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 Read the rest of this entry »
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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 Read the rest of this entry »
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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. Read the rest of this entry »
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Radnor Township Real Estate Market-2nd Quarter 2008
July 7th, 2008 categories: Delaware County, Market Trends
Radnor Township, Delaware County Real Estate – 2nd Quarter 2008 Market Report*
Real Estate Median Sold Price indicators for Radnor Township shows a drop in the Real Estate Median Sold Price between June of 2006 and June of 2008 of (3.28%). The peak Median Sold Price for Radnor Township occurred May 2007 at $865,000. The comparison between May 2007 peak and June of 2008 shows a Median Sold price decline of (29.48%). Higher Months Supply of Inventory and Average Days on Market, may, in part be attributed to more high end new construction inventory in Radnor Township. The following chart illustrates the Months Supply of Inventory and Read the rest of this entry »
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Tredyffrin-Easttown Real Estate – 2nd Quarter Market Snapshot
July 3rd, 2008 categories: Chester County, Market Trends
Tredyffrin-Easttown Township Real Estate – Median Sold Price, Average Days On Market, 2nd Quarter 2008 Market Report*
Tredyffrin-Easttown Township Pennsylvania 2nd Quarter Two Year Comparison Market Report shows a market that is moving forward in a healthy direction. There are many geographic areas that would gladly trade places with Tredyffrin-Easttown’s 2nd Quarter Market Snapshot.
Excellent showing condition, careful pricing and superb marketing should bring some good news for Tredyffrin Easttown Buyers and Sellers. This past June, 31 Read the rest of this entry »
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3 Reasons Why Luxury Home Buyers Could Lead The Way
June 25th, 2008 categories: Chester County, Market Trends
Luxury Property Sales Snap Shot ~ January 2008 – June 2008
810 Luxury Home Properties For Sale, 175 Luxury Home Properties Sold in Chester County, Delaware County and Montgomery County within the last 6 months.
The Average Sold Price for Luxury Homes in Chester County, Delaware County and Montgomery County during this market period was $1,536,483., with the highest sold property price being $4,175,000. the Average Days on the Market for the Luxury Home niche was 94 DOM.* It’s a great time to be a Luxury Home Buyer! Read the rest of this entry »
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Absorption Rate~Months Supply of Inventory Tools
June 13th, 2008 categories: Financial, Market Trends
How Do I Calculate The Absorption Rate and The Months Supply of Inventory?
The Absorption Rate has historically been used in New Construction planning and financing. Builders need to know how many homes can be absorbed into any given market before the first shovel goes in the ground. Lead time, financing and market shifts are unforgiving when you plan and build in a Sellers Market, but sell in a Buyers Market, such as we have now. However unscientific, a savvy Realtor can almost predict a market downturn or recovery by watching the incentive giveaways. How do we define a Buyers Market? It’s generally considered to be anything over about six months of inventory.
Absorption Rate and Months Supply of Inventory can help Sellers and Buyers understand the market. A Realtor who doesn’t use these indicators is like a violinist without a bow or a mechanic without a socket wrench ~ you might not hear the music or know how to fix it when the market shifts. These simple calculations can produce some elegant results: Read the rest of this entry »
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Homes For Sale Tredyffrin – Months Supply of Inventory
June 12th, 2008 categories: Chester County, Market Trends
Market Trends May 2008 ~ Months Supply of Inventory*
The Months Supply of Inventory (MSI), Tredyffrin Township, comparison from May 2006 to May 2008 shows a drop in the number of days on the market beginning in January 2008 and an overall MSI of 7.5 Months. This is a significant increase over May of 2007 at 3.0 months. However, May of 2007 was very low and as we now know, not sustainable. If you take a look at the Average Days On The market for sold properties in the period, you can see that while there are many choices for Buyers, homes that are well priced, in good condition and desirable locations are selling in a reasonable number of days.
Buyers Market? Sellers Market? ~
The Months Supply of Inventory is calculated by first determining the Absorption Rate. These two indicators are used to determine the answer to the Buyers Market-Sellers Market question. This is a picture of a Moderate Buyers Market where there are good opportunities for qualified Buyers and for Sellers.
*Data courtesy of Trend MLS and Terradatum is deemed accurate but not guaranteed. Read the rest of this entry »
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The Real Estate Sky Is Not Falling!
May 28th, 2008 categories: Chester County, Market Trends
The Real Estate Sky Is Not Falling In Chester County Pennsylvania!
Chicken Little and Foxy Loxy Go Home!
The Real Estate Sky Is not falling here in Chester County Pennsylvania. I’m keenly aware of the disconnect between the National News and the reality of the Local Real Estate Market. Every day, a buyer, seller or fellow Realtor shares a “sky is falling” story. Realtors are not immune! Real estate tales abound with just as many stories as there are versions of the Chicken Little Tale.
Many buyers and sellers are “waiting”. Waiting, in the mistaken belief that something good will happen if we just “wait” long enough. There is no magic in waiting in Real Estate. Never was, never will be. You can’t win trying to time the real estate market. Your best interests will be served by knowing the facts and doing your homework. Read the rest of this entry »
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East Goshen Township, Pennsylvania- Average Sold Prices March 2008
April 28th, 2008 categories: Chester County, Market Trends
East Goshen Township, Chester County Pa Average Sold Prices March 2008
A 2 Year Comparative Analysis of Average Sold and Median Sold Prices for East Goshen Township in Chester County Pa from March 2006 to March 2008.
East Goshen Township Pa Average Sold and Median Sold Prices for March 2006 to March 2008
- March 2006 Average Sold Prices – $328,033/Average Days On Market- 52
- March 2007 Average Sold Prices – $369,241/Average Days On Market – 64
- March 2008 Average Sold Prices – $325,035/Average Days On Market – 105
- Median Sold Prices for March 2006 $265,250, /March 2007 $320,000 and /March 2008 $256,175
Data Courtesy of Trend MLS and Terradatum is deemed accurate but not guaranteed
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