Tredyffrin Township~Town Home Condo 2nd Quarter Market Report
July 10th, 2008 Categories: Chester County, Market Trends
Tredyffrin Township Pa Town Home-Condominium ~ 2nd Quarter Market Report*
It’s interesting to take a closer look at the Chester County, Tredyffrin TownshipTown Home and Condominium real estate market. Some of the Town Home Communities in Tredyffrin Township are Chesterbrook, Arbordeau, Old Forge Crossing, Daylesford Lake, Paoli Point, Woodgate and Paoli Woods. Each Community has unique features and price points but they all share a great school system, convenient location and easy commuting. The Town Home and Condominium market is primarily a First Time Buyer and a Downsizing niche market.
The Average Sold Price for Town Homes and Condos in Tredyffrin peaked in August of 2007 at $325,778, creating a 9% drop in the average sold price between August of 2007 and June of June 2008 at $296,331.
The Median Sold Price peaked in August of 2007 at $346,000 and June of 2008 at $264,000, representing a 23.7% decline.
The following chart illustrates the Absorption Rate for Town Homes and Condos in Tredyffrin as of the 2nd Quarter of 2008 providing a very graphic picture of the effect of the residual inventory in considering the Absorption Rate. The residual inventory plays such an important part for any market segment such as Town Homes and Condominiums. The Months Supply of Inventory combined with the Residual Inventory and the target niche of First Time Buyers and Downsizing Buyers indicates a definite Buyers Market. August may see well qualified buyers and investors jumping in. The top yellow line represents the residual inventory, the blue line, properties under contract and the gray line, new listings.
Median Sold Prices for the two year period, Average Sold Prices, Units Under Contract, New Listings, Residual Inventory, The Months Supply of Inventory and the Average Days on The Market provide a broad picture of the Town Home and Condo market segment in Tredyffrin Township.
The 7 Key indicators for Tredyffrin Township Townhome/Condos in Chester County are:
- Median Sold Prices: June 2006 = $289,900, June 2007 = $287,500, June 2008 = $264,000
- Average Sold Prices: June 2006 = $302,382, June 2007 = 4288,962, June 2008 = $296,331
- Under Contract: June 2006 = 25, June 2007 = 24, June 2008 = 14
- New Listings: June 2006 = 47, June 2007 = 36, June 2008 – 33
- Residual Inventory: June 2006 = 49, June 2007 = 40,June 2008 = 64
- The Months Supply of Inventory: June 2006 – 3.3Mos., June 2007 – 2.8 Mos.,June 2008 – 6.9 Mos
- Average Days On The Market: June 2006 – 40 DOM, June 2007 – 43 DOM, June 2008 – 39 DOM
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*All Data courtesy of Trend MLS and Terradatum deemed accurate but not guaranteed.
Contact or call me, 610-889-5509 for a copy of my Home Sellers Marketing Plan, or a Updated Market Analysis, an essential tool for Investors, Buyers and Sellers.
