Here’s the Chester County statistics for June 2008:
While the number of solds went up in Chester County last month went up, the number of homes going under contract or pending has decreased. More sold listings are good, but the pending sales is our future sold’s. It’s “normal” for sales to lessen as we hit these summer months. This doesn’t mean things are going down the tubes, as the national media would have you believe, but it does mean that it may be slow for a bit longer. Both the median and sold price went up last month, and compared to June, 2007, they are up as well. That’s a good sign, as it shows we haven’t really dropped in prices like other parts of the country. Homes are also selling a bit faster, with the average days on market dropping as well. That’s another good sign. It indicates that when someone is finding their next home, it’s priced correctly and they’re not waiting to make an offer.
What does this mean for the absorption rate? Well, that has gone up again to around 10 months of inventory. While the for sale numbers stayed relatively level, even going lower a bit, the lower pending numbers drop keeps the inventory higher. That raises the amount of inventory in the pipeline.
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Related posts:
- Chester County Stats – June 2008 Mid-Month Check
- Chester County Statistics for September, 2008
- Malvern and Paoli statistics for June, 2008
- West Chester Statistics for June 2008
Article by John Lauber
My name is John Lauber and I'm a Realtor in Chester County, PA. I love living and working in this area as there is so much to do here. If you have any questions feel free to contact me. I'm happy to help.
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