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Local Areas & All of Chester County

Jean’s May Analysis

Housing Inventory Drops in May:  According to data compiled by ZipRealty, Inc., a real estate brokerage firm, the supply of homes available for sale in 28 major metropolitan areas dropped 3.9% in May from April.  The data published includes condos, single-family homes and town houses listed on local MLS’s.  The inventory in May dropped 24% year-over-year.    Thomas Lawler, a housing economist, says the decline in housing inventory indicates “that home prices in many parts of the country could be nearing a bottom.”  However, some economists have a different view and expect home prices to continue to drop for many years to come.

Local Areas & All of Chester County

Jean’s April Analysis

The key statistic in April is the Inventory Accumulation has risen in all areas.  The number of  Just Listed homes has risen sharply…Sales are brisk…Pending Sales have increased and  Days On The Market have decreased.  The List to SOLD Price Differential has improved across the board, especially in West Chester.  First-time Buyers are driving this market,  starting the chain reaction that we have waited for so long.

Local Areas & All of Chester County

Jean’s March Analysis

According to the Pennsylvania Association of Realtors and Trend MLS, first- time buyers account for more than 54% of ALL Buyers… this represents a sharp increase from previous years when the average was near 40% … possibly due to the $8,000 first-time buyer tax credit and historically low  rates.

Reviewing the first quarter of 2009 and March statistics…Chester County Rocks!  The number of Pending Sales – up  25% for all of Chester County in just one month!  The Average Pending price was up.  I believe the influx of  first-time Buyers is driving the move-up Buyer market.  This is GREAT news!

Local Areas & All of Chester County

Jean’s February Analysis

February saw an increase in the number of Pending Sales….Days On The Market dropped substantially over the January numbers, which means houses coming on the market are being priced more aggressively & selling in record time.  The SOLD/settled properties represent old inventory finally getting to settlement,  DOM for those settled properties up 30% over the 2008 yearly average.

The ONE number that stands out and is of some concern…..the Pending Sales List Price for February 2009 – $298,277 (not shown above). It represents an almost 10% drop this month alone over the Average SOLD/settled Price of $321,799. The coming months will tell us if this truly reflects a drop in the SOLD Homes Average Price OR it might reflect that demand is increasing for lower priced homes…….
Time will Tell.  Stay tuned.