| October 2009 Market Update | |
Market Statistics Graphs for October 2009
Overall Market Summary Report
| Area |
# Of Sales |
% Change
Year |
$ Volume |
% Change
Year |
Average SOLD Price |
% Change
Year |
DOM |
% Change
Year |
| Downingtown |
71 |
+144% |
$22.6 Million |
+89% |
$318,641 |
-23% |
70 |
-21% |
| West Chester |
87 |
+29% |
$29 Million |
-10.2% |
$330,609 |
-16.1% |
62 |
-19.5% |
| Great Valley |
32 |
+23% |
$10.6 Million |
-9% |
$332,784 |
-25.6% |
79 |
-14.2% |
| Coatesville |
51 |
+13.3% |
$9.8 Million |
-3% |
$193,908 |
-15% |
79 |
-4.9% |
| Octorara |
12 |
+71.4% |
$2.5 Million |
+78.5% |
$209,614 |
+.004% |
102 |
+39.7% |
| Chester County |
436 |
+30% |
$131 Million |
+10% |
$301,256 |
-15.5% |
78 |
-1.3% |
Closed Sales (Demand)
- Starting in June, The demand has been increasing over what it was last year, and in october, it followed the same trend line as 2006.
- Our best prediction is that november will also see an above average amount of closed sales due to the tax credit.
Active Listings (Supply)
- Good news as the supply has taken a dramatic decline.
- If this trend continues, it may be a sign that the overall market is improving.
Average Sold Price
This graph is effected by the first two of Supply and Demand. When supply is lower and demand is higher, prices go up. When demand is low and supply is high, prices go down. Economics 101. Because the demand the first half of the year was low we can see that the prices were tracking well under the 2008 levels. June, July and August saw increased level of demand, therefore the prices went up. Here are some facts to note:
- The majority of activity in August, September and October has been increasingly first time home buyers.
- The heavy emphasis on First Time Home buyers (Price range usually $300k and under) is what is causing the average sale price to drop so dramatically
- This does NOT mean that your home's value has dropped in a similar fashion
Want specific data pertaining to your neighborhood? It would be our pleasure to help you. Just contact us to get the details!
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