Inventory falling and activity rising as home prices stabilize at a more sustainable level in Chester County.
Since the last update, home sales activity has started to recover through much of Chester County PA. Year to date, the average sales price has dropped slightly from $349,000 to $336,000 while the average Days on the Market fell from 102 days to 93 days. After a very weak start at the beginning of 2012, Chester County sales activity has continued to strengthen as we worked through the year. The below data covers all Chester County:
Chester County PA:
For 2012 through October:
Year: Homes Listed | Homes under Contract | Homes Sold
2012: : 7958 4805 4423
Average Home Sold for $336,000 in 93 Days
For the entire Previous Years:
2011: : 8662 4420(51%) 4342(50%)
Average Home Sold for $349,000 in 102 Days
2010: : 9428 4563(48%) 4479(47%)
. Average home Sold for $357,000 in 89 days
2009: : 9339 4825(51%) 4737(57%)
. Average home Sold for $336,000 in 87 days
On a year to date basis, the numbers look even more encouraging. As of November 19 for both 2011 and 2012, the total available homes on the market has fallen from 3,681 properties to 3,022 (down 18%). The properties under contract have risen 30% from 590 to 772 homes. The total homes sold have risen from 3,856 in 2011 to 4,735 - up 22%.
The Chester County market started the year very weakly lagging both New Castle and Delaware counties. New Castle County was the first to turn in the first quarter, Chester County began to move in the second quarter, while Delaware County did not strengthen until later in the year. If we can maintain this sales momentum, the year end sales numbers will easily be above 2011 and 2010 and could surpass 2009. If the economy continues to be stable, the inventory continues to fall, and consumer confidence remains solid, sales and pricing could strengthen as we move into 2013.
As always, if you are thinking of a move and would like more details on the market values in your area, please do not hesitate to contact me anytime for a market update or a complete complimentary market analysis for your home.
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 610-225-7400/Direct: 610-618-0808
(All statistics per the TrendMLS System and believed accurate but not guaranteed)