Chester County Statistics for May, 2010

As you can see from the chart above, May was a strong month compared to April for homes settled/sold. In comparison of year over year, May 2010 was much better than May 2009. Did the tax credit help? That’s not entirely clear. It possibly pushed a few more buyers to get off the fence and purchase to take advantage, but in our experience, buyers weren’t rushing either. With plenty of inventory, many are still able to take their time and find their next home regardless of getting money from the government in return. All this activity did reduce the average days on market, as well.

So what did that do for the accumulation rate for May? Compared to May 2009, it dropped to 10 months of inventory. Year to date, May 2010, in Chester County, there were 140 condos and 1547 single family homes settled. That’s a 2% increase in condos and almost 20% increase in single family homes.

What was the effect of the tax credit (that ended April 30, 2010)? It’s still hard to say. There was a definite dip in May, and as stated above, it could be because people tried to get under contract before the due date. Does this mean buying will shut down again? Let’s hope not, but as we enter the summer cycle, ala slower sales, it’s too close to tell right now. The Fall may give us a better indication as that’s the second busiest season compared to Spring.

Here’s a detail sheet of the last year:

If you have any questions or would like more information your area, feel free to contact us. We’d be happy to help.

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