Ardmore Sees Gains in February Home Sales
Find out which neighborhoods in Lower Merion and Narberth experienced the most dramatic year-to-year gains.
Overall, Lower Merion and Narberth had 43 home sales this February, up from 38 in February 2012, according to a report from Prudential Fox & Roach.
The most dramatic year-to-year gain was in Narberth, where 5 homes sold in February 2013, compared to 1 home in February 2012 and 2 in February 2011.
In Lower Merion, the biggest gains were in Ardmore and Villanova. In Ardmore, 13 homes sold in February 2013, up from 7 homes sold in February 2012 and 9 in February 2011. In Villanova, 5 homes sold this February, compared to 2 in February 2012 and 7 in 2011.
Throughout the entire Main Line, 118 homes sold in February, up from 92 in February 2012 but down from 133 in February 2011.
Median sale prices in February for the neighborhoods Prudential Fox & Roach tracks are as follows:
- Ardmore: $246,500 (down from $280,000 in February 2012)
- Bala Cynwyd: $397,000 (up from $374,250 in February 2012)
- Bryn Mawr: $325,000 (down from $688,500 in February 2012)
- Gladwyne: $1,140,000 (up from $1,350,000 in February 2012)
- Merion Station: $355,000 (down from $546,500 in February 2012)
- Narberth: $225,375 (down from $305,000 in February 2012)
- Villanova: $987,500 (up from $840,000 in February 2012)
- Wynnewood: $245,000 (down from $360,250 in February 2012)
CDD
10:26 am on Saturday, March 23, 2013
While the number of homes sold in each community might indicate some kind of trend, publishing the median sales prices and their 'up or down' is meaningless. Every community has a variety of home types with varying values--some worth more than others--so it all depends where these sales were and which homes in the community were sold. Therefore, to try to show that there is some kind of pricing 'trend' by publishing the median in each community is misleading and indicative of nothing important at all. One huge, expensive estate sold in any one of these communities will bring the median up, and the sale of one small row home, twin, or cottage in another will bring the median down. The true index of sale price trending is neighborhood by neighborhood which is never disclosed in these kinds of reports.