Here’s the statistics for the month of May, 2008.

West Chester is still showing good movement, similarly to last month. Days on market came down again while the median and average prices ticked up. While solds went up, the homes under contract came down which means there won’t be as many solds in the coming months. The number of new listings did go down which kept the inventory level, or in this case, down a bit.

With less homes going under contract, it’s increased the absorption rate accordingly.  While I reported last months as 7 months, after all the numbers came in that number reduced to 6 months.  This month went up to almost 10 months inventory.  With the percentage of inventory to under contracts dropping from 27% to just 15%, we’re definitely seeing some summer slowing starting.  Mortgage rates rose to 6.75% as of June 13, and I’m sure that’s helping with some of the slowing.  We’ll see how this summer pans out.  As you can see, homes ARE still selling.

This data is for residential listings in both West Chester zip codes (19380, 19382).  If you like a more personalized analysis, feel free to CONTACT ME any time.

(DISCLAIMER: As always, data provided is from Trend MLS ©2008 and is accurate, but not guaranteed.)

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