Chester County Market Trends Report - January 2016
Sales were 15.1% higher than in January 2015 while the median sold price was down 0.5% compared to January 2015.
Residential activity in Chester County (Single-family and Condo)
What's happening in the Local Market?
Sales in January were considerably higher than expected, exceeding 2015 by 17%. Additionally, the median sales price was 4% higher than a year ago. The sales price increase is not too surprising since most forecasts were for a 3-4% increase in prices this year over 2015. Of course, one month does not a year make. For February we are projecting about a 10% increase in sales. Pending sales, usually a good indication of sales to come over the next month or two, were 6% ahead of last year in January; that’s in line with the experts expectations of a 3-5% sales increase for 2016. Inventory is beginning to build and it looks like a strong spring market ahead.
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