for the last 27 years, a chef who is considered one of the most innovative, groundbreaking professionals in the history of gastronomy. The auction will present collectors all over the world with an opportunity to acquire the wines from the restaurant, some of which were labeled exclusively for the three-Michelin-star establishment. Proceeds will benefit the elBulliFoundation, which will focus its activity on ‘Creativity.’ The Foundation will study the efficiency of the innovation processes, and how they are recorded and audited, using cooking as a language that interacts with other disciplines. The auction is sure to be exciting, but if you can’t attend, check out the list of other wine events, or the next time you’re in New York City, visit the Sotheby’s wine store at the auction house at 72nd and York Ave.
KSIR Selected Significant Sales in 2012
465 Pineville Road, Newtown, PA Listed at: $4,800,000 Agent: Char Morrison
6137 Greenhill Road, New Hope, PA Listed at: $3,795,000 Agent: Kevin Steiger
2091 S. Sugan Road, New Hope, PA Listed at: $3,600,000 Agents: Danese & Waters
6677 Upper York Road, New Hope, PA Listed at: $3,400,000 Agent: Kevin Steiger
2039 Locust Street, Philadelphia, PA Listed at: $2,595,000 Agent: Patricia Royston
110 Street Road, New Hope, PA Listed at: $2,495,000 Agent: Linda Krick Danese
2109 Delancey Place, Philadelphia, PA Listed at: $2,375,000 Agents: Royston & Pearson
278 Thompson Mill Road, New Hope, PA Listed at: $1,795,000 Agent: Linda Krick Danese
Sothebyâ€™s International Realty Significant Sales in November 2012
Bucks County Office 6038 Lower York Road, New Hope, Pennsylvania 18938 Office: 215.794.3227
Philadelphia/Main Line Office 226 W. Rittenhouse Square, Suite 102, Philadelphia, Pennsylvania 19103 Office: 215.735.2225
VIEW DISTINCTIVE PROPERTIES IN EVERY PRICE RANGE AT KURFISS.COM