Over the past year, Philadelphia prices have stayed stable, while New York and Boston suffered small declines. And only 7 percent of Philly-area homeowners sold for a loss in the past year, according to Zillow—well below the national average of almost 24 percent.

That’s been what we’ve seen here in Chester County as well. As the article says, we have business (pharmaceuticals and health care as well as financial giants such as Vanguard) that provides a steady stream of employment and people willing to move to the area.

So, have we hit the bottom? Well, if I could make predictions like that, I would probably be living on a private island somewhere. It may be premature, but I do think that this area has not seen the same price drops that many areas that were hit much harder by foreclosures and short sales and in general I think prices are remaining fairly level.

Thinking about moving to the area or just want to discuss your options in TODAY’s market. Feel free to contact me. I’d love to discuss it with you.

PHOTO CREDIT: CoCreatr

Let’s look at what the numbers showed for October in Chester County.

At first glance the numbers are fairly steady. Median and Average Price is about the same and is even higher versus October, 2007. Days on Market for sold and homes recently under contract are also about the same. The two numbers that are down from last month and from last year are the number of solds and the number of listings under contract.

The number sold listings doesn’t surprise me too much. We saw the summer slowdown reduce the number of under contract homes and that was our future solds. Welcome to the future. With the exception of a recent client purchase that took less than 30 days, most home sales take 6 weeks or longer. So, depending on the various issues, a lot of the sales that occurred in July and August were probably this month’s sold listings.

The under contract listings, however, were sales that occurred in the month of October. These numbers were down fairly significantly. As I stated above, this was probably a lot of uncertainty as the markets fluctuated and the lead up to the election. What did this do to the Chester County absorption rate? Well it jumped from 10 to 15 months of inventory. That’s a pretty large jump an about a 47% increase (which is also the same increase compared to same time last year). As we come to the end of the “fall season” there will be a slow down as we hit Thanksgiving and then Christmas/New Years. These next 3 months are generally a slower cycle to begin with, but it doesn’t mean this is bad time to buy or sell.

If you would like get numbers for your area feel free to CONTACT ME with no obligation. I’d be happy to discuss it with you.

Now click the play button and enjoy Halloween show.

Have a great Halloween!!

Here’s a few pictures:

As you can see the numbers compared to last month are down, which is in line with the Chester County as a whole. Units sold were down, but interestingly enough, its the exact same number as September, 2007. The number of for sale listings are about the same as last year, although they are up a bit.

Looking at the number of under contract listings, their drop caused the months of inventory (absorption rate) to rise to 10.5 vs 8.5 in August. The number of new listings, while up a tick, is less than last year and will keep the existing inventory moving as we move forward.

If you would like even more in depth numbers for West Chester or any other neighborhood, township or zip code, feel free to CONTACT ME and I’ll be happy to help.

I had to get some blood work completed for an upcoming physical today. OK, John, thanks for that, I’ll be going now. Bye, bye.

NO WAIT!!! Don’t go, I do have a point. I had to fast for 12 hours or so, for the blood work. When I arrived at the draw center this morning I was starving. I hadn’t even had my first cup of coffee yet and I was up for 2 hours already. I was famished. Starving and ready to eat anything (though I don’t think I would have and isn’t that a strange saying?). After I signed in, they drew what they needed and I was out of there looking for breakfast. In and out in 5, maybe 10, minutes tops.

OK, John, What does this have to do with anything? Sorry for the digression, but there is a point. Today is Blog Action day across the interwebs. Bloggers (such as myself) are doing their part to bring awareness of a particular topic. So what is this year’s topic? Poverty. Imagine if you were forced to fast almost every day. Even in prison you get three square meals, don’t you? With obesity at an all time high, is sure doesn’t seem like there are many people starving. That’s just not true, however.

There are people starving very close to home. Right in your backyard so to speak. Chester County Cares runs a food cupboard for the region. They estimate there are 100,000 people in Chester County they helped with your donations just last year. They take food and financial donations, just see their website for details. There are plenty of other ways you can help. Places like the Bethesda Project helps the chronically homeless who are looking for food and shelter. I know my church and many others in the area take frozen, homemade meals to serve at various locations supplied by this project.

Reading the various posts by other bloggers today about worldwide poverty and those in need, made my very brief 12 hour fast seem trivial. It was. Really, it was not that hard, but imagine if you did that every day.

Bloodwork isn’t so bad.

As you’ve probably read there was a bit of turmoil in the news last month (and it still continues this month) regarding the financial markets. While most of the news was not pleasant, much of it was on a national basis regarding companies and factors that generally do not affect our area directly. It does affect our area indirectly through general consumer confidence.

Having said that, let’s look at last months numbers. Solds are a product of under contract or pending properties from the prior months. Very few properties are put under contract and sold the same month, though it does happen. Under contract properties is our future “solds” to put it a different way. September’s under contract numbers dropped again from 372 in August to 303 in September. This is a 17% drop over the same time last year (366 under contract). The sold numbers also went down, dropping from 513 to 404 units. This drop was not as severe percentage-wise at a 3% drop from last year. Inventory was slightly less than August with 4,804 properties on the market. That number is only 1% higher than September, 2007 (4764). What do these numbers mean for the absorption rate, or months of inventory? Well, it did increase from a 10.5 month supply to a 13 month supply.

The average and median sold prices continued their yo-yo as the average lowered to $354,627 and the median lowered to $295,288. Compared to last year this is down around 8% and 9%, respectively. Days on market for solds and under contract properties are still in a normal range at 73 and 83 days average time on the market. As you can see homes are still selling! Inventories have not increased dramatically and have actually reduced over the last few months. There will probably be a general slowing until after the election and as the market continues to try and sort itself out. Mortgage rates are still historically low and home prices have not decreased dramatically.

I’ll be writing up a third quarter report sometime later this month. If you would like to discuss your options in this market, feel free to contact me or give me a call. I’d be happy to help.

There are many great organizations trying to help the fight against breast cancer, like the Susan B. Komen Foundation or just providing information about this disease, like BreastCancer.org.

Do whatever you can to help the fight, whether you take part in a walk or just make a donation to continue the fight.

Why do I enjoy working with GoodWorks? For one, I like to work with tools. This year we went to Coatesville (they also have locations in West Chester and Phoenixville) and my group removed and replaced 12 drafty windows and screens with brand new double hung windows. After a lot of banging, painting, attaching and caulking we were able to get the job completed to the point where the family living there should have a much warmer winter. I wish my schedule allowed for more participation in these types of programs because it’s satisfying to drive away knowing that you were able to improve someone’s situation.

So after ripping, nailing, screwing and painting the windows ended up looking like the picture below. I think they came out pretty well.

What do you think?

370 Trotters Way

Today’s first house was at 370 Trotters Way in Coatesville, PA. Offered at $299,900, this 4 bed, 2 1/2 bath home shows really nicely. This house sits on 4 acres, though unfortunately, not all of it usable. The house has a great front porch (see pic) that makes a great, shady spot to just sit and enjoy the day. The rooms, while not large, are a generous size. The lower level has a nice open floor plan which makes it feel bigger. There’s a nice deck off the kitchen that allows views of the woods behind. The basement is finished and has a walk out to a great backyard patio. They did a nice job in finishing the space giving you or the children plenty of room to spread out. Overall, it was a nice house that showed really nicely.

2754 N Barley Sheaf Road

The next house was also in Coatesville and was located at 2756 N Barley Sheaf Road. This home was much bigger than the last house, but was also a 4 Bedroom, 2 1/2 bath. Offered at $325,000 it sits on a half acre. It’s a nice corner lot though, so you only have one house next door. The lower level of this home is very spacious. With a cathedral ceiling in the living room and generous size kitchen with a big center island. There’s an office area at the end of the first floor that provides privacy from the rest of the house. The bedrooms were all a nice size, main bedroom also had nice walk-in closets. While not finished, the basement ceiling was built with enough extra height to make a great finished space. There is already a door out of the basement to the back yard.

305 Berkley Lane

The last house for today was at 305 Berkley Ln in West Chester, PA. Offered at $425,000, this 4 Bedroom, 2 1/2 bath home is located across from West Goshen Park in the development of Fresh Meadows. This community is very convenient to downtown West Chester and Rt. 202. Located on the end of a cul-de-sac, this house is on a nice big lot. There is one word for the house on the inside though, and that is dated. It looks a bit dated, but nothing that can’t be neutralized with some elbow grease and paint. Please don’t misunderstand, this house is not a fixer upper. It’s ready to move into now. The kitchen is a great size and so is the family room. The basement is finished and the bedrooms are a good size. The deck off the back takes up most of the house and is accessed from both the kitchen and family room.

If you would like to see these or any other homes available on the market, or if you have any questions about buying or selling your home, feel free to contact me at 610-220-7645 or John[at]JohnLauber.com. I’m happy to help.