Chester County Statistics for January 2010

By John Lauber On February 15, 2010 · Leave a Comment

January’s gone, Puxatony Phil predicted more winter and we’ve just survived 2 major snowstorms. That must mean it’s time for January statistics.

As you can see from the numbers, both median and average home prices are up from one year ago (5% and 8% respectively). More positive numbers are under contracts (up 10% and sold listings (8%) have also risen. Also, compared to January, 2009, the number of listings for sale are down almost 8%. Residual inventory from month to month is also down again and has done so, consistently, since July. What does this mean for the absorption rate? It’s lowered to around 10 months of inventory.

While the numbers for January don’t show it, we have seen much more activity as the middle to end of month approached. Buyers are definitely looking to take advantage of the first time buyer credit (which also now covers move up buyers) before the April 30 deadline to have a fully executed agreement of sale.

We’ll need to see how the numbers play out in March. If you would like more detail about your area, don’t hesitate to contact us. We’ll be happy to help.