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West Chester Pa Real Estate Market Report-July 2008

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

West Chester Pa West Goshen Absorption/Months Supply of Inventory

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 aWest Chester Pa West GoshenMedian Sold and Median For Sale July 2008 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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