Chester County PA Real Estate Sales Statistics - May 2010
Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors®.
The Pending Home Sales Index rose 6.0 percent to 110.9 based on sales contracts signed in April. This figure is up from 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6 and reflects increases of 7.1 percent in March and 8.3 percent in February.
Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects sales contracts and not closings, which usually occur with a lag time of one or two months.
Let's look at May real estate sales to see how the local Chester County market is faring.
Downingtown Area School District saw a 14% increase in sold listings in May 2010, compared to May 2009. Pending listings have decreased by 56% and active listings have decreased by 45%. There was a 13% decreased in average sales price to $292,054, while market times decreased by 34 days.
|
Downingtown |
Active |
Pending |
Sold |
Average |
Average |
|
May 2010 |
68 |
31 |
56 |
$292,054 |
58 |
|
May 2009 |
123 |
71 |
48 |
$335,718 |
92 |
In the West Chester Area School District, there was an increase in Sold listings of 29% when compared to May 2009. While pending sales decreased by 32% in May 2010 when compared to May 2009. Average sales price increased by 6% to $342,317 and active listings decreased by 8% from May 2009. Market times have decreased by 31 days.
|
West Chester |
Active |
Pending |
Sold |
Average |
Average |
|
May 2010 |
130 |
63 |
102 |
$342,317 |
60 |
|
May 2009 |
142 |
93 |
72 |
$323,482 |
91 |
Sold listing have increased by 28% in the Coatesville Area School District in May 2010 when compared to May 2009. The average sales price increased by 8% to $235,468 and active listings decreased by 7%. The number of pending home sales decreased by 33% when compared to May 2009, while homes were on the market on average 6 days more than in May 2009.
|
Coatesville |
Active |
Pending |
Sold |
Average |
Average |
|
May 2010 |
130 |
33 |
67 |
$235,468 |
85 |
|
May 2009 |
140 |
49 |
48 |
$217,375 |
79 |
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.
