East Goshen Township Real Estate-Market Report
July 9th, 2008 Categories: Chester County, Market Trends
East GoshenTownship, Chester County-Market Report 2nd Quarter 2008*
The peak Median Sold Price for East Goshen Township occurred October 2007 at $422,750. The comparison between October 2007 peak and June of 2008 shows a Median Sold price that’s down (24.07%). The real estate market in East Goshen Township still indicates a buyer’s market with 7.5 Months of Inventory, but not a really strong Buyers Market. The significant drop in the days on market from 85 DOM to 41 DOM, a 52% drop, puts East Goshen in a good position. There are fewer top heavy new construction projects to weigh down the market here in East Goshen Township. The 17 homes that went under contract in June of 2008 and the 20 that settled represents a (23%) drop in units from June of 2007. This is still a story of property that’s well priced and in good condition to get sold doing better than the overall market.
The big story in the local real estate market is still the Months Supply of Inventory and the major concern for Sellers is the Number of Days On Market. The following chart illustrates that story for East Goshen which seems well poised for a late Summer pick up:
Median Sold Prices for the two year period, Supply and Demand in Units for Sale and Supply and Demand in Units Sold as well as The Months Supply of Inventory and the Average Days on The Market give us a good Market Trend Snapshot of the Real Estate Market in East Goshen Township
The 4 Key indicators for East Goshen Township Chester County, for the two year period of 2006 to 2008, will be:
- Median Sold Prices: June 2006 = $398,000, June 2007 = $249,500, June 2008 = $321,000
- Supply and Demand Units For Sale: June 2006 - 176 for Sale, June 2007 – 151, June 2008 – 162
- Supply and Demand Units Sold: June 2006 – 35 , June 2007 – 26, June 2008 – 20
- The Months Supply of Inventory: June 2006 - 3.1 Mos., June 2007 - 3.2 Mos., June 2008 - 7.5 Mos
- Average Days On The Market: June 2006 - 36 DOM, June 2007 - 85 DOM, June 2008 - 41 DOM
*All Data Courtesy of Trend MLS and Terradatum is deemed accurate but not guaranteed
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