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2011 Chester County Real Estate Market Forecast

by Scott Darling

The 2011 real estate market forecast depends on who you talk to. There are conflicting signs but most experts predict a slow growth in sales nationwide. Real estate guru Barbara Corcoran has this to say about buying a home in 2011:

“Of course people are nervous about buying with so many mixed signals, but my advice would be: Do not wait. If there's one thing I learned about this real estate is that it's very slow to unwind and usually takes years to do it. But once it decides to turn around, those prices move up very quickly, and you'll just be joining every Tom, Dick and Harry bidding on the same house. If you have an inclination to move, you'll get no better time than now, with cheap money, cheap prices and an embarrassment of riches to choose from. Why wouldn't you buy now if you were so inclined? The only thing you need is a little courage.”

Let’s compare December 2010 to 2009 to real estate statistics to see what improvement has taken place in our local market.

Downingtown Area School District saw a 24% decrease in the average sales price in December 2010, compared to December 2009 to $333,258.  Pending listings have decreased by 28%, while sold listings have decreased by 10%.  There was a 14% decrease in active listings, while market times increased by 75 days.

Downingtown

Active
Listings

Pending
Listings

Sold
Listings

Average
Sales Price

Average
DOM

Dec 2010

31

18

37

$333,258

143

Dec 2009

36

25

41

$436,972

68

In the West Chester Area School District, there was an increased in Sold listings  of 13% when compared to December 2009.  And pending sales decreased by 4% in December 2010 when compared to December 2009.  Average sales price decreased by 15% to $345,613 and active listings decreased by 10% from December 2009.  Market times have decreased by 5 days.

West Chester

Active
Listings

Pending
Listings

Sold
Listings

Average
Sales Price

Average
DOM

Dec 2010

60

47

69

$345,613

92

Dec 2009

67

49

60

$404,775

97

Active listing have decreased by 38% in the Coatesville Area School District in December 2010 when compared to December 2009.  The average sales price decreased by 4% to $198,739 and sold listings decreased by 8%.  The number of pending home sales decreased by 9% when compared to December 2009, while homes were on the market on average 87 days more than in December 2009.

Coatesville

Active
Listings

Pending
Listings

Sold
Listings

Average
Sales Price

Average
DOM

Dec 2010

45

32

36

$198,739

138

Dec 2009

72

35

39

$207,528

51

A word of caution...markets within a school district can be very different from neighborhood to neighborhood. For the latest Chester County PA real estate market conditions in your neighborhood, please call me at 610-564-SCOT or visit ChesterCountyHomeSource.com.

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