Carl Adams Homes • Keller Williams Real Estate: Media Borough, PA 19063 Real Estate First Quarter Results

So it looks like the snow may be finally over and we get to the first bench mark for real estate in Media Borough; the end of the first quarter. Media Borough continues to be in demand due to its ease of walking, the viable business district and the easy access to transportation and the Philadelphia Airport.

Septa reports increased ridership on the Media Local, the trolley and bus lines. This is a first in many years, and will continue the trend of popularity of living in Media. Night life continues to be strong in the many restaurants in town including the world famous Towne House, IronHill, Quotations, Ariano, Azie, Fellini’s, Shere-E-Punjab & Picasso. Who wouldn’t want to be within walking distance to any of these.

How was the first quarter for Real Estate in Media? The winter definitely put a damper on our business over all. No one wants to look at houses in the snow and slop and typically we would advise a seller to hold off listing their home for sale until weather improved. Some houses in Media that came on the Market during the fourth quarter sold in days with multiple offers. Make no mistake; the demand is there, but let’s look at the numbers.

For the purists, keep in mind we have a very small statistical sample. This small sample can cause confusion if you are not familiar with the Borough and specifically, the type/style of home that sold. No worries though; we’ll get you through it.

12 homes changed hand in Media between January 1, 2014 and March 31, 2014. This is a significant improvement over 2011 and 2012 but a reduction of 36% since last year. So sales are dipping and the market is getting better for the buyer right? No, while the total units sold were less, there were less homes for sale during 1^st quarter than in past years. During the first quarter in 2014, buyers had a choice of 21 homes and twelve of those homes sold.

First quarter 2014 saw a fairly even distribution of home styles sold. This is an important consideration for when we take a look at the average and median sold prices during the quarter, as this distribution was not as even in previous years which will effect both average and median prices.

In 2013, there were more homes available across the board for sale than there were in 2014. Another factor we will look at in 2013 is that sales townhomes in Media were 3x higher than in 2014 by unit. This was more than likely due to the weather issue and we will expect to see an increase in this category for the second quarter.

So how long did it take to sell a home in Media? 21 days was the average time on the market. A closer look at the data though and the number is actually about half of that, if we take the outlier listings out, that have been on the market for almost a year. Looking at the trend in median, days on the market we see a truer picture, with homes selling in less than half the time it took in 2011 and 2012.

How much will it cost me to buy a home in Media? Average price was @$270,000 and the media price was @$235,000 for the first quarter of 2014. Sounds like a bargain, right? To get a more accurate picture of your cost, you really need to take a look at the style of home (condo, townhome, twin or single) you are thinking about. With the lower price of the sold condominiums in Media, it makes it look more affordable than it actually is. If you are looking for a single family home in Media, you are probably starting at the high 300’s.

Did that help? No? give us a call and we would be glad to talk with you about moving toMedia. Do you want to keep up to date with what is going on in the market, click the link below for our free MediaReal Estate Market insider report.