Chester County Real Estate Sales Statistics - August 2010
Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery, according to the National Association of Realtors. The recovery looks to be a long process with job numbers being lower than expected in the last couple of months. However, affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.
Take a look at how the Chester County real estate market fared in August.
Downingtown Area School District saw a 1% increase in active listings in August 2010, compared to August 2009. Pending listings have decreased by 41% and sold listings have increased by 3%. There was a 23% increase in average sales price to $424,393, while market times increased by 35 days.
|
Downingtown |
Active |
Pending |
Sold |
Average |
Average |
|
Aug 2010 |
89 |
33 |
50 |
$424,393 |
105 |
|
Aug 2009 |
88 |
56 |
56 |
$327,989 |
70 |
In the West Chester Area School District, there was an decrease in Sold listings of 21% when compared to August 2009. And pending sales decreased by 21% in August 2010 when compared to August 2009. Average sales price increased by 20% to $420,683 and active listings increased by 1% from August 2009. Market times have increased by 15 days.
|
West Chester |
Active |
Pending |
Sold |
Average |
Average |
|
Aug 2010 |
139 |
63 |
88 |
$420,683 |
80 |
|
Aug 2009 |
138 |
79 |
111 |
$337,170 |
65 |
Sold listing have decreased by 34% in the Coatesville Area School District in August 2010 when compared to August 2009. The average sales price decreased by 4% to $207,019 and active listings decreased by 36%. The number of pending home sales decreased by 37% when compared to August 2009, while homes were on the market on average 4 days less than in August 2009.
|
Coatesville |
Active |
Pending |
Sold |
Average |
Average |
|
Aug 2010 |
90 |
37 |
45 |
$207,019 |
65 |
|
Aug 2009 |
141 |
59 |
68 |
$214,695 |
69 |
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.
