Leverington Cemetery was established in 1745. The cemetery is located in Central Roxborough next to Bob’s Diner on Ridge Ave. The Cemetery includes graves of soldiers from both the Revolutionary War and the Civil War.
One of the great things about living in Roxborough is the festivals and events that are held throughout the year. Here’s our day at Roxtoberfest 2018. Hope you enjoy! Please join my email list below for more info about things to do and living in Philadelphia.
Roxtoberfest is an annual event hosted by the Roxborough Development Corporation. The event features food trucks, activities and games for kids, beer tents, and music. Several acts play on the events main stage (including a polka band). The Roxborough Pocket Park features a second stage with additional music acts.
The Pretzel Park Dog Park is an off-leash dog park located along Cresson and Cotton Streets one block away from Main Street in Manayunk. The park is a great place for dogs to run around and get some exercise and a great place to meet other local dog lovers.
The Upper Roxborough Reservoir Preserve is a 34-acre park bound by Port Royal Ave, Lare St, Summit Ave, and Eva St in Roxborough, Philadelphia. There’s a small parking lot on the corner of Port Royal and Lare. Stairs lead up to the path around the park where you’ll see views of the reservoir, a scenic field, and woods. There are two vistas along the path where you’ll find views of Upper Roxborough and the Center City skyline. The Upper Roxborough Reservoir Preserve is a great place to bring kids and for dog-walking (dogs must be on a leash).
By Jon Miller, Realtor®
Home Prices in Roxborough/Manayunk
Home prices in Roxborough/Manayunk are up. In April of 2017, the median sales price was $235,000 compared to the $210,000 in April of 2016. We saw a similar trend in March when the 2017 median sales price was $239,950 compared to $220,000 in March of 2016.
Over the three month period from February to April, the median sale price was $228,317, up 5.9% from $215,650 during the same period last year. If this trend continues, we should expect to see the median sales price in Roxborough/Manayunk of close to $238,000 in May. However, last year we saw a big jump in the median price between April and May from $210,000 to $225,000. If that happens again this year the median price could jump well above $250,000 but that’s not likely since the median price has remained in the $220’s for most of the remainder of 2016.
How Quickly are Homes Selling?
Homes are selling quickly in Roxborough/Manayunk. The median days to sell in April 2017 was only 17 days (half the homes that sold did so in less than 17 days and half in more than 17 days). For comparison, in the doldrums of 2011 when the median number of days to sell was 58 and 2012 when the median days to sell was 56 days. At the height of the real estate bubble in 2007, the median days to sell was 24 days. Year-to-Date, the days to sell in Roxborough/Manayunk is 37 days so that puts us in the middle, but closer to the speed of the market in 2007.
Is it a Buyer’s Market or a Seller’s Market?
Roxborough/Manayunk is currently in a Seller’s Market. Whether we’re in a Buyer’s Market or a Seller’s Market is determined by the number of months it would take to sell all of the homes that are currently on the market if no new homes went on the market. This is also called the Absorption Rate. Seller’s Markets are when there are between 0 and 4 months of inventory, balanced markets are when there are 5-7 months of inventory, and Buyer’s Markets are when there are 8 or more months of inventory.
In April 2017, there were only 3 months of inventory. That puts Roxborough/Manayunk comfortably into a Seller’s Market. Between April and May of 2016, we went from 4 months of inventory to 3 months of inventory. If the same pattern holds we could see only 2 months of inventory in May. This would be a very strong Seller’s Market.
What Do Home Buyers Need to Know?
If you’re planning on buying a home in Roxborough/Manayunk it will be helpful to be well-prepared for when the right home comes along. In April of 2017 there were 189 homes on the market, down 14.5% from the April 2016. Demand is up and inventory is down compared to the same time last year and that means that there’s more competition for homes so multiple offer situations are likely. This is especially true for homes that have been recently renovated and are offered at a fair price. Many of these homes are selling within days.
Sales prices are increasingly close to final asking prices (the list price before getting an offer). The median sales price to last list price ratio for April 2017 was 98.9% of the last asking price. That’s a 1.2% increase over April 2016. This number is another indication of the increased demand for homes and homes getting multiple offers. With more competition, and fewer homes to choose from, homes sell closer to their final asking prices. To be competitive, offers should be closer to the asking price in order to be considered. In some cases, offers will have to be above the asking prices in order to be the winning bid.
For those considering buying a home in Roxborough/Manayunk in the next few months, don’t wait until the right home comes along to start the legwork of selecting a real estate agent and talking with a lender about financing options. An agent advertising on one of the big listing portal websites may or may not have experience working in the area and dealing with multiple offers. You’ll also want to have a loan pre-approval in-hand before shopping for homes in-person because when the right home goes on the market there will be a good chance that it will be the home that others have been looking for, as well. Many would-be home buyers miss the opportunity to make an offer on a great home because of the time that it takes to get the necessary loan paperwork together to make an offer.
If you’re considering buying a home, the best approach is to start with a phone call to go over the basics of the process, discuss wants and needs, and to answer all of the initial questions that home buyers have. After that, I can send you my list of local lenders who can discuss various financing options, answer financing questions, and narrow down the price range. Once we have that we can take a look at what’s available in the price range, assess the market, and start the process of seeing homes. To schedule a time to talk, please call me at 215-839-6034, send me an email at email@example.com, or fill out the form below.
What Do Sellers Need to Know?
Sellers need to know that home buyers are out there and they are actively looking and making offers. But, asking prices need to be close to the value of the property to drive interest and traffic. Since home buyers have access to every home for sale online they make very quick decisions about whether or not it’s worth their time to schedule an in-person showing. Homes should look their best . . . spacious, bright, airy, and clean. The more ‘move-in ready,’ the better. Professional photography always helps to make a home show it’s best.
The asking price is always critical. If you’ll be listing your home, the asking price should be reflective of recent sales of similar homes (as always). It’s a common mistake for sellers to ask too high price because it’s a seller’s market. Since buyers have access to all of the listings online, and they’re constantly looking through the listings, they can spot an overpriced listing after looking at a few photos. When in an extreme Seller’s Market these buyers may schedule showings on every new listing ‘just in case’ they’re a little more choosy in a moderate seller’s market so it’s still important to get the asking price right (and make adjustments if it isn’t).
The two most common questions that sellers ask are . . .
- How much is my home worth?
- What should I do to get the house ready to sell?
While online home value estimates provide a ballpark figure, they are not exactly known for their accuracy. The best way to find out how much your home is worth is to have an experienced local agent take an in-person look at your home and show you both the recent sales of similar homes in the area and provide an assessment of the current market. When I meet with potential selling clients, I like to find out some basic details over the phone and then put together a market overview. After seeing the home in-person I can get a better idea of where in the range the value should be considering the specific location and condition of the property. If it makes sense for the seller to list, we’ll make a listing plan to get the home ready to sell and I’ll add any final touches before scheduling the photos. Most homes can be ready to list within a few days to a few weeks. To discuss selling your home, please call me at 215-839-6034, email me at firstname.lastname@example.org, or fill out the form below.
New Real Estate Listings in Roxborough/Manayunk
By Jon Miller, Realtor®
The Roxborough PA real estate market is in a moderate seller’s market with home values increasing over last year and homes selling more quickly than the same time last year. Below is your October 2016 Roxborough Real Estate Market Report for October 2016. Please be sure to sign up for email updates of future posts and additional real estate information.
How is the Roxborough Real Estate Market?
Roxborough real estate is currently in a moderate seller’s market. The state of the market is best indicated in terms of the Absorption Rate (the number of months that it would take to sell the current inventory of homes on the market if no new homes were to go on the market). Most consider 5-7 months of inventory to be a balanced market. Fewer months of inventory is a seller’s market and more than 7 months of inventory is a buyer’s market.
As of the end of September 2016, there are 4 months of inventory making Roxborough a moderate seller’s market. This is an improvement for sellers compared the same time last year when the market was balanced with 6 months of inventory.
Year-to-Date through September 2016, Roxborough has averaged 3.5 months of inventory compared to 6 months of inventory for the same period in 2015. Through the last 3 months of 2015, Roxborough averaged 7 months of inventory (a balanced market slightly favoring buyers). If the current trend continues through the rest of the year, Roxborough should continue to see a moderate seller’s market to a balanced market that slightly favors sellers.
How Quickly are Homes Selling in Roxborough?
How quickly homes are selling is another indicator of the state of the real estate market. To compare how quickly homes are selling I prefer to look at the Median Days on Market (DOM). I prefer to use the median instead of the average because some homes can stay on the market for unusually long periods which has a higher chance of skewing numbers leading to misinterpreted data. Using the median, we know that half of the homes sold in less than X days and half sold in more than X days.
In September 2016, the Median Days on Market for sold homes in Roxborough, Philadelphia, was 17 days. Half of the homes sold did so in less than 17 days and the other half took more than 17 days to sell. This is an improvement over the prior two months where Roxborough saw a median of 20 days (August) and 27 days (July). It’s also an improvement over September of 2015 where the median Days on Market was 30 days.
Year-to-Date the Days on Market in Roxborough is 28 days. During the same period last year, Q1-Q3, the median Days on Market for homes in Roxoborough was 46 days.
Homes in Roxborough are selling more quickly this year than last year and selling more quickly in September compared to the last several months. September saw the fewest median days on market since April 2016 when the median Days on Market was 16 days.
With a median Days on Market for sold homes of 17 days, Roxborough homes are selling relatively quickly when compared to all of Northwest Philadelphia (20 days) and all of Philadelphia (24 days).
Roxborough PA Home Prices
Home prices in Roxborough PA have increased over last year. In September 2016, the median price of sold single-family homes was $225,903 (a 5% increase over September of 2015’s median sold price of $215,000). Through September, every month in 2016 has seen increased prices compared to the same month last year except for July which saw a 5% decrease compared to July of 2015. Year-to-Date the median home value in the 19128 zip code is $222,500, a 7% increase over the same period last year when the median home value was $208,000.
As you can see in the chart below, home prices in Roxborough were still strong in the last 3 months of 2015. Given the upward trend over last year that Roxborough has seen, home prices will likely continue to remain strong through the end of year.
More Roxborough homes sell in the $200,000 to $250,000 price range than any other with 192 sales between $200,000 and $250,000 from October 2015 through September 2016. This price range makes up 36% of all Roxborough single family home sales, about the same as last year. The $250,000 to $300,000 is showing the greatest year-over-year sales growth. In the last 12 months 91 homes have sold in this price range compared to 53 in the 12 month period ending in September 2015. Home sales in the $350,000 to $400,000 also saw a large increase with 11 home sales in the twelve month period ending in September 2015 compared to 20 in the twelve month period ending in September 2015.
Are Seller’s Getting to their Asking Price?
The sales price to last list price ratio tells us how close sellers are getting to their asking price at the time they sell the home. Using this ratio indicates to sellers how close their asking prices need to be to the price that buyers are willing to pay for their home. Year-over-Year through September of 2016, the sales price to median last list price ratio has remained relatively the same with sellers getting a median of 97.85% of their sales price in 2016 compared to 97.5% in 2015. That means that for the average single-family home with a value of $225,000, buyers are willing to make offers when seller’s asking prices are within 2.15%-2.5%, or priced no higher than $230,000.
This is further evidenced by the median sales price to the original asking price ratio. In Roxborough, the median sales price is 96.55% of the original asking price in the 12 months ending in September 2016. The difference between the median original asking price and the median final asking price is only .95%. This reflects what we see in the market . . . Buyers are reluctant to make offers on homes that are even very slightly overpriced. Home buyers are keeping a constant watch on the market and have easy access to information on homes for sale so they are well-versed with home values in their target neighborhoods.
Comments and Contact
Do you have comments or questions about the Roxborough Real Estate Market? Please feel free to comment below or send me an email at email@example.com.