Raj, Home Buyer in Chesterbrook, PA

Bryn Mawr - Why home prices have dropped so much?

Asked by Raj, Chesterbrook, PA Sat Mar 22, 2008

I see that prices for homes in Bryn Mawr (PA) have dropped significantly, even after considering the overall softness in the market. Any reason?

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Answers

4
Hi Rajesh, thanks for reading my response. I will try to narrow down the data then to help you.
Based on Zillow.com's 1 year market value change http://realestate.yahoo.com/Pennsylvania/Bryn_Mawr
the average is up nearly 25k for the year.

Now, looking at the price change since Feb (-23.8%) one could infer that prices have plummeted, but more likely it is that owner's in the lower price range are listing, and those with pricier homes are pulling back from listing during this soft spot.

Hope that helps!
Web Reference: http://www.askthebigguy.com
0 votes Thank Flag Link Tue Mar 25, 2008
Chris,

I am specifically talking about Bryn Mawr's 500K+ houses, not other mainline areas like Berwyn, Devon or Wayne.

Rajesh
0 votes Thank Flag Link Tue Mar 25, 2008
Hi Hi,

Could you post a link pertaining to case/shiller index?
Thanks,

Raj
0 votes Thank Flag Link Tue Mar 25, 2008
The fact is, they have NOT dropped significantly. They have softened, but the average price for a $600k home on the Main Line is off by about $40k. This does not reflect the comparable conditions of those properties, so $40 is a reasonable spread.
0 votes Thank Flag Link Tue Mar 25, 2008
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