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June 2009 Market Statistics Update for Downingtown, PA 19335 Comments Off

Interpretation for the update for Downingtown, PA 19335: While activity has decreased significantly, prices have yet to see any significant hit. That is changing. 2009 is showing that prices will see a decent decline, but activity is showing some signs of improvement.

Here are some Highlights:

  • number of solds over May increased 81%, which is a fantastic increase
  • Dollar figure for settled homes decreased in the Downingtown School District by 18.3% from the same month a year ago. That is 6% more than the average in Chester County
  • the number of actual solds also decreased 9% from June of last year.
  • The only bright spot in Downingtown’s figures is the number of pending sales, which increased 12% compared to the average in Chester county of 3.7%.

Here are the details:


June 2009 May 2009 % Ch June 2008 % Ch
Avg DOM 78 95 -18% 70 +11%
Orig. List $ $422,042 $449,146 -6.1% $535,960 -22%
Sold List $ $368,577 $361,987 +1.9% $428,347 -16.3%
Avg Settled $ $344,444 $338,098 +1.7% $407,176 -18.3%
List To Sale Ratio 93.4% 93.4% – 95% -2%
# Pending 75 80 -6.5% 66 +12%
# Sold 98 54 +81% 107 -9%

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Posted on: 07-8-2009
Posted in: Chester County, Downingtown, Market Update, Monthly Update

June 2009 Real Estate Market Update for Chester County, PA Comments Off

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%

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Posted on: 07-8-2009
Posted in: Chester County, Market Update, Monthly Update

Days on market by price range Comments Off

As a follow up to a post I put up on May 23rd, 2009 entitled “Absorption rate of real estate in Chester County”, I wanted to show what this looked like when referring to “Days On Market” and “Property Marketing Period” for real estate in Chester County. All of this information is gathered from the local Mulitple Listing System _ TRENDMls.com . “Days on Market” is defined as the number of days that a home was listed with a particular brokerage, and isn’t always the most accurate indicator of the time it takes to sell a property. The reason for that is that if they relist with another brokerage, then the DOM gets reset.

That is why the MLS has what’s called the “Property Marketing Period” which counts the entire period of time a property has been for sale, regardless of which or how many brokerages it has been with. This is a more accurate indicator of how long it is taking to sell a home.

Lastly, you have to take into account that these are averages. May sellers in today’s market are putting their home up for sale at unrealistic prices which skews the numbers. I know that the average days on market for our team is about 40 days. That is because we are pricing the properties appropriately and only work with serious sellers.

So here is the basic data below, as well as a chart.


Price (In Thousands) DOM Last Quarter PMP Last 30 Days Inventory Accumulation (Months)
$0 – $200 81 92 7
$201 – $251 84 113 7
$251 – $300 98 141 9
$301 – $350 108 123 11
$351 – $400 107 149 12
$401 – $500 90 105 14
$501 – $750 83 107 16
$751+ 118 147 35

Average Days on market for real estate in Chester County

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Posted on: 07-6-2009
Posted in: Chester County, Market Update, Quarterly Market Update

Tracking Home Mortgage rates Comments Off

How many of you know exactly what Home Mortgage rates are doing right now and where the experts think they are heading? If you are planning on refinancing, selling a  home or buying a home, this is one VERY important piece of information that you should get daily updates on.

Who has time for that you may ask? Norm Miron, with our local Wells Fargo office makes it VERY easy! Simply go to his website, click on the “Interest Rate Alerts” and sign up. It’s free & simple and every day about 1pm you will get an email with what the rates are for that day.

For me, as a real estate professional in the Chester County/Downingtown Area, I find it extremely helpful and interesting. I can tell you that rates have been pretty volatile as of late. In fact a few weeks ago we saw the 30 yr conventional rate go from 4.875% to almost 6% in one day. Now that has come back down and as of late they are at about 5.5%. But, I never know what my daily alert email will bring.

When rates jumped for a week or two, I heard a lot of fear from buyers I was currently working with. I shared with them a little perspective that even 6.5% is historically low. Take a look at the graph below.  Over the last 17 years, mortgage rates have averaged more around the 7% – 7.5% mark, so even 6.5% is still a point below the average. And when you look at the rates from a longer perspective, the lowest they have been in the last 50 years is about 4.85%. So if rates are historically low, where are they most likely to go in the future? That’s right UP. Take advantage while the getting is good.

I have also included a table that shows what the experts think the rates will do in the next 30 and 90 days. Most thing in the short term they will drop again, slightly. But then over 90 days, it’s a tie between drop or rise slightly. I always tell home buyer clients – when you try to “time” the market, you almost always loose.

If you are considering selling your current home and/or buying, feel free to contact me, Chris LaGarde, for a pressure free consultation. I would love to help bring clarity to your real estate decisions.

Mortgage rates over the last 17 years

Reproduced with the permission of Mortgage-X.com

Over the next 30 days: Over the next 90 days:
rates will rise significantly: 0.0% rates will rise significantly: 0.0%
rates will rise slightly: 30.4% rates will rise slightly: 34.8%
rates will remain unchanged: 17.4% rates will remain unchanged: 21.7%
rates will decline slightly: 47.8% rates will decline slightly: 34.8%
rates will decline significantly: 4.3% rates will decline significantly: 8.7%

See entire article from Mortgage-x.com

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Posted on: 06-26-2009
Posted in: General real estate statistics

Home sale prices drop nationally in April, but what about Chester County? Comments Off

I found this article today on Bloomberg that said that home prices dropped nationally by 6.8% in April. REMEMBER – real estate is LOCAL, not national, so this report needs to be taken with that in perspective. It certainly speaks to our overall economy. Yet another factor, that I wrote about, is that activity or Pending Home Sales in April were up 6.7%. So, while prices are continuing to come down, activity is up. I believe that is a good sign overall and a HUGE sign that right now is a fantastic time to buy, especially with the interest rates continuing to be sub-6%.

So how is Chester County doing? Every month I highlight how various areas of Chester county are doing from a real estate perspective. Consider these facts from just last month:

  • Day’s On Market (DOM) dropped by 10%
  • Settled price rose 2%
  • The List to Sale ratio rose by 1%
  • The number of pending sales rose 3%
  • Number of sold homes rose a whopping 10%

Here are some of the “Reality” Checks (all comparing to May 2008):

  • Days on Market are up 21%
  • Settled price was down 12%
  • Pending homes were down 16%
  • Sold homes were down 14%

Look for my June statistics coming up in just a week and a half. Below is the article from Bloomberg

U.S. Home Prices Drop 6.8 Percent in April as Foreclosures Rise

By Brian Louis and Kathleen M. Howley

June 23 (Bloomberg) — U.S. home prices fell 6.8 percent in April from a year earlier as rising unemployment and record foreclosures kept buyers out of the market.

Measured monthly, the average price fell 0.1 percent from March, the Federal Housing Finance Agency in Washington said today. The number was projected to drop 0.4 percent in April, according to the median forecast of 15 economists in a Bloomberg survey.

The housing slump has reduced the median price of an existing home 26 percent from the July 2006 peak, pushing affordability to near record levels. Prospective buyers are now being constrained by rising mortgage rates, the highest unemployment since 1983 and concern the housing rebound will be anemic.

Read more. . .

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Posted on: 06-25-2009
Posted in: General real estate statistics

Market Statistics update for Coatesville PA 19320, May 2009 Comments Off

Maybe it’s because I live in Coatesville, PA 19320, but Coatesville has some VERY interesting stats. First of all, Coatesville has been the hardest hit by the slow down in the real estate market, and add it’s less than desirable reputation and “high” taxes, plus the arson – Coatesville has had a very hard time. Just look at the average sale price. . .

But, some of the info that is found here is very promising.

Here are some highlights:

  • From April to May, the Avg days on market (DOM)decreased by 28%
  • Even from May 08- May 09 the DOM decreased by 17%
  • Avg settled price (April to May) rose 6%
  • List to sale ratio actually rose by 1% (April to May)
  • Number of homes sold increased a whopping 72% (April to May)
  • Average Settled price (’08/’09) only dropped by 6%

So, there is some good news in Coatesville, but we still want to see a larger increase in the activity. Prices seem to be finding the floor, but the activity needs to also come back up.


May 2009 April 2009 % Ch May 2008 % Ch
Avg DOM 68 94 -28% 82 -17%
Orig. List $ $230,505 $242,631 -5% $227,641 +1%
Sold List $ $216,696 $206,968 +5% $235,427 -8%
Avg Settled $ $207,479 $195,703 +6% $221,545 -6%
List To Sale Ratio 95.75% 94.5% 1% 94% +2%
# Pending 49 57 -14% 55 -11%
# Sold 43 25 72% 57 15%

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Posted on: 06-8-2009
Posted in: Market Update, Monthly Update

Market Statistics update for Downingtown, PA 19335, May 2009 Comments Off

Downingtown, PA 19335 has faired better than the average in Chester County.

Some highlights:

  • Activity was way up for May over April – 33% in Pendings
  • Average sale price rose slightly over April by about 6%
  • Average Settled has only dropped 2% from the same month a year ago
  • The big drop has been in activity since last year, with pendings slowing by 17% and sales by 24%

Here are the details:


May 2009 April 2009 % Ch May 2008 % Ch
Avg DOM 95 88 +8% 75 +27%
Orig. List $ $449,146 $406,621 +10% $392,694 +14%
Sold List $ $361,987 $346,622 +4% $364,883 -1%
Avg Settled $ $338,098 $319,839 +6% $343,525 -2%
List To Sale Ratio 93.4% 92.2% +1% 94.1% -1%
# Pending 80 60 +33% 96 -17%
# Sold 54 60 +10% 71 -24%



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Posted on: 06-8-2009
Posted in: Chester County, Downingtown
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