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Chester County Market Statistics for August 2009 Comments Off

The month of August took a bit of a beating, but that is to be expected. The month of August for real estate is one that is typically slow. Many people are squeezing their last minute vacations in before the school year starts and they are not focused on real estate. When put into perspective, the downward trend was expected.

In addition, when looking at the % change from a year ago, those numbers are also expected.  The entire year so far has been showing a total decline of around 12% when compared to 2008. Great Valley looks like they took a huge hit in value, and while that is the case, it needs to be noted that any homes over the $300,000 mark is not a “first time home buyer” home and in a market that has taken a heavy hit. Buyers for those homes are just very hard to find.

The good news is that Affordability has fallen to an even more attainable rate nationally at 16% from 18% earlier in the year, and the First Time Home Buyer credit has created a great amount of activity. Both last month and this month, virtually all of the clients I have an 95% of potential clients I talk to are looking to cash in on that credit.  And while it is good news, I also have some mixed feelings about it.

The reason for mixed feelings is that it is basically creating a false market by causing buyers who would otherwise wait, to jump in the market and create more activity. Then you have multiple offers on homes and the buyers end up paying more for the home than they really should.  If there were no credit, then what they would pay would be more inline with what it really should be.

But in the end, real estate is a huge determiner of our economy and it does need this activity. It’s a catch 22.

If you DO want to take advantage of the Tax Credit, you are very quickly running out of time to jump in on that. Call me today – 484.995.9318 – to get started on finding a home.

Area AVG Sold $ % Change
Month		 % Change
Year		 DOM List/Sale Diff Overall Trend
Downingtown $350,071 -4% -7% 76 92.8% Down
West Chester $349,463 -8% -11% 74 91.6% Down
Great Valley $455,464 -23% -33% 99 10% Down
Coatesville $216,182 -3% +2% 70 94% Even
Octorara $210,904 -4% -5.6% 104 91.7% Down
Chester County $354,526 -4% -12% 79 92% Down

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Posted on: 09-5-2009
Posted in: First Time Home Buyer, Market Update, Monthly Update

Existings Home Sales Rise, sign of healing… Comments Off

This is some good news, finally about the real estate market.  My opinion is that we still have some distance to go – whether that is 6 months, 1 year or several, we are not completely out of the woods.  Based on my observations, I do feel that our local market has hit a flat spot and any decline has begun to slow or stop in some cases. Regardless, here is a

U.S. existing home sales rise in sign sector healing

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Posted on: 08-1-2009
Posted in: General real estate statistics

June 2009 Real Estate Market Update for Coatesville, PA 19320 Comments Off

Interpretation for the Coatesville, PA 19320 real estate market update: Coatesville has been the hardest hit area of Chester County, but luckily, the trends are showing some positive numbers. Start with the fact that the average Days On Market down by 16% compared to a year ago. Last month saw a decrease of 17% in the average time it took to sell a home in Coatesville. In addition the number of pendings is up 25% from 2008 and the average settled price saw an increase of 3%. Coatesville isn’t out of the woods yet, but there is some light showing.

Here are some Highlights:

  • All numbers are up, when comparing to last month, with the number of solds being the most significant at 34%
  • DOM are down, for the second month in a row, by 16% from last year
  • Average sale price actually WENT UP by 3% from $206,793 to $212,538
  • Number of pending homes were up by 25%

Here are the details:

June 2009 May 2009 % Ch June 2008 % Ch
Avg DOM 69 68 +1.5% 82 -16%
Orig. List $ $244,419 $230,505 +6% $233,610 +4.6%
Sold List $ $223,113 $216,696 +3.2% $219,986 +1.8%
Avg Settled $ $212,538 $207,479 +2.4% $206,793 +3%
List To Sale Ratio 95% 95.75% +.75% 94% +1%
# Pending 55 49 +11% 44 +25%
# Sold 58 43 +34.8% 59 -1%

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Posted on: 07-10-2009
Posted in: Chester County, Coatesville, Market Update, Monthly Update

June 2009 Real Estate Market Update for West Chester, PA 19380 Comments Off

Interpretation for the West Chester, PA 19380 real estate market update: June saw an increase in activity over May in both the number of pending sales and actual settled homes. Homes also took 20% less time to sell and received 12% more than the month before. Compared to the same month a year ago, not much changed terribly with the exception of how long homes took to sell (50% longer) and home many actually sold (14% more).

Here are some Highlights:

  • DOM changed from last month by 20% or 16 days
  • The average settled price in West Chester increased 12% to $376,066
  • DOM, when compared to last June, increased by 51%, from 52 to 79 days
  • Number of sold homes increased by 14% compared to June of 2008

Here are the details:


June 2009 May 2009 % Ch June 2008 % Ch
Avg DOM 79 95 -20% 52 +51%
Orig. List $ $406,292 $437,284 -8% $410,126 -1%
Sold List $ $403,399 $357,993 +12% $393,595 +2.5%
Avg Settled $ $376,066 $332,119 +12% $380,545 -1.1%
List To Sale Ratio 93.3% 92.7% +.5% 96.6% -3.3%
# Pending 100 87 +15% 101 -1%
# Sold 111 74 14.8% 97 +14%

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

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 West Chester, PA 19380, May 2009 Comments Off

West Chester, PA 19380 didn’t have too much change over the previous month. Where the big difference shows is comparing May 2009 and May 2008. May of 2008 was a good month for West Chester, especially compared to the rest of the county.

Here are some Highlights:

  • Days on the market was up 70%
  • Number of pendings only dropped by 8%
  • But homes sold decreased by 30%

Here are the details:


May 2009 April 2009 % Ch May 2008 % Ch
Avg DOM 95 88 +8% 56 +70%
Orig. List $ $437,284 $452,923 -3% $466,726 -6%
Sold List $ $357,993 $362,073 -1% $366,793 -2%
Avg Settled $ $332,119 $339,326 -2% $349,774 -5%
List To Sale Ratio 92.7% 93.7% -1% 95.3% -3%
# Pending 87 95 -8% 95 -8%
# Sold 74 81 -9% 105 -30%



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