As of today, exactly the same number of homes, 2,505 properties, have been sold in both Chester County PA and Delaware County PA.
It's rare that the counties have exactly the same number sold so it seemed like it would be a good chance to take a closer look at the numbers:
In Delaware County today there are currently 1,426 homes on the market or coming soon, 1,028 properties pending, and 2,505 properties sold. Compared to this date in 2018, there were 1,850 properties on the market (29% more), 1,303 homes pending (26% more), and 2,696 homes sold (7% more).
Going back five years to 2014, there were 3,319 homes on the market (132% more!), 1,068 homes pending (3% more), and 1,927 properties sold (23% less)
Clearly, activity has picked up quite nicely from 2014 but has eased from 2018. With the continuing fall in properties on the market it remains to be seen if sales are being constrained by lack of inventory or if the overall market activity is coming down.
For comparison, Chester County is currently showing 1,857 homes on the market, 1,251 homes pending, and 2,505 homes sold. For this date in 2018, there were 2,209 properites on the market (18% more), 1,567 under contract (25% more), and 2,759 closed (10% more).
Five years ago in 2014, there were 3,130 on the market (68% more), 1,194 pending (4% less), and 2,080 sold (17% less).
As in Delaware County, activity is down across the board in 2019 versus 2018 but has also picked up quite nicely from 2014.
Bottom line, it appears that the market may be softer but that it is also being constrained by the lower inventory numbers in both counties. Also activity and inventory may be down due to the uncertainties in the overall economy that appeared as the stock market breifly collapsed in December 2018. That instability took a clear hit on consumer confidence and activity at the end of 2018. The local market remained subdued until February 2019 but has since returned to a more healthy pace.
Long & Foster Real Estate Inc – Devon, PA/Wilmington, DE
Office: 610-225-7400/Direct: 610-618-0808
(All statistics per the Bright MLS System and believed accurate but not guaranteed)