Ww, Home Buyer in Bryn Mawr, PA

What caused the big jump in the average sales price for Bryn Mawr around 2010? (<600K to 800K according to the trend chart) is it property size?

Asked by Ww, Bryn Mawr, PA Mon Jun 20, 2011

Help the community by answering this question:

Answers

4
The main issue with Bryn Mawr is the fact that is such a desirable area to live. When people think of moving to the Main Line they usually think Bryn Mawr. If they find a house that is in reasonably good shape. Knowing that they still might have to change the kitchens and baths etc, it could still be a good buy. Who wouldn't want to live on a beautiful street in one of the best locations in the country in a terrific school district. The value for that area will always rebound! If you are still interested in looking give me call.
Web Reference: http://www.lynnbentley.com
0 votes Thank Flag Link Fri Jul 22, 2011
Bryn Mawr is a tough one!! With 3 school districts, it is hard to really give accurate numbers in that there are 3 townships-Lower Meion, Radnor, and Haverford..which are all different price wise.

What township are you looking in?
0 votes Thank Flag Link Thu Jul 21, 2011
TrEnd does not group by city, but by township, so not sure how you are getting that information, but I would not rely too heavily on that number since there are likely not a statistically significant number of sales to use. If just one or two big estates were to close in one year, that would skew the numbers. Another possibility is that a lot of lower priced homes sold during the first-time-homebuyer credit period.
0 votes Thank Flag Link Wed Jul 6, 2011
If you're talking about the info from trulia's charts
http://www.trulia.com/real_estate/Bryn_Mawr-Pennsylvania/mar…

You have to analyze. Here is what I see. In the Median Sales Price chart, looks like the Median Sales Prices are rising from Jan 2010. But are they really rising? Maybe the 1.8 million dollar house is now selling for 1.1 million, that would cause the median to rise. Maybe the banks took back a lot of properties. This may show up as "sold" for an excessive amount (ie back to the bank for the loan default amount). Looking at the "Number of Saels" chart, this sharp rise in prices starting January 2010 corresponds to a sharp decline in sales--which makes sense because less people will buy (or be able to buy) at high prices.

So Looking at "Bryn Mawr Summary" Trulia summarizes the data:

The median sales price for homes in Bryn Mawr PA for Mar 11 to May 11 was $609,500. This represents a decline of 22.8%, or $180,500, compared to the prior quarter and a decrease of 5.1% compared to the prior year. Sales prices have appreciated 15.4% over the last 5 years in Bryn Mawr. The average listing price for Bryn Mawr homes for sale on Trulia was $871,612 for the week ending Jun 08, which represents a decline of 1.3%, or $11,592, compared to the prior week and an increase of 0.8%, or $6,739, compared to the week ending May 18. Average price per square foot for Bryn Mawr PA was $219, a decrease of 4.8% compared to the same period last year.

Sounds like everything is ok, but is it? The important part to read out of all this is:

Average price per square foot for Bryn Mawr PA was $219, a decrease of 4.8% compared to the same period last year.

So Prices are still declining. Now look at the overview for Bryn Mawr:

http://www.trulia.com/real_estate/Bryn_Mawr-Pennsylvania/

Average price per square foot for Bryn Mawr PA was $219, a decrease of 4.8% compared to the same period last year. The median sales price for homes in Bryn Mawr PA for Mar 11 to May 11 was $609,500 based on 12 home sales. Compared to the same period one year ago, the median home sales price decreased 5.1%, or $33,000, and the number of home sales decreased 25%. There are currently 188 resale and new homes in Bryn Mawr on Trulia, including 7 open houses, as well as 14 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Bryn Mawr PA was $871,612 for the week ending Jun 08, which represents a decrease of 1.3%, or $11,592, compared to the prior week.

So for the three months March 2011 April 2011 and May 2011 there were 12 home sales. There are 188 homes for sales, plus another 14 homes in the pre-forclosure, auction, or bank-owned. So there are 202 homes for sale. If it takes 3 months to sell 12 homes, how long does it take to sell 202 homes? Answer? about 4 years. So there is about 4 years of inventory in your area. No hurry to buy. Wait another year or four to buy. Good Luck
0 votes Thank Flag Link Mon Jun 20, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer