THIS POST MARKS THE 5th YEAR of tracking the Chesco Real Estate Market!! If this has been helpful to you, we’d LOVE to hear from you!!
THE MARKET IS LIKE THE WEATHER…
This spring and early summer has seen very mild and enjoyable temperatures and weather (minus the hail about a month ago…) and the market is no different. While we’ve seen June be a record month for our team and office, the overall market is pleasantly consistent. It’s not overly hot, it’s not cold but it’s moving at a steady and healthy pace. This is great news for everyone. Let’s look at the details….
DEMAND: The number of homes sold continues to follow the same trend it’s been on since February, which is more homes than the 5 year average but less than last year. This fact points to a stable and steady market.
SUPPLY AND INVENTORY ACCUMULATION: June saw the inventory levels intersect with the levels from last year at the same time. Seasonally, we are at the point where inventory levels are going to trail off. Which means for buyers, the is going to be more of the same of what is out there. If you can’t find what you are looking for, then what you are looking for either doesn’t exist and you need to adjust your criteria or it’s going to take a while for it to appear. Most likely it’s the first. One criteria to watch is that the inventory level doesn’t go much above the 6 month mark. If it starts to drift upwards that’s a clear sign of a slowing market which isn’t good for values. The fact that we just got to the point where short sales and foreclosures are becoming rare, means that we do not want to see another down turn.
SOLD TO LIST RATIO: This past month the ratio was VERY close to 97% for all of Chester County. That’s significant as we haven’t seen those types of ratios this time of year in over 7 years. And since it’s common consensus that the real estate market seems to move in 7-10 year cycles, it’s clear we are on the bottom of that upswing. And that means its a great time to buy
RATES: Rates continue to be hovering around the 4% mark, which is pretty incredible. We believed that the rates would be more around 5% right now, if you had asked us 9 months ago. This is just another reason to make a move if you are considering it.
CONCLUSION: The market is steady and has certainly found it’s footing. It’s getting easier on Buyers as there is not a much of a famine of great homes to buy, rates are amazing and prices are coming up for home owners and sellers. It’s a great time to talk to us about what a move may look like for you and we’d be happy to help you get a clear picture. Just call us at 484-713-2413