Chester County Real Estate Market Trends for December 2014
2015 is off to a great start for home buyers according to an executive order announced last week authorizing FHA to cut .5 percent from the annual mortgage insurance premium for the FHA backed loans with terms greater than 15 years. For most FHA loans this will reduce the annual premium from 1.35 percent of the loan balance to .85 percent. Loans with balances above the loan limits in effect in most areas and with current MIP of 1.50 to 1.55 percent will see new premiums of 1.00 or 1.05 percent respectively. The upfront premium for all loans will remain unchanged at 1.75 percent.
Borrowers with FHA-insured loans can refinance and obtain the lower annual MIP, as long as the original endorsement was after May 31, 2009 (Older loans have a lower annual MIP. The annual MIP was increased from 0.55% to 0.90% in October 2010, to 1.15% in April 2011, to 1.25% in April 2012, and to 1.35% in April 2013 for borrowers with less than 5% down.)
Take a look at December’s real estate sales broken down by school district.
Downingtown School District
The number of homes selling in the Downingtown school district in December 2014 dropped by 2.56% when compared to December 2013. The average selling price increased 1% to $379,527. The median selling price decreased by less than 1% while the average market time decreased by 15 days.
| Date | Sold Listings |
Average |
Median Selling Price |
Average Days On Market |
| Dec 2014 | 76 | $379,527 | $357,000 | 54 |
| Dec 2013 | 78 | $376,190 | $357,275 | 69 |
West Chester School District
The number of homes selling in the West Chester school district in December 2014 increased by 20.4% when compared to December 2013. The average selling price dropped by 11.5% to $317,000. The median selling price decreased by 11.9% while the average market time decreased by 2 days.
| Date | Sold Listings |
Average |
Median Selling Price |
Average Days On Market |
| Dec 2014 | 118 | $332,270 | $317,000 | 54 |
| Dec 2013 | 98 | $375,679 | $360,000 | 56 |
Coatesville School District
The number of homes selling in the Coatesville school district in December 2014 dropped by 31.76% when compared to December 2013. The average selling price decreased 1.73% to $215,000. The median selling price decreased 2.74% while the average market time grew by 31 days.
| Date | Sold Listings |
Average |
Median Selling Price |
Average Days On Market |
| Dec 2014 | 58 | $215,850 | $215,000 | 79 |
| 85 | $219,652, | $221,065 | 48 |
Great Valley School District
The number of homes selling in the Great Valley school district in December 2014 increased by 83.3% when compared to December 2013. The average selling price increased 15.6% to $480,567. The median selling price didn't change while the average market time increased by 15 days.
| Date | Sold Listings |
Average |
Median Selling Price |
Average Days On Market |
| Dec 2014 | 44 | $480,567 | $435,000 | 63 |
| Dec 2013 | 24 | $415,711 | $435,000 | 48 |
Unionville School District
The number of homes selling in the Unionville school district in December 2014 increased by 16.67% when compared to December 2013. The average selling price increased 2.09% to $475,173. The median selling price dropped 11.17% while the average market time increased by 3 days.
| Date | Sold Listings |
Average |
Median Selling Price |
Average Days On Market |
| Dec 2014 | 28 | $475,173 | $407,500 | 99 |
| Dec 2013 | 16 | $465,457 | $458,750, | 96 |
Tredyffrin-Easttown School District
The number of homes selling in the Tredyffrin-Easttown school district in December 2014 increased by 94.59% when compared to December 2013. The average selling price increased 1.25% to $451,108. The median selling price increased 3.8% while the average market time decreased by 15 days.
| Date | Sold Listings |
Average |
Median Selling Price |
Average Days On Market |
| Dec 2014 | 72 | $451,108 | $410,000 | 49 |
| Dec 2013 | 37 | $445,557 | $395,000 | 64 |
Owen J Roberts School District
The number of homes selling in the Owen J Roberts school district in December 2014 increased by 29.03% when compared to December 2013. The average selling price decreased by 5.7% to $318,523. The median selling price dropped 16.67% while the average market time increased by 23 days.
| Date | Sold Listings |
Average |
Median Selling Price |
Average Days On Market |
| Dec 2014 | 40 | $318,523 | $270,000 | 76 |
| Dec 2013 | 31 | $337,788 | $324,000 | 53 |
Phoenixville School District
The number of homes selling in the Phoenixville school district in December 2014 decreased by 19.51% when compared to December 2013. The average selling price increased 1.27% to $261,252. The median selling price decreased 8.73% while the average market time decreased by 32 days.
| Date | Sold Listings |
Average |
Median Selling Price |
Average Days On Market |
| Dec 2014 | 33 | $261,252 | $218,000 | 69 |
| Dec 2013 | 41 | $257,987 | $238,860 | 101 |
Curious about the value of your home? Get your home's value here!
Information courtesy of Chester County Realtor Scott Darling.
