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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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.

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Finishing the month of December, it’s a good time to see what happened in the month of November in the Chester County housing market. We had a HUGE month as sold listings jumped to 549 sold listings, the highest month this year. What contributed to this jump? Most likely the anticipation of the original first time buyer credit end date of November 30. That was averted in mid-November when the date was extended to have an agreement of sale to April 30, 2010 and settlement by June 30, 2010. The anticipation, however, did drive many buyers to jump into the market and that’s reflected in the lower average and median home sale prices.

Holidays and the state of the market

As the holidays approached, new listings took a dip as did the under contract listings (our future sold listings). Though with the uncertainty in the markets and the presidential election, the same time last year was a very slow time. This year has been much better as we’re seeing some signs of stability. Having said that, due to the low number of under contract listings, the absorption rate (or months of inventory) did rise to almost 12 months of inventory. That’s high, but not unusual for this time of year as people think about the holidays and not necessarily buying or selling a house.

If you’d like to get local market information for your area, feel free to contact us by email or our contact page.

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Chester County Real Estate Statistics

How is the market? Do you see a big change this year from 2008? We could easily hold a conversation about our opinions on the matter, but let’s look at the data and compare 2008 to 2009 during the month of June.

Inventory

June 2008: 3,988 Single Family Homes for sale in Chester County (**9.7 months accumulation)
June 2009: 3,909 Single Family Homes for sale in Chester County (**11.8 months accumulation)

**The accumulation is an estimate based on previous statistics of about how long it will take to sell the current number of homes for sale.

Sold History

June 2008: 544 Single Family Homes in Chester County went to settlement for median price of $349,000.
June 2009: 489 Single Family Homes in Chester County went to settlement for median price of $317,000.

From January-June Synopsis

January-June 2008: 2,245 Single Family Homes in Chester County were sold for a median price of $320,000.
January-June 2009: 1,778 Single Family Homes in Chester County were sold for a median price of $296,000.

Detail Real Estate Statistics for Chester, Montgomery, Delaware Counties

Reports with detail are available for targeted areas. Just ask ! You know the deal… either leave a comment below – or email your request.

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