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Chester County Market Statistics update for May 2009 Comments Off

The numbers and statistics for the Real Estate market in Chester county in May has some promising numbers and good news, and then some “reality” checks. I say reality checks because I don’t look at it as “bad news”, but for those that need to sell in the Chester County area or are currently selling, they NEED to pay attention to these numbers and realize that they cannot be unrealistic when setting the pricing strategy for their home. They must listen to their real estate professional.

Here are some of the good points (All over April 2009):

  • 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%


May 2009 April 2009 % Ch May 2008 % Ch
Avg DOM 94 104 -10% 78 21%
Orig. List $ $473,370 $451,615 +5% $439,729 +8%
Sold List $ $344,553 $341,711 +1% $385,696 -11%
Avg Settled $ $319,967 $313,482 2% $361,944 -12%
List To Sale Ratio 92.8% 91.7% 1% 93.8% -1%
# Pending 428 416 +3% 508 -16%
# Sold 345 314 10% 453 -14%
Total LIsted 937 986 -5% 1102 -15%

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Posted on: 06-5-2009
Posted in: General real estate statistics, Market Update, Monthly Update

“Pending home sales rise 6.7 percent in April” 1

This is good news, but as the article states, we are not out of the woods yet. I know that for real estate in  Chester County, when looking at May 2009 vs May 2008, the average home sale price is off about $12% and the number of pendings is down 16% with number of solds is down 14% (according to TrendMLS).  I will be posting those numbers in the next day or so, so make sure you come back!

Here is an excerpt of the article:

“By ALAN ZIBEL

WASHINGTON (AP) — The number of U.S. homebuyers who agreed to buy a previously occupied home took the largest monthly jump in nearly eight years in April, but there are still plenty of danger signs for the U.S. housing market.

Home sales appear likely to head upward this summer, potentially to levels not seen since the stock market collapsed last autumn, but prices are expected to keep falling well into next year. Layoffs, which are causing foreclosures to soar, coupled with rising mortgage rates could dampen any real estate recovery.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts’ forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent.

The big boost likely reflects the impact of a new $8,000 tax credit for first-time homebuyers that was included in the economic stimulus bill signed by Obama in February. Since buyers need to complete their purchases by Nov. 30 to claim the credit, “we expect greater activity in the months ahead,” Lawrence Yun, the Realtors’ chief economist, said in a statement.

Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing home sales.

While economists are encouraged by signs that demand for housing is returning, the outlook is far from sunny. Mortgage rates are rising, making homes less affordable for many borrowers. The average rate for a 30-year, fixed-rate mortgage is around 5.3 percent this week compared with about 5 percent last week, according to Bankrate.com. “

Read the entire article on Pending Home Sales

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Posted on: 06-4-2009
Posted in: General real estate statistics, Market Update

First Quarter Market Statistics by Zip Code Comments Off

Download First Quarter 2009 Chester County Real Estate Market Statistics

Again, I love stats and numbers. This sheet illustrates just HOW local real estate really is. Each zip code in this report is uniquely different than the one before it.

Here are some interesting stats from the report:

  • Biggest drop in sales price: Cochranville, 19330 – 50%
  • Biggest rise in sales price: Glenmore, 19343 – 24%
  • Most sold in quarter: Coatesville at 89 homes
  • Least Sold in quarter: Tie – Newtown square and Wagontown at 1
  • Most days on market: Honey brook at 166
  • Least Days on market: Wagontown at 26

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Posted on: 05-28-2009
Posted in: General real estate statistics, Market Update, Quarterly Market Update

Absorption Rate of Real Estate in Chester County 1

Here is a quick look at the price ranges, by increments of $50,000, and how many months of inventory exists for each one. While looking at this, please keep in mind that the rule of thumb in real estate is that when you have 6 months or less worth of inventory, you have a “Centrist” market, meaning the market is balanced. Anything less is a Sellers market, anything more is a Buyers.

When examining this chart, it becomes clear that homes that are selling for under $251,000 are actually in a slight Buyers market. Even homes under $350,000 are in more of a “Centrist” market. The reason for this is that a majority of homes under $300,000 are bought by first time home buyers. At the moment, a majority of the buyers in the market fit that category, not to mention the crazy low interest rates and the $8000 tax credit.

This is the type of information buyers need to understand that they cannot throw an offer at a seller that is more than 10% or more off the asking with out offending them and getting laughed at. Yes – there are rare circumstances where a home is listed way to high. But, when that is the case, it usually tells you that the seller is not willing to deal with reality, or their Realtor is doing them a huge disservice.

For any home over the $300,000 mark, this means if you don’t have to sell, then don’t. But if you do remember, it is a price war and a beauty contest. Meaning your home has to show extremely well, and your price needs to be aggressive, and a good Realtor will help you know exactly what that is.

What do you think?

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Posted on: 05-23-2009
Posted in: General real estate statistics, Market Update

First Quarter 2009 Market Stats for Chester County Comments Off

Chester County Townships

I am always interested in stats and numbers – it is a part of my personality. Plus, numbers generally speak truth, you can depend on them. These are the numbers for the 1st quarter of 2009 in Chester County. I also threw in the Q1 2008 numbers to compare.

Overall, there has been a decrease in activity, which is expected. In the West Chester SD, the average sold price of real estate in that school district actually improved by 4%. Compare that to Great Valley School District where the average sold price decreased by 20%. That is mostly due to the higher price range that School District draws, which has seen a bigger hit than anything under $300,000.

Let me know what you think.

For a definition of terms, please see the end of this post.

Overall in Chester County

  • Average Days On Market: 97 days
    • Up 6 days from Q1 2008, 91 days
  • Original List Price: $433,427
  • Sold List Price: $355,602
  • Average Settled Price: $324,167
    • Down by 10% in Q1 2008 – $358,276
  • List-to-sale ratio: 91.1%
    • Down from 92.4% in Q1 2008
  • # of homes pending: 1026
    • Down by almost 20% from 1277 in Q1 2008
  • # of homes sold: 750
    • Down 19% from 919 in Q1 2008

Downingtown SD (School District)

  • Average Days On Market: 88 days
    • No change from Q1 2008
  • Original List Price: $437,273
  • Sold List Price: $371,509
  • Average Settled Price: $338,653
    • Down by 4% in Q1 2008 – $351,198
  • List-to-sale ratio: 91.1%
    • Down from 92% in Q1 2008
  • # of homes pending: 170
    • Down by almost 15% from 201 in Q1 2008
  • # of homes sold: 91
    • Down 37% from 143 in Q1 2008

West Chester SD

  • Average Days On Market: 105 days
    • Up 26% from 78 in Q1 2008
  • Original List Price: $419217
  • Sold List Price: $408,088
  • Average Settled Price: $373,953
    • UP by 4% from $361,943 in Q1 2008
  • List-to-sale ratio: 91.6%
    • Down from 93.7% in Q1 2008
  • # of homes pending: 229
    • Down by 9% from 251 in Q1 2008
  • # of homes sold: 153
    • Down 14% from 178 in Q1 2008

Coatesville SD

  • Average Days On Market: 90 days
    • Down 5% from 95 in Q1 2008
  • Original List Price: $236,357
  • Sold List Price: $221,136
  • Average Settled Price: $205,118
    • Down by 5% from $215,407 in Q1 2008
  • List-to-sale ratio: 92.7%
    • Down from 95% in Q1 2008
  • # of homes pending: 105
    • Down by 39% from 172 in Q1 2008
  • # of homes sold: 94
    • Down 20% from 117 in Q1 2008

Great Valley SD

  • Average Days On Market: 80 days
    • Down 22% from 102 in Q1 2008
  • Original List Price: $666,007
  • Sold List Price: $425,802
  • Average Settled Price: $387,461
    • Down by 20% from $480,827 in Q1 2008
  • List-to-sale ratio: 91%
    • Down from 92.6% in Q1 2008
  • # of homes pending: 63
    • Down by 22% from 80 in Q1 2008
  • # of homes sold: 50
    • Down 14% from 57 in Q1 2008

Definitions:

  • Average Days On Market: Number of days the average home is on the market before it sells
  • Original List Price: The average price a home is listed at when it first goes on the market
  • Sold List Price: The average asking price of a home when it actually goes under contract
  • Average Settled Price: Average price of homes that sell
  • List-to-sale ratio: The percentage of asking price the average home receives
  • # of homes pending: Number of homes that have gone under contract, but not settled yet.
  • # of homes sold: Number of homes that have settled in that period



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Posted on: 05-19-2009
Posted in: Market Update, Quarterly Market Update
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