West Chester Pa Real Estate Market Report-July 2008
August 7th, 2008 Categories: Chester County, Market Trends
West Chester Pa Real Estate Market Update~July 2008
The real estate Market Report for West Chester Pa, West Goshen Township Pennsylvania shows a market that’s on the upswing, especially in the Median Sold Price range of the mid-threes – $325,500 in July of 2007 and $357,500 in July of 2008 and an overall drop in the number of Days On Market*. Absorption Rate and Months Supply
Absorption Rate and Months Supply of Inventory:
Months Supply of Inventory – July 2007 = 4.5 months; July 2008 5.2 months
Days On the Market – July 2007 = 49 DOM; July 2008 = 61 DOM
New Listings – July 2007 = 38; July 2008 = 36
Residual Inventory – July 2007 = 63; July 2008 = 74
Under Contract – July 2007 = 21; July 2008 = 21
The good news is that the Average Days on Market, DOM dropped from a high in March of 2007 of 112 DOM to 20 DOM in June to a tick up to 36 Days On Market in July of 2008; a typical seasonal increase. The broken blue line represents the average DOM and the bars the Months Supply of Inventory.
The Median For Sale and Sold Price Comparison for a Home In West Chester, West Goshen, Pa:
For Sale – July 2006 – $417,400; July 2007 $440,000; July 2008 $425,250
Sold – July 2006 – $347,450; July 2007 $325,500; July 2008 $357,500
While there is an improvement on the average number of Days on Market, there is also still a
disconnect between the Median Property For Sale price range and the Median Sold Price Range with the current Median Sold activity being $357,500 and the Median For Sale Price being $425,250. The top line shows the median for sale price for the two year period and the bottom line shows the median sold price for the period.
*All data courtesy of Trend MLS and Terradatum, deemed accurate but not guaranteed
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