Chester County Real Estate Sales Statistics - Oct 2010
Nearly eight out of 10 Americans believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors®.
The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.
Despite economic uncertainty, 68 percent of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75 percent), it’s up from 2008 (66 percent) and 2007 (59 percent). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market – more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40 percent said it was one of their highest priorities.
Lower home prices have improved affordability. Let’s take a look at October home sales and see how improved affordability is affecting our local housing market.
Downingtown Area School District saw a 15% increase in the average sales price in October 2010, compared to October 2009 to 382,776. Pending listings have decreased by 44% and sold listings have decreased by 38%. There was a 33% decrease in active listings, while market times increased by 15 days.
|
Downingtown |
Active |
Pending |
Sold |
Average |
Average |
|
Oct 2010 |
62 |
35 |
33 |
$382,776 |
87 |
|
Oct 2009 |
93 |
62 |
53 |
$324,662 |
72 |
In the West Chester Area School District, there was an decrease in Sold listings of 37% when compared to October 2009. And pending sales decreased by 33% in October 2010 when compared to October 2009. Average sales price increased by 13% to $366,132 and active listings decreased by 13% from October 2009. Market times have increased by 28 days.
|
West Chester |
Active |
Pending |
Sold |
Average |
Average |
|
Oct 2010 |
117 |
64 |
55 |
$366,132 |
90 |
|
Oct 2009 |
132 |
96 |
87 |
$317,489 |
62 |
Active listing have decreased by 23% in the Coatesville Area School District in October 2010 when compared to October 2009. The average sales price decreased by 2% to $205,612 and sold listings decreased by 39%. The number of pending home sales decreased by 47% when compared to October 2009, while homes were on the market on average 6 days more than in October 2009.
|
Coatesville |
Active |
Pending |
Sold |
Average |
Average |
|
Oct 2010 |
90 |
36 |
37 |
$205,612 |
97 |
|
Oct 2009 |
117 |
68 |
61 |
$208,832 |
84 |
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.
