Bidding wars? Time on market less than 2 weeks? February continued to indicate that the housing market is gaining strength. For the 3rd straight month, both Pending and Settled listings were at a 4-year high. Pending listings were 29% higher than the previous year for the 2nd straight month, while Settled listings were more than 10% higher. Furthermore, the housing affordability index has broken the 200 mark, meaning the typical family has roughly double the income needed to purchase a median-priced home. The problem for Buyers will occur at the peak of the spring market. In most neighborhoods in the Philadelphia suburbs, there will be a few weeks or a month this spring when the greatest flurry of Buyers will be buying. For that period demand will exceed supply. You will know it is happening when every house you look at sells quickly and most have multiple offers on them (already beginning to happen). During that period prices will peak and Buyers will be forced to pay a premium. Good Hunting!
[UNDER CONTRACT] 335 Mulberry Dr, Royersford, PA 19468 (Montgomery County – Spring-Ford School District) 4 Bed, 2.1 Bath, 2-Car Garage, Fenced-in Backyard
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4 Metropolitan Philadelphia Towns Named to 2011 Money Magazine’s “Best Places to Live”
- #25 – West Goshen (Chester County)
One of Philadelphia’s Main Line suburbs, Ardmore is just a few minutes from the city by rail; many residents work there. Many colleges, including Villanova University and Bryn Mawr College, are located nearby, giving residents easy access to still more cultural events. And there’s a growing arts scene right in town, not to mention an historic downtown and lots of shopping. A new park recently opened for residents.
- #31 – Horsham (Montgomery County)
Settled by Quakers in the 1600s, this historic town in Montgomery County lies within easy commuting distance of Philadelphia. Two other pluses: Low crime and good schools. Residents are proud of their 25,000-square-foot library, which opened in 2004. One negative: A naval air base here was shut down in 2011, causing some job losses. But the corporate headquarters of several large companies, including Nutrisystem and Toll Brothers, are still here.
- #45 – Ardmore (Montgomery County)
One of Philadelphia’s Main Line suburbs, Ardmore is just a few minutes from the city by rail; many residents work there. Many colleges, including Villanova University and Bryn Mawr College, are located nearby, giving residents easy access to still more cultural events. And there’s a growing arts scene right in town, not to mention an historic downtown and lots of shopping. A new park recently opened for residents.
- #59 West Norriton (Chester County)
History buffs appreciate that West Norriton is less than five miles from Valley Forge. Commuters appreciate that it is 25 miles northwest of Philadelphia. And parents love that they can let their kids play outside without monitoring their every move: violent crime here is low and property crime unusual. Homes in West Norriton are also affordable for the East Coast: The median price is just over $200,000.