Great signs of growth in the real estate market are emerging. The Montgomery County Planning commission issued a report yesterday, indicating probable support that the market has fully recovered from the 2007 crash and is now on the rise. This too, includes the Glenside area.
In 2017, Montgomery County, Pa. the overall median sales price of $285,000 reflected an increase of 2.3 percent. In total, 12,202 homes were sold in the county, resulting as the most sold units in the last ten years.
The report itself, is broken down by looking at units in terms of existing and new. The existing units median sales price increased by a rate of 2.2 percent, which is the best gauge of actual home values. As for new units, the median sales price of $453,000, grew with an increase of 1 percent. The new construction units are credited for continuously producing higher value homes, across all housing types.
The increase in sale price was evident through most housing types. Single-family detached home prices increased by 1.5 percent, while attached home prices increased 1.3 percent. The multifamily category also increased in 2017, but that category is typically more variable and less reflective of general trends due to fewer transactions.
On a local level, take a look at the Glenside market during the previous two years. In 2016, Trend MLS shows that there were a total of 290 units sold at an average price of $262,394. In 2017, 314 units were sold in the same area, with an average sold price of $277,061. Dissecting the numbers a bit further, the single family detached homes went from a total of 281 in 2016 to 305 homes sold in 2017. The attached homes only grew by 1 coming in at 9 in 2016 to 10 in 2017. The outcome for Glenside is definitely encouraging, clearly displaying an increase of number of units sold as well as a rise in average price.
Many towns and boroughs in Montgomery County are also seeing the increase in median value due to low inventory, relative to other municipalities. This in turn, has also decreased the average amount of days on the market. Since 2016, the number of days a home sits on the market has dropped by 13 days. This is a strong indicator of a a “hot” market.
“The quality of life in Montgomery County, boosted by our parks and trails, great school districts, and welcoming communities, has catalyzed the recovery of our housing market,” said Dr. Valerie Arkoosh, Chair, Montgomery County Board of Commissioners. “The desire to live in Montgomery County and participate in its growing economy is reflected by the data in this new report.”
The report, which also highlights emerging trends in the county and provides data for each municipality, is available in MCPC’s online data portal at www.montcopa.org/PlanningDataPortal. Check out the data portal for other interesting reports