Chester County PA Real Estate Sales Statistics - March 2010

Chester County PA Real Estate Sales Statistics - March 2010

Home Sales Surge in Response to Tax Credit

Pending home sales rose sharply in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors®. Contracts signed in February, rose 8.2 percent above February 2009. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. “The rise in pending sales may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten. We need a second surge to reduce inventory and stabilize home values.”

Let's look at March real estate sales to see how the local Chester County PA market is faring.

Downingtown Area School District saw a 5% increase in pending sales in March 2010, compared to March 2009.  Sold listings have increased by 14% and active listings have increased by 5%.  There was a 3% decrease in average sales price to $287,264, while market times increased by 1 days.

Downingtown

Active
Listings

Pending
Listings

Sold
Listings

Average
Sales Price

Average
DOM

Mar 2010

137

63

44

$287,264

76

Mar 2009

130

60

38

$294,937

75

In the West Chester Area School District, there was an increase in active listings  of 20% when compared to March 2009.  While pending sales decreased by 12% in March 2010 when compared to March 2009.  Average sales price increased by 2% to $336,008 and sold listings increased by 14% from March 2009.  Market times decreased by 13 days.

West Chester

Active
Listings

Pending
Listings

Sold
Listings

Average
Sales Price

Average
DOM

Mar 2010

156

64

54

$336,008

81

Mar 2009

125

73

50

$330,156

94

Pending sales have increased by 23% in the Coatesville Area School District in March 2010 when compared to March 2009.  The average sales price increased by 6% to $228,672 and active listings increased by 8%.  The number of homes sold increased by 30% when compared to March 2009, while homes were on the market on average 3 days less than in March 2009.

Coatesville

Active
Listings

Pending
Listings

Sold
Listings

Average
Sales Price

Average
DOM

Mar 2010

144

55

51

$228,672

94

Mar 2009

132

48

36

$215,405

97

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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Photo of Scott Darling Real Estate
Scott Darling
RE/MAX Action Associates
403 W. Lincoln Highway #101
Exton PA 19341
(610) 594-SCOT
610-363-2001
Fax: (610) 363-5275