Home sales surged in the fourth quarter of 2009 with many areas seeing double digit gains according to the National Association of Realtors. Total existing-home sales (single-family and condo) jumped 13.9 percent above the third quarter and 27.2 percent above the fourth quarter of 2008. Distressed property sales accounted for 32 percent of the fourth quarter transactions, down from 37 percent from 2008.
Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit, combined with record low interest rates, played a dominant role in fourth quarter sales. Yun went on to say, “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”
Let's look at January Chester County real estate sales to see how the housing recovery is progressing locally.
Chester County Real Estate Sales Statistics - Janaury 2010
Downingtown Area School District saw a 16% increase in pending sales in January 2010, compared to January 2009. Sold listings have increased by 31% and active listings have decreased by 8%. There was a 17% decrease in average sales price to $337,836, while market times decreased by 2 days.
|
Downingtown
|
Active
Listings
|
Pending
Listings
|
Sold
Listings
|
Average
Sales Price
|
Average
DOM
|
|
Jan 2010
|
77
|
37
|
26
|
$337,836
|
80
|
|
Jan 2009
|
84
|
31
|
18
|
$405,488
|
82
|
In the West Chester Area School District, there was an increase in active listings of 19% when compared to January 2009. While pending sales increased by 16% in January 2010 when compared to January 2009. Average sales price decreased by 13% to 359,445 and sold listings increased by 43% from January 2009. Market times decreased by 21 days.
|
West Chester
|
Active
Listings
|
Pending
Listings
|
Sold
Listings
|
Average
Sales Price
|
Average
DOM
|
|
Jan 2010
|
135
|
74
|
49
|
$359,445
|
88
|
|
Jan 2009
|
109
|
54
|
28
|
$410,868
|
109
|
Pending sales have increased by 35% in the Coatesville Area School District in January 2010. The average sales price decreased by 4% to $203,082 and active listings decreased by 15%. The number of homes sold decreased by 11% when compared to January 2009, while homes were on the market on average 38 days less than in January 2009.
|
Coatesville
|
Active
Listings
|
Pending
Listings
|
Sold
Listings
|
Average
Sales Price
|
Average
DOM
|
|
Jan 2010
|
103
|
48
|
40
|
$203,082
|
78
|
|
Jan 2009
|
121
|
31
|
45
|
$211,366
|
116
|
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.
