The Statistics
Avg Active List Price = $449,041
Avg Sold List Price= $397,033
Avg Sold Price= $370,263 - Down $12,000 or down 4% from 2007
List/Sold dif: 93%, compared to 95% in 2007, 96% in 2006 and 97% in 2005.
DOM = 78, up 13% from last year at 69 days
Current Inventory in ChesCo: 8 Months
Total # Listed: 10,251 (11,573 in 2007)
Total # Pended: 4730 (5726 in 2007)
Total # Sold in 2008 = 4760 (5907 last year) height was 2004, where 7526 homes were sold. That makes for a decrease of 37% in activity since 2004.
Summary:
We can see there is a large difference between what houses originally are priced for and what they end up selling for - almost a $80,000 difference! The next number, the Average sold listing price, meaning the price that the home was listed at when it went pending was still $27k more than what the average house eventually sold for. This underscores the absolute necessity to be represented by the RIGHT Realtor in this market, one who is willing to tell you the truth and not waste your time.
In addition, the average price took a small hit from last year. In 2007, the average sales price in Chester County was approximately $382,000. This year it dropped 4% to $370,000. Consider that in 2005, the average sales price was just below that at $368,000. When you compare this to harder hit areas such as California, Arizona and Florida, where they have seen nearly a 40% decrease in value. We have not seen a large slide in home values and do not expect to.
Overall, those selling their homes are receiving approximately 93% of what they are asking for. So if they are asking for $300,000, then on average, they are getting about $279,000. Again, this mandates that if you need to sell in this market that you have the right Realtor.
Days on Market continue to rise, up 13% from last year at 69 days, up to 78 days.
The number of homes listed in 2008 was 10,251 and more notably only 4,760 homes ACTUALLY sold. Only 46% of all homes listed in 2008 sold. This marks a 37% decrease since the height of market activity in 2004, where 7,526 homes were sold.
While we continue to see a shift in the market, it appears to be slowing down. And the good news continues to be, that while activity has slowed, the overall value of homes in Chester County has not seen any significant decrease. These factors support the need to hire the right Realtor should you need to buy or sell during this shifting market. Your Realtor should know how to handle this market, negotiate effectively and understand what this market is doing. Our teams’ average list-to-sale price ratio for 2008 was 97% or 4% better than the average, and our average days on market was about 42 days. We have a proven record of selling our listings at the best possible price in the shortest period of time.
Please make sure that if you or someone you know and care about needs to buy or sell, that you let us know, and we will enter you into our referral drawing for a $500 visa gift card. (Shameless plug).
