Market Conditions for Blue Bell, Pennsylvania Reported by Joann Scaduto, ABR, CRS, GRI, RECS Updated October 9, 2008.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

There were 61 residential units listed in Whitpain & Lower Gwynedd Townships in September with 19 sold units. The average sold/settled price was $426,773 with the highest sold price at $1,704,290.

Lawrence Yun, NAR chielf economist, indicated that dales have been rising & falling within a narrow range. "The vacillation of data from one month to the next indicates a housing market in transition," he said. "The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009."

Home prices did not fall as much as anticipated int he 2nd quarter according to Yun. "Buyers entering the hardest-hit markets, in some cases with multiple-bid offers, may have put a floor on prices," he said. Home prices are estimated to increase 3-6 % in 2009.

"Builders need to further cut production to help trim inventory. However, new-home sales are expected to bottom around the second quarter of next year with slight gains in the second half of 2009," Yun said. New-home sales are projected to drop 8.8 % in 2009 from this year.

ZIP Codes: 19422, 19002, 19477, 19437, 19436

Location Characteristics: Residential, suburban community with award-winning Wissihickon School District.

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