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Monday, January 28, 2013

Chester County PA Market Watch Report

Market Watch Report for Chester County PA 
Data by TREND MLS for Quarter 4 of 2012 
Interpretation of Martina Lothert

Let's look at our current inventory in Chester County. Compared to the previous year there are 810 less homes for sale however the amount of Closed sales rose by 27.9%. 
This is clearly indicating that there are more buyers in the market right now then we have seen for a long time. Low interest rates make it more affordable then ever for buyers to enter into home ownership.
Low inventory and many buyers have resulted in multiple offer situations for well priced homes in good condition. Bargain hunters might still find the "fixer upper".

Take a look at some key metrics.
The median and average sales price are slightly down however more sellers seem to get a higher percentage at their original sales price. Sellers become more realistic and educated and list their home at a competitive price.
Comparing the percentage for number of homes for sale and closed sales there is a trend visible that leads to the Month Supply. The supply in homes is DOWN 39.1% over the previous year and the average Marketing Period is Down as well.

If you are thinking of selling my opinion is 
"NOW is a great time to Sell you home"
Why wait for the Spring Market, we never had a Winter Market.
Let's compare some other Counties:
Just look at the Closed Sales comparison and you will see the Market Trend in almost all of our Counties

Should you require more information on your Zip Code or Neighborhood please contact me directly and we will evaluate if now is a good time for you to sell.

Settled Unit: 
The number of single-family listings settled year-to-date (YTD) through the specified month and year.

Average Settled Price:  
The average price that single-family listings have settled for year-to-date (YTD) through the specified month and year. Determined by dividing the Total Settled Volume by the number of Settled Units.

Median Settled Price:  
The median price that single-family listings have settled for year-to-date (YTD) through the specified month and year. Determined by arranging all Settled Units year-to-date (YTD) in numerical order by price and then selecting the middle value.

Total Settled Volume:  
The total dollar volume of single-family listings that have settled year-to-date (YTD) through the specified month and year. 
Months of Supply: 
This number tells you how many months it would take for all the current homes for sale on the market to sell, given a monthly sales volume. Four to five months of supply is average: if the number is smaller, this means that buyers are dominating the market and there are relatively few sellers. The greater the number, this means there are more sellers than buyers. 
Average Marketing Period: 
The time it takes from Listing the home to entering into contract.

Martina Lothert
Keller Williams Real Estate 
email me
Call Direct: 610-883-2739
Office: 610-363-4300 x 1956