Friday, March 22, 2013

Incredible Chester County real estate Statistics - February 2013.

Below are statistics courtesy of Mr Charles Cosgrove - The local real estate statistician, broker and trainer, also known as Mr. Chips.  Two major signs of the market bouncing back like crazy in our area, Pending sales and Days on Market statistics.

Chester County
Average Price:  slightly above $294K, a sharp drop of 14% from FEB-2012 ($344K) – this should even out next month, as February tends to be a month of “extremes” for average price in Chester County
Dollar Volume:  dropped 1% to $80 million compared to FEB-2012
Unit Sales:  more than 270 units, 15% above FEB-2012
Pending Sales:  rose sharply to more than 450 units, 33% above FEB-2012
New Listings:  almost 800 units, slightly lower than FEB-2012
Days on Market:  87 DOM per closed property, spectacular drop from 117 DOM in FEB-2012
Percentage of Distressed Sales:  16% of the market in Chester County; though the percentage of distressed sales fell, the number of distressed sales climbed slightly
Inventory** (Annualized Absorption Rate):  climbed to 5.2 months from FEB-2013, but remains more than two months below MAR-2012 (Chester County has less than 5 months of inventory under $700K)

Things are not quite the same in the neighboring Delaware and Montgomery counties.  My recent experience with multiple bids further confirms these stats - especially in the $300+ price range.  A recent NY TImes article on "The sudden rise in home demand takes builders by surprise!"

More local statistics and real estate tips.

Bela VoraREALTOR®, 
Coldwell Banker Preferred - Exton Real Estate.
Office: 610 363 6006; Cell: (484) 947 3127
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