Home Sale Prices Up In Ardmore, Merion, Wynnewood Last Month
All three towns saw an increase in the median selling price for a home in January over December.
Overall, Lower Merion and Narberth had 63 home sales this January, up from 61 in December and up from 35 in January 2012, according to a report from Prudential Fox & Roach.
The most dramatic year-to-year gain was in Merion, where 6 homes sold in January, up from 1 home sold in January 2012.
Throughout the entire Main Line, 149 homes sold in January 2013, up from 122 in January 2012.
Median sale prices in January for the neighborhoods Prudential Fox & Roach tracks are as follows:
| # Sold in Jan. | Median Price | Median Price in Dec. | |
| Ardmore | 8 | $283,500 | $275,000 |
|
Bala Cynwyd |
7 | $375,000 | $242,500 |
| Bryn Mawr | 11 | $473,000 | $715,000 |
| Gladwyne | 9 | $865,000 | $1,100,000 |
| Merion | 6 | $540,500 | $407,500 |
| Narberth | 2 | $250,000 | $427,500 |
| Villanova | 7 | $700,000 | $725,000 |
| Wynnewood | 4 | $598,750 | $370,000 |
Tim Rabbit
11:35 pm on Thursday, February 21, 2013
But home sale prices in Gladwyne and Bryn Mawr were catastrophically down! (These month-to-month comparisons based on a small sample are a bad idea. They give a highly misleading impression of trends.)
Amanda Mahnke
9:44 am on Friday, February 22, 2013
Noted, Tim—how would you rather see us compare them?
Josh
11:16 am on Friday, February 22, 2013
How about a journalistic business article that explains our real overall situation? I mean providing background, implications, direction, the truth. You know, make it real. Like AOL is asking of Patch so you are considered a reliable news source. Talk about the appraisal situation in LM and how the new laws are forcing unqualified appraisers unfamiliar with LM. What are the implications of this to our market? Refi's? It's a problem... My 2 cents, thanks for listening.
Tim Rabbit
12:19 pm on Friday, February 22, 2013
Cumulative year-on-year comparisons would be more reliable, I believe. In other words, compare the most recent 12-month total with the prior 12-month total. If you use just one month's sales, the numbers get skewed and distorted by the outliers on both the low and the high ends.