Housing market needs more than 300K affordable homes, NAR report says
The National Association of Realtors (NAR) recently released a report stating that the U.S. is about 320,000 affordable homes short, according to an analysis by NAR and Realtor.com. According to the report, the country needs more homes priced for middle-income buyers — defined as households earning up to $75,000. Affordable housing is defined as homes listed for up to $256,000. In April 2023, less than one-quarter of listings were under that price, while more than half (51%) of U.S. consumers are considered middle-income. In 2018, more than half of the homes listed were affordable to those earning a middle-income wage. Most of the inventory on the market today is unaffordable to the average American. About 23% of inventory was listed for $680,000 or above. In a balanced market, that percentage would be closer to 11%. At the end of April 2023, around 1.1 million homes were listed for sale, and while that is a slight increase, more affordable inventory is necessary.
Source: PAR JustListed; 6/8/2023

Investor homebuying dropped nearly 50% in Q1
With lower inventory and higher interest rates, investors bought 48.6% fewer homes in the first quarter of 2023. According to Redfin, the year-over-year decrease is the largest since the site began tracking. Overall home purchases fell as well, but only 40.7%. Investors bought 41,181 homes in the first quarter of 2023, compared to 80,128 in the first quarter of 2022. The record high was 95,124 in the third quarter of 2021, when interest rates were still historically low. Read more here.
Source: PAR JustListed; 6/15/2023

PA Treasurer warns of scam emails
Pennsylvania Treasurer Stacy Garrity warned the public that scammers are targeting Pennsylvanians with sophisticated phishing emails. The emails are designed to look like they have been sent from the Pennsylvania Treasury Department and include a link that leads to a fake version of the Treasury website. Anyone who clicks on the link is then prompted to enter login credentials. “Do not do this!” Garrity said. “Treasury will never use unsolicited emails or texts to request personal information.” Anyone who receives one of the messages or has questions can contact the Treasury.
Source: PA Treasury; 6/16/2023

Bucks property values continue to soar
An analysis of data from RealtyTrac, Zillow and the U.S. Census Bureau shows soaring home prices in Bucks County, with some communities seeing property values that have more than doubled in the past five years. The hottest areas are near country clubs, parks and major roads accessible to Philadelphia. Property values for single-family homes in Breadysville, Northampton Township, have increased 83% from $405,800 to $740,700 since 2017. The heart of New Hope has seen the price of housing jump 64% from $530,800 to $869,000, according to federal housing records. The Brittany Farms-Highlands neighborhood in New Britain Township is also popular, with the average home price rising 64% from $238,800 to $392,500. Single-family homes in Eddington, Bensalem Township, have seen a 73% jump in value from $238,200 to $403,100 between the years 2017 and 2022. A section of Morrisville just north of Snipes Farm has seen a 57% increase in five years, from $205,100 to $321,100. Three sections of Levittown — Lower Orchard, Upper Orchard and Juniper — have risen in average property value from $254,000 in 2017 to $360,900 in 2022, according to federal data. Read the full article and view an interactive map at the Bucks County Courier Times.
Source: Bucks County Courier Times; 6/15/2023

Pennsbury board ceases Morrisville merger talks
The Pennsbury School Board recently voted 5-2 to stop talks with the Morrisville School District over a possible merger. Board members who voted against continuing merger talks cited the need to focus on the district’s current student population of 2,800, while recognizing there is “a value to merging,” said Dr. Joanna Steere, a board member who voted to stop talks. Board Member Joshua Waldorf voted against ceasing talks because he did not like how the resolution was worded. He also said he was "extremely disappointed" that the state did not get more involved in the merger talks. Before the vote, Morrisville School Board President Damon Miller said if the merger discussions were ended he hoped Pennsbury would be open to discussion in the future, and had no additional comment after the vote was taken.
Source: Bucks County Courier Times; 6/16/2023

No tax increase in Neshaminy School District budget proposal
The Neshaminy school board voted 7-0 to approve a $203 million 2023-2024 proposed final budget for advertisement. The proposed plan leaves the total property tax millage at 171.23, or $4,786 in annual taxes for a resident with a property assessed at the district average of $27,948. It will use $4.2 million of the district’s $23 million fund balance to close a projected deficit. The proposed final budget can be viewed on the Neshaminy School District website. The board is scheduled to adopt a final budget for next school year at the June 27 meeting.
Source: Bucks County Herald; 6/8/2023

Settlement agreement to allow Wawa at Newtown bypass
Provco Pinegood LLC has been given approval by Newtown Township to proceed with building a Wawa convenience store and gas station on a 5-acre parcel at the Newtown Bypass, with some conditions. A settlement agreement contains stipulations to be met concerning gas dispensers (six instead of the eight sought), signage and solar power that end a long-running dispute between the township and the developer.
Source: The Reporter; 6/19/2023

Morrisville Economic Development Corp. holds logo contest
Morrisville Economic Development Corporation (MEDC) is sponsoring a logo contest. MEDC officials said they’re looking for an exceptional logo to complement the corporation’s tagline, "Historic past, bright future — We're revolutionary." The winner will receive a $100 gift certificate to his or her favorite restaurant within Morrisville Borough. The deadline for submissions is July 19. Visit the Bucks County Herald for more information.
Source: Bucks County Herald; 6/16/2023

Chesco housing groups to receive $2.7M in state funds
Chester County organizations working to promote affordable housing and address housing insecurity have been awarded more than $2.7 million in grant funding, state Sen. Carolyn Comitta announced. “This funding is vital to the organizations working tirelessly to address housing insecurity, prevent homelessness, and create affordable and safe housing across our community,” Comitta said. The funding comes from the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) through the Pennsylvania Housing Finance Agency (PHFA). The largest grants include $375,000 for the Chester County Department of Community Development, and $350,000 for the Housing Authority of Chester County. View all 17 recipients here.
Source: Daily Local; 6/9/2023

Great Valley School Board adopts $132M budget calling for 3.2% tax hike
Great Valley School Board unanimously approved a $132.9 million budget for the 2023-2024 school year, calling for a 3.25% increase in taxes. The district has 4,510 students and covers Charlestown, East Whiteland and Willistown townships, and the borough of Malvern. The average house in the district is assessed at about $263,000. The increase in taxes amounts to $197 for the average homeowner. The new millage rate is 23.66. Under the state’s homestead law, Great Valley receives $1.29 million from the state’s gambling money. The number of approved homesteads and farmsteads is 8,488. Each taxpayer in the program will receive a $152 tax credit from the state. The budget includes some costs for constructing a new Fifth- and Sixth-Grade Center on the site of the former district office at 47 Church Road. The new school is scheduled to open in the fall of 2024. A summary of the budget is available here.
Source: Malvern Patch; 6/8/2023

Oakbourne Park in Westtown getting $6 million improvements
About $6 million worth of improvements are underway at Westtown’s Oakbourne Park. The work includes: an expanded and paved parking lot, new stormwater controls, a new bathroom facility, a picnic pavilion, a playground, three pickleball courts, relocated and improved tennis courts, and an improved basketball court, plus additional walking paths. The bulk of the work is expected to be completed in 2023. Township manager Jonathan Altshul said the facilities had fallen into disrepair. “Westtown is really excited about making sure that Oakbourne remains the crown jewel of the township for generations to come,” he said. The improvements follow a master plan for the park completed in 2021.
Source: Daily Local; 6/20/2023

Kennett supervisors urge public to attend fire commission meetings
Kennett Township supervisors urged residents to attend meetings of the Kennett Fire and EMS Regional Commission, held the second Tuesday of each month at the Pennsbury Township building. Supervisors Chairman Geoff Gamble said the commission is making important and expensive decisions, and the time for the public to voice concerns or questions about fire and EMS costs is now, and not later this year when municipalities are crafting budgets with contribution amounts the commission provides. The Kennett Fire and EMS Regional Commission was formed in 2017 and includes Longwood, Kennett and Po-Mar-Lin fire companies, and the townships of Kennett, East Marlborough, Pocopson, Pennsbury and Newlin, and the borough of Kennett Square. Read more here.
Source: Chester County Press; 6/8/2023

Birmingham considers zoning code changes
Birmingham Township supervisors continue their work on amending a portion of the township’s zoning code dealing with historic preservation. At issue are setbacks, land use applications near historic resources, as well as defining and inventorying the historic resources in the township. Some of the current requirements extend the application process longer than it needs to be and are unnecessarily costly. “We’re trying to streamline this ordinance and perhaps make it simpler and more user-friendly,” Shiring said. He used a hypothetical solar panel or shed request as an example, saying that even simple applications like those can take longer than necessary and cost more if the changes requested were for properties near historic resources. Additionally, he said historical resource impact studies, while on the books, are “routinely waived because they don’t bring particular value that you think it would.” There's no timetable for completing the update of the ordinance, but Shiring anticipates 60 to 90 days more before a hearing and approval. A draft of the ordinance can be found here.
Source: Chester County Press; 6/12/2023

Unionville-Chadds Ford OK’s $100M budget, all-day kindergarten
The Unionville-Chadds Ford School Board voted unanimously to approve a 2023-2024 budget with a tax increase. The budget calls for $100.9 million in appropriations, with real estate taxes of 31.95 mills in Chester County, an increase of 3.97%, and 16.72 mills in Delaware County, an increase of 4.63%. The board also voted unanimously to approve all-day kindergarten beginning in the 2025-2026 school year.
Source: Chadds Ford Live; 6/20/2023