Welcome to September and the “unofficial” end of summer, as children head back to school and vacations come to an end.  With everyone trying to fit that last minute vacation into August, it’s fairly typical to see a slowing in the market during this month.  The following statistics for Chester County shows that clearly happened.

Sold Homes

The average sales and median sold price for the month of August rose compared to July, 2008 with 507 properties making it to the closing table in Chester County.  The average days on market for these sold homes rose a bit to a 76 day average.  Compared to August, 2007, our average price went up 5%, while the median price lowered by 2%. On the flip side of that was the number of under contract or pending sales, which declined for the month going from 478 to 326 under contract.  As I’ve stated in the past, these are not completed deals, so the numbers can change. 

What that means for our housing inventory is that it has risen, somewhat significantly, to an absorption rate of 12 months.  That’s a 3 month uptick, but August is typically a slower month in an already slow house selling season, so we’ll need to see what September brings in terms of home sales to see where we’re headed.

Of course, if you want even more localized information for your city, township, neighborhood, feel free to just contact me and I’ll get it to you right away.

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