Chester County PA Market Statistics - February 2010
Owning a home is its own reward, but homeownership can also bring rewards at tax time. This year is especially beneficial for people who are in the market to buy a home, thanks to the $8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers.
Current homeowners can benefit, as well. Tax credits are available for owners who improve the energy efficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems. Certain home improvements may qualify for as much as 30 percent of the project cost, up to $1,500.
Homeowners also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid on up to $1 million in mortgage debt. If you bought a home in the past year, be sure to provide a copy of your HUD-1 statement to your tax preparer. The interest you paid at closing is not reflected in your year-end mortgage statement. Points and other closing costs may also be tax deductible.
Many housing markets were affected by an extremely harsh weather in February. Take a look at what February looked like in our local market:
Let's look at February real estate sales to see how the buyers are taking advantage of these tax benefits in Chester County.
Downingtown Area School District saw a 7% increase in pending sales in February 2010, compared to February 2009. Sold listings have increased by 19% and active listings have increased by 16%. There was a 15% increase in average sales price to $349,711, while market times decreased by 19 days.
|
Downingtown |
Active |
Pending |
Sold |
Average |
Average |
|
Feb 2010 |
82 |
42 |
21 |
$349,711 |
80 |
|
Feb 2009 |
69 |
39 |
17 |
$297,488 |
115 |
In the West Chester Area School District, there was a decrease in active listings of 21% when compared to February 2009. While pending sales decreased by 3% in February 2010 when compared to February 2009. Average sales price increased by 5% to $348,806 and sold listings decreased by 31% from February 2009. Market times increased by 16 days.
|
West Chester |
Active |
Pending |
Sold |
Average |
Average |
|
Feb 2010 |
107 |
66 |
31 |
$348,806 |
110 |
|
Feb 2009 |
136 |
68 |
45 |
$331,038 |
94 |
Pending sales have remained consistant in the Coatesville Area School District in February 2010 when compared to February 2009. The average sales price decreased by 10% to $185,725 and active listings decreased by 11%. The number of homes sold decreased by 19% when compared to February 2009, while homes were on the market on average 3 days more than in February 2009.
|
Coatesville |
Active |
Pending |
Sold |
Average |
Average |
|
Feb 2010 |
84 |
40 |
21 |
$185,725 |
111 |
|
Feb 2009 |
94 |
40 |
26 |
$205,590 |
108 |
A word of caution...markets within a school district can be very different from neighborhood to neighborhood. For the latest Chester County PA real estate market conditions in your neighborhood, please call me at 610-564-SCOT or visit ChesterCountyHomeSource.com.
