2015 Median Prices for Housing 10,489. Montgomery County Data: Housing. homes were sold in 2015, highest in the last seven years

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1 Montgomery County Data: Housing 10,489 homes were sold in 2015, highest in the last seven years Overall median sales price went up $450 in 2015 MEDIAN PRICES FOR HOUSING 2015 s for Housing Montgomery County, Pennsylvania Despite a period of economic deflation for the Philadelphia region in 2015, overall median housing prices in Montgomery County slightly improved and remained fairly constant across all types. The gain was modest, but it was only the fourth increase over the last eight years since the housing market bubble burst in The number of market-rate sales also increased and became the highest total since A continued increase in sales activity after the historically low totals could help drive housing prices up in the future. Overall, Montgomery County had 10,489 market-rate sales of homes in 2015 with a median sales price of $270,350. This data is based solely on the units that sold in a given year, not the actual value of all units in the county. A better gauge of actual home values is to isolate the sales data for existing units since new units tend to be priced higher, and the level of new construction can influence the annual medians beyond market-rate prices. In 2015, the median sales price for existing units remained identical to 2014, but still higher than the regional inflation rate of -.7%. Housing Types Each of the three major housing types were very close to the prior year s median price. Only the median sales price for single-family detached (SFD) increased, while single-family attached (SFA) and multifamily (MF) homes both declined in The median sales price for multifamily units has declined over the last five years partially due to the surging apartment rental market that has resulted in very few new owner-occupied multifamily projects being built. New Homes The median sales price of all new units built and sold in 2015 was $392,733. This was a 0.9% increase from the 2014 median. While there were more new units being sold across all housing type categories, the amount is still well below pre-recession figures. New single-family detached homes increased by 0.7% to a median sales price of $450,356 and new single-family attached homes rose 9% to $350,708. New townhome projects are being built at increasingly higher price points as the market captures more potential buyers who can t attain the cost of new single-family detached housing. Municipalities Local sales prices generally reflect the stability in house prices. Thirty-six out of the sixty-two municipalities in the county experienced an increase in their overall median sales price. sales prices for municipalities should be considered carefully. Often there are so few units sold that prices will fluctuate from one year to another. New developments can result in an exaggerated change between annual figures. Also, a change in the mix of housing types sold from one year to the next can drive changes in the median price. 1 price for new attached singles increased the most in 2015 price for a new detached single $450,356

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3 Countywide Sales Figures in Montgomery County, Pennsylvania ALL UNITS All Types $267, % 9,895 $269, % 9,670 $270, % 10,489 SFD $310, % 6,232 $314, % 6,111 $315, % 6,579 SFA $223, % 3,050 $224, % 2,944 $223, % 3,306 MF $149, % 613 $145, % 615 $145, % 604 NEW UNITS ONLY All Types $375, % 966 $389, % 848 $392, % 917 SFD $419, % 441 $447, % 385 $450, % 422 SFA $333, % 497 $321, % 456 $350, % 495 MF $205, % 28 $211, % 7 N/A N/A 0 EXISTING UNITS ONLY All Types $255, % 8,929 $260, % 8,822 $260, % 9,572 SFD $300, % 5,791 $300, % 5,726 $305, % 6,158 SFA $210, % 2,553 $212, % 2,488 $210, % 2,811 MF $145, % 585 $145, % 608 $145, % 604 All sales less than $20,000 have been excluded. Source: Montgomery County Board of Assessment Appeals. Average Annual 30-Year Fixed Mortgage Interest Rate* 3.98% 4.17% 4.01% Annual Inflation Philadelphia Region Consumer Index** 1.2% 1.3% -0.7% Source: *Freddie Mac **Bureau of Labor Statistics 3

4 Red indicates a loss in median sales price from 2014 to 2015 Municipality 2015 Sales s For Housing in Montgomery County, Pennsylvania All Units Sales All Units # SFD SFD Units # HOUSING TYPES SFA SFA Units # MF MF Units # Sales Change Percent Change Abington $240, $255, $185, $144, $1, % Ambler $250, $276, $195, * 0 $0 0.0% Bridgeport $169, $205, $160, * 0 $9, % Bryn Athyn $412,500 8 $412,500 8 * 0 * 0 $32, % Cheltenham $237, $254, $155, $74, $7, % Collegeville $302, $338, $246, * 1 $42, % Conshohocken $286, $305, $287, $272, $10, % Douglass $279, $295, $155, * 0 $32, % East Greenville $132, $190,000 9 $129, * 0 ($3,000) -2.2% East Norriton $230, $246, $189, $160, $9, % Franconia $285, $300, $267, * 0 ($5,000) -1.7% Green Lane * 3 * 2 * 1 * 0 N/A N/A Hatboro $217, $245, $164, $127,000 6 ($2,299) -1.0% Hatfield Boro $218, $200, $285, * 0 ($24,250) -10.0% Hatfield Twp $265, $285, $225, * 1 $3, % Horsham $283, $345, $229, $169, ($15,950) -5.3% Jenkintown $130, $291, $210, $80, ($10,000) -7.1% Lansdale $218, $238, $178, $162,900 5 $23, % Limerick $289, $355, $226, $153, ($5,100) -1.7% Lower Frederick $185, $274, $175, * 0 $ % Lower Gwynedd $450, $585, $335, $177, $27, % Lower Merion $539, $650, $290, $175, $5, % Lower Moreland $361, $364, $350,000 5 $267,500 9 ($13,500) -3.6% Lower Pottsgrove $191, $210, $127, * 0 $16, % Lower Providence $287, $307, $270, * 0 ($7,350) -2.5% Lower Salford $325, $385, $217, * 2 $28, % Marlborough $355, $355, * 0 * 0 $5, % Montgomery $295, $430, $263, $157, ($17,250) -5.5% Narberth $400, $530, $334, $212,750 6 ($30,000) -7.0% New Hanover $303, $326, $240, * 0 ($8,813) -2.8% Norristown $120, $141, $119, * 0 $2, % North Wales $206, $239, $179, * 0 ($25,450) -11.0% Pennsburg $190, $239, $189, * 0 $20, % Perkiomen $255, $295, $180, * 0 $14, % Plymouth $304, $309, $352, $115, ($6,000) -1.9% Pottstown $113, $127, $95, $64,500 6 $3, % Red Hill $189, $204, $182, * 0 $6, % Rockledge $199, $222, $180, * 0 ($2,000) -1.0% Royersford $179, $219, $179, $70,000 7 ($3,050) -1.7% Salford $285, $287, $284,750 6 * 0 $1, % Schwenksville $136, $225,000 7 $134,000 6 * 0 ($13,400) -8.9% Skippack $336, $388, $225, $205,000 7 ($28,750) -7.9% Souderton $208, $239, $175, * 0 ($1,149) -0.5% Springfield $330, $307, $379, * 0 $31, % Telford $183, $212, $175, * 0 ($16,500) -8.3% Towamencin $289, $336, $236, $125, $8, % Trappe $245, $298, $238, * 0 $20, % Upper Dublin $350, $390, $262, $126, ($5,000) -1.4% Upper Frederick $181, $270, $167, * 0 $7, % Upper Gwynedd $295, $340, $257, $123, $20, % Upper Hanover $275, $318, $223, * 0 $41, % Upper Merion $249, $293, $240, $159, ($25,050) -9.1% Upper Moreland $240, $242, $156, * 0 $5, % Upper Pottsgrove $202, $203, $202, * 0 ($4,758) -2.3% Upper Providence $330, $433, $293, $102, ($19,414) -5.5% Upper Salford $275, $284, * 0 * 0 $3, % West Conshohocken $375, $542, $300, * 0 $28, % West Norriton $184, $225, $169, $138, $3, % West Pottsgrove $129, $129, $115, * 0 ($9,800) -7.0% Whitemarsh $336, $340, $340, $128, $11, % Whitpain $436, $480, $380, $166,750 6 $49, % Worcester $392, $468, $335, * 0 ($44,000) -10.1% Montgomery County $270,350 10,489 $315,000 6,579 $223,500 3,306 $145, $ % All sales less than $20,000 have been excluded. *Less than 5 sales. Source: Montgomery County Board of Assessment Appeals. 4

5 2015 Housing s by Municipality 5

6 Glossary The median is the exact middle of a distribution of numbers. The figures given for the median price in this report represent the sales price that is the exact middle sales price of the total number of sales for all units, new units and existing units. All Units All units include homes that were constructed prior to 2015 and sold during 2015, and homes that were built and sold in New Units New units include homes that were built and sold in Existing Units Existing units include homes that were constructed prior to 2015 and sold in Single-Family Detached (SFD) These units comprise a single stand-alone dwelling unit and are not attached to any other structure with the exception of a garage. Single-Family Attached (SFA) These units include row homes, 3-4 unit homes and both twins and townhouses. These types of units are attached to other units and are separated by one or more walls extending from ground to roof. Multifamily (MF) These units include apartments and usually are comprised of buildings having two or more units with entrances that share a common hallway. MEDIAN PRICES FOR HOUSING 6