| Chester County Q2 Market Update | |
The Cindy Dickerman Team strives to characterize honesty and integrity in everything we do. So, when national media is crying "the sky is falling" about the real estate market, we feel responsible to make sure the truth is known about the local market. As mentioned in previous newsletters, real estate markets are like local weather forecasts - they change dramatically with location. Chester County has been very stable through the real estate boom, as well as through the current market cooling. In order to illustrate this fact, we did some serious research on key market indicators for the Chester County market, over the last 5 years. All numbers and figures are taken from TrendMLS. Here is what we have found. . .
Number of Solds per month:
The number of sold homes per month has seen a slow down since the height of the boom in 2004, with the average being around 7% per year, bringing the average number of homes sold per month down from its height of 604 in 2004 to 484 in 2007.
Average number of days on market:
The average number of days on the market has increased as activity has slowed down. In 2005 the average days on market was 46 and in the last three years that number has increased an average of 22% per year. In 2005 the average was the lowest at 46 days and currently it is around 80 days.
Average Sold price:
This is where the really good news comes. Despite the slow down in activity, the average sold price has increased steadily over the last 5 years. In 2003, the average sold price as $301,000. Last year, in 2007, the average sold price was $382,000, which is a 26% increase over the last 5 years.
The point of all this is to say when the news media spouts numbers of how the national market is doing, you know you don't have to pay too much attention to it. It would be like there being a national weather forecast for the entire U.S. and thinking it has some great effect on you.
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