Berkshire Hathaway welcomes sales associates
Linda Ostrowsky, manager of Berkshire Hathaway HomeServices Fox & Roach, Realtors Blue Bell office, welcomes back Leanor S. Judge as a sales associate.
Judge, ABR, SRS, has been licensed in Pennsylvania since 1983 and New Jersey since 2006 and first joined the company in 2012.
“I rejoined Berkshire Hathaway HomeServices Fox & Roach because they are the industry leader and have a tremendous amount to offer,” she said.
Judge is a member of the Montgomery County, Pennsylvania and National Associations of Realtors and specializes in firsttime buyers, sellers, new construction and over 55 communities. She resides in Whitemarsh Township and serves the suburban Philadelphia region.
Judge can be contacted at 215-542-2200 or by emailing leanor.judge@ foxroach.com.
Additionally, Sue Walsh and Patrick Gallagher, comanagers of Berkshire Hathaway HomeServices Fox & Roach, Realtors Chestnut Hill office, welcome Ellen Nalle Hass as a sales associate with Team Whetzel.
A second-generation Realtor, Hass specializes in the sale of new and existing homes in Chestnut Hill, Wyndmoor, Flourtown, Fort Washington, Blue Bell, Mt. Airy and downtown Philadelphia.
Hass previously served as the director of major gifts at Springside Chestnut Hill Academy and is
the board chair of the Morris Arboretum of the University of Pennsylvania and the president of the Henrietta Tower Wurts Memorial Foundation. Hass resides in Chestnut Hill with her husband, Jay, and they have three grown children.
She can be contacted at 215-247-3750 or by emailing ellen.hass@foxroach. com.
Sales prices rose in Philly area last month
Most of the Philadelphia real estate market experienced an increase in median sale prices in January, according to The Long & Foster Market Minute reports.
The greater Philadelphia real estate market includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties.
The Long & Foster Market Minute reports are based on data provided by TREND multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
When compared to last year, many parts of the Philadelphia region saw median sale prices increase, with Philadelphia County experiencing an 11 percent increase. In Delaware County, the median sale price increased by 9 percent, followed by Montgomery County with a 6 percent increase. In Bucks County, the median sale price rose by 1 percent, while it decreased by 3 percent in Chester County.
The number of homes sold increased in parts of the Philadelphia region compared to January of last year, with Chester County experiencing a 9 percent increase and Bucks County experiencing a 3 percent increase. In Delaware County, the number of homes sold rose by 2 percent, while Philadelphia County experienced a 2 percent decrease. In Montgomery County, the number of homes sold decreased by 6 percent.
Levels of active inventory decreased throughout the region in January. Philadelphia County experienced a 31 percent decline, while active inventory fell by 29 percent in Delaware County. In Bucks County, active inventory decreased by 28 percent, and in both Chester and Montgomery counties, it decreased by 22 percent.
Homes are continuing to sell at a steady pace, with many selling in two to three months on average. According to January data, the days on market (DOM) average was 60 days in Philadelphia County, 69 days in Chester County and 77 days in Montgomery County. The DOM average was 80 days in Bucks County, followed by Delaware County with a DOM average of 83 days.
“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing, too, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy spring market.”
Berkshire Hathaway CEO predicts steady market in 2017
Berkshire Hathaway HomeServices Fox & Roach, Realors Chairman and CEO Larry Flick expects the 2017 market to have steady growth.
“With notable growth in BHHS Fox & Roach’s market area this year,” Flick remarked, “we expect steady, yet moderate, growth to continue in 2017.”
Flick is forecasting a yearly increase of 4 percent in the number of houses sold.
“In 2016, there were 78,880 properties sold, a 10 percent increase over 2015’s total of 71,696,” Flick added.
There is also a modest increase in home prices. Data indicates that home prices in the 12-county Greater Philadelphia region have increased slowly since the 2011 bottom of the market, but in many areas remain off from their 2008 peak. Any change in home prices is tied to location and price range. This overview shows the change in home prices since 2011:
• Philadelphia and the Pennsylvania suburbs increased 8 to 9 percent.
• Southern New Jersey home prices increased by 3.4 percent.
• Central New Jersey’s prices increased 3 percent.
• New Castle County home prices were up 5.5 percent.
• Lehigh Valley, Allentown and its suburbs home prices have increased 3.6 percent.
• Shore home prices have increased since the 2010 bottom of the market, but in many areas remain off from the 2005 peak.
With the lack of inventory, sales are still up, but demand showed a decline in the second half of 2016.
A challenge with the lack of inventory is that the number of pending sales is significantly higher than new listings on the market.
“Most home sellers can benefit from reduced inventory,” he continued.
One observation is that today’s buyers are cautious. Flick noted many buyers are being more selective and patient in their decision-making process.
“Buyers today are waiting for the right home that meets their needs, one that is in move-in condition and is a good value,” he explained, “and buyers are not willing to pay more for a house than they believe it is worth.”
Noting this information, it is important for sellers to receive expert advice on staging and pricing their homes for sale.
The economy in 2016 remained steady.
“We’ve seen wage growth, which has been the missing link in stronger economic growth,” he remarked, “and this bodes well for an even stronger economy in 2017.”
These major factors will continue to influence this growth, along with still historically low interest rates, job growth and low unemployment rates.
“Taking all these factors into consideration, this is a good climate for consumers to buy and/or sell their home,” Flick said.