Here’s the breakdown for June 2008 in Downingtown, PA.

As you can see, the median and average prices went up while days on market dropped.  However, that was for units sold and as you see homes under contract have gone down while days on market for those homes have risen.  While inventory is about the same as last year, less current sales has raised the absorption rate from 6 to almost 10 months of inventory.  Of course, summer is historically slower as people vacation, so this could just be normal slowing.  We’ll have to see how the summer progresses.  The number of new listings also went down which should keep inventories from rising too fast.

If you would like a more personalized view of the market in your neighborhood, township, etc., feel free to contact me.  I would be happy to help.

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