Judy Peterson, RealtorDirect 610-889-5509
Cell 484-431-7195

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Berkshire Hathaway HomeServices Fox & Roach RealtorsDevon Home Marketing
Center, 431 W Lancaster Avenue
Devon, PA 19333

Radnor Real Estate Third Quarter Market Report 2008

Radnor Township Pennsylvania Third Quarter Real Estate Market Report*

Radnor Township Delaware County Comparison of the Third Quarter of September 2008 to September 2006 shows the greatest effects on the decline of the Median Sold Price, decline of the number of units sold and the growing Months Supply of Inventory.

However, this is a traditionally strong, high end market that could move forward very quickly with a little promise of overall recovery.

There is a chasm of concern showing here, between the Median Sold Price decline, compared to the Median For Sale Price decline of only 1%. I suspect this is due to the hard hit, high end, new and under construction market which is propping up the Median For Sale Price.

Likewise, the high Months Supply of Inventory, MSI is also affected by the New Construction Inventory build up, while the high end market “sits on the sidelines”. It’s important to keep in mind that The MSI was certainly higher in the early 1990’s and recovered nicely.

The Median For Sale Price declined 1% – $729,000 in Sept 2006 to $725,000 in September 2008

The Median Under Contract Price dropped 8% – $470,000 in Sept 2006  to $432,000 Sept 2008

The Median Sold Price dropped 12% – $580,000 in Sept 2006 to $510,000 in Sept 2008

Radnor Township Supply and Demand Comparison – Number of Units

Radnor Township Supply and Demand  is a comparison between the Number of Units For Sale, Sold and Under Contract.

The Number of Units For Sale Comparison dropped 11% in 2006 from 233 units to 213 units for sale in 2008.

The number of homes Under Contract dropped 52% from 25 in 2006 to 12 homes under contract in September 2008.

The number of Sold units dropped 16% from 19 sold properties in 2006 to 16 sold units in September 2008.

Radnor Township Comparison of Months Supply of Inventory

The Months Supply of Inventory has doubled, up 101% from 7.2 MSI to 14.5MSI in September 2008.

The Days On Marked has dropped 28% from 88 DOM to 63 DOM at the end of the Third Quarter, September 2008 for Radnor Township

*Data Courtesy of Trend Multiple Listing and Terradatum is deemed accurate but not guaranteed.

Contact or Call Judy 610-889-5509. When you need to know the answer to the question, “How’s the market?”, I can help.

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