June 2009 Real Estate Market Update for Chester County, PA
Interpretation for the Chester County, PA real estate market update: Price has not seen a significant hit in Chester County so far in this economic downturn. Unfortunately, the numbers are changing for 2009. This month signals the 2nd month of a -12% drop in the average sold price of homes in Chester County when comparing the stats to 2008. 2008 saw a 3.5% retreat in average sold price, but a 20% drop in activity. While 12% may seem like a lot, we have to keep everything in perspective that prices nationally have seen a much more significant drop than Chester County has.
Here are some Highlights:
- DOM decreased from lsat month by 14%
- # of sold homes increased by 55% from May.
- Average sold/settled price in Chester County decreased by 12.2% compared to a year ago.
- Average DOM increased 19% from last year
Here are the details:
| June 2009 | May 2009 | % Ch | June 2008 | % Ch | |
|---|---|---|---|---|---|
| Avg DOM | 81 | 94 | -14% | 66 | +19% |
| Orig. List $ | $417,262 | $473,370 | -12% | $439,705 | -5.1% |
| Sold List $ | $380,878 | $344,553 | +9.5% | $425,002 | -10.6% |
| Avg Settled $ | $353,942 | $319,967 | +9.7% | $402,021 | -12.2% |
| List To Sale Ratio | 92.8% | 92.8% | – | 94.5% | -1.7% |
| # Pending | 465 | 428 | +8% | 448 | +3.7% |
| # Sold | 537 | 345 | +55% | 571 | -6% |
| Total Listed | 958 | 937 | +3% | 932 | +2.7% |
