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Delaware Valley Real Estate Market Trends

Fall 2017 Delaware Valley Real Estate Market Update

Delaware Valley Real Estate Market Trends

The Fall 2017 Delaware Valley Real Estate Market is up but also down.

Sales in the Delaware Valley Real Estate and Lehigh Valley Real Estate market exceeded last November by 4.7% and are now up 7.8% Year-To-Date. Sales have cooled a bit after a very strong start to 2017, but are still exceeding last year every month. The Fall 2017 Delaware Valley Real Estate Market is up but also down.

The median sold price is up just 1.4% this year, below the expectations of most housing market experts however, the median sold price in Pennsylvania is up 4.4% Year-To-Date. Delaware median sold prices are the same as in 2016 while New Jersey has seen a slight decline of 0.6% due primarily to an increase in foreclosure sales.


Fall 2017 Delaware Valley Real Estate Market Update

Delaware Valley Real Estate: Settled Listings
Category November 2016 November 2017 Change
Residential Real Estate 6,760 7,078 4.7%
Lots, Land and Farms 111 129 16.2%
Multi-Family 223 234 4.9%
Commercial 169 145 -14.2%

Sales in the Fall 2017 Delaware Valley Real Estate Market Update region were up 4.7% compared to last November, while Bucks County sales were down 12.9%. Year-to-date sales in TREND are up 7.9% year-to-date.

Delaware Valley Real Estate: Median Home Price
Category November 2016 November 2017 Change
Residential Real Estate $212,500 $215,000 1.2%
Lots, Land and Farms $60,500 $122,000 103.3%
Multi-Family $150,000 $138,950 -7.4%
Commercial $150,000 $110,000 -26.7%

The median sold price throughout the Delaware Valley and Lehigh Valley market was up 1.2% from last November, while Bucks County was down 0.3% compared to last November. The fall 2017 Delaware Valley Real Estate Market Update reveals that the year-to-date the median sold price in the local real estate market is up 1.4% while Bucks County is up 5.5%.

Click here for Bucks County Home Sale Data Fall 2017 Report.

2015 Home Remodel Project Report

2015 Home Remodel Project Report: Cost versus Value

Cost versus Value 2015 Report

Cost-Versus-ValueConsidering a remodel job at your home or property? Think again. You should always consult a handy “Cost vs Value” chart to see if your project is on the list… and how you can benefit (or not). Many times, unless you plan to enjoy the addition, kitchen remodel, bathroom remodel or new windows and siding before selling, you may decide it’s not worth the time, energy and expense to remodel.

The following chart shows how your remodel project stacks against the price paid versus price earned when you go to sell that improvement. It’s based on the Northeast region encompassing Pennsylvania and New York. While it’s slightly adjusted for the region, it’s within a small percent of the rest of the country. So plan accordingly.

2015 National Averages
Middle Atlantic

Project
Job
Cost
Resale Value
Cost Recoup
Job
Cost
Resale Value
Cost Recoup
Change vs 2014
Attic Bedroom $51,696 $39,908 77.2% $54,873 $37,563 68.5%
Backup Power Generator $12,135 $7,263 59.9% $12,445 $7,010 56.3%  
Basement Remodel $65,442 $47,637 72.8% $69,012 $39,926 57.9%  
Bathroom Addition $39,578 $22,875 57.8% $41,708 $19,658 47.1%  
Bathroom Remodel $16,724 $11,707 70.0% $17,497 $10,200 58.3%  
Deck Addition (composite) $15,912 $10,816 68.0% $16,313 $10,147 62.2%  
Deck Addition (wood) $10,048 $8,085 80.5% $10,512 $7,349 69.9%  
Entry Door Replacement (fiberglass) $2,926 $2,107 72.0% $2,967 $1,972 66.4%  
Entry Door Replacement (steel) $1,230 $1,252 101.8% $1,259 $1,115 88.5%  
Family Room Addition $84,201 $53,955 64.1% $87,505 $48,409 55.3%  
Garage Addition $52,382 $33,938 64.8% $55,846 $30,932 55.4%  
Garage Door Replacement $1,595 $1,410 88.4% $1,640 $1,270 77.5%  
Home Office Remodel $29,066 $14,155 48.7% $30,151 $11,674 38.7%  
Major Kitchen Remodel $56,768 $38,485 67.8% $58,536 $35,481 60.6%  
Manufactured Stone Veneer $7,150 $6,594 92.2% $7,239 $5,652 78.1%  
Master Suite Addition $111,245 $68,596 61.7% $115,020 $61,963 53.9%  
Minor Kitchen Remodel $19,226 $15,255 79.3% $19,957 $13,516 68.0%  
Roofing Replacement $19,528 $13,975 71.6% $20,084 $11,445 57.0%  
Siding Replacement (vinyl) $12,013 $9,694 80.7% $12,575 $8,621 68.6%  
Sunroom Addition $75,726 $36,704 48.5% $78,248 $32,348 41.3%  
Two-Story Addition $161,925 $103,848 64.1% $169,889 $92,503 54.4%  
Window Replacement (vinyl) $11,198 $8,163 72.9% $10,666 $6,911 64.8%  
Window Replacement (wood) $11,341 $8,937 78.8% $11,690 $7,730 66.1%  

Want to know the Cost versus Value for your home? Contact HMSRE and one of our REALTORS and licensed Real Estate Agents today to see how we let our clients Take More Home!

Call us toll-free @ 1-866-502-LIST