Talking Chester County's Notes
Here’s the real estate market statistics for the Malvern and Paoli zip codes ending July, 2009.
As you can see, the median and average price both went up from June and even compared to July 2008. The number of properties sold and the under contract has steadily risen since January, as well. The number of for sale properties has increased though that number has remained fairly steady and compared to the same time last year, has dropped. Days on market has been up and down with no consistent trend one up or down. I’m not really sure what to make of that, if anything. See the charts below for more numbers.
What does this mean for the absorption rate in Malvern/Paoli? Well, it’s in the single digit range of 7.9 months of inventory. That number has been up and down as well, though for 2009 it’s mostly been lower than 10 months. The cycle of winter tends higher, though 2008 was better than 2007. We’ll see this winter what happens here as we have seen increases in sales for the year.
More detail and charts can be found below so you can draw your own conclusions. If you want this for your area, or if you have questions regarding this information feel free to comment or contact me and I’ll answer you as quickly as possible.
July 2009 Sold vs Average for Malvern/Paoli View more documents from John Lauber.July 2009 Supply and Demand for Malvern/Paoli View more documents from John Lauber.
July 2009 Basic Absorption for Malvern/Paoli View more documents from John Lauber.
Related posts:
- Malvern/Paoli Statistics for April 2009
- Malvern and Paoli Statistics – May, 2008
- Malvern and Paoli statistics for June, 2008
I came some interesting information, courtesy of propublica.org, regarding the money Chester County, PA (or anywhere in the country really), receives from the stimulus package. They recently broke down the information by county, instead of by state.
Below is the snapshot:
The full chart as well as a breakdown of departments, grants, etc. receiving funds can be found here. This is from their “Recovery Tracker”. Interesting information compiled by a group of investigative reporters who worked for the NY Times and the Wall Street Journal.
Pretty interesting stuff.
DISCLAIMER: This information is from an independent source, not affiliated with myself.
Related posts:
After 6 months of upward movement, July 2009 was the first down month for Chester County since December. Here’s the chart:
To be fair, July tends to slow (along with August) as people take vacations. As you can see from the charts below prices for July are down about 3-4% over the past 2 years. So I would call this the cyclical summer slow down. Homes are selling though, in my experience. There have been multiple offer situations on homes priced properly. Days on market remains steady at around 80 days.
So what do these numbers mean for the absorption rate? Well it did go up to around 10 months of inventory from 8 months.
Want to make your own conclusions? Then, see the charts below. And as always, feel free to contact me to get charts like these for your area.
July 2009 Supply and Demand for Chester County View more documents from John Lauber.
July 2009 Basic Absorption for Chester County View more documents from John Lauber.
Related posts:
The next level in our series by price gets a little wider. As we up in the price ranges we start to see larger swings. So the next range for Chester County is the $1M to $1.5M price range.
Here’s the chart:
The numbers here tend to stay in the lower end of the range, i.e. less than $1.3M. The number of homes for sale tend to stay around the same, as well. The number of under contract listings went up the last 2 months and days on market lowered significantly.
So what has this done to absorption rates in this price range? It’s lowered to 19.1 months of inventory. That’s the lowest it’s been in a year and much less than the average for the year at 45 months of inventory.
See the charts below for more detailed information and to make your own conclusions about this market range:
Chester County Supply and Demand for $1M to $1.5M View more documents from John Lauber.
Chester County Basic Absorption for $1M to $1.5M View more documents from John Lauber.
Related posts:
- Chester County Statistics (a break down) – ($600 to $800K)
- Chester County Statistics (a break down) – $800K to $1M
- Chester County Statistics (a break down) – $200 to $400K
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If you’re a first time home buyer and you’ve been on the fence about taking advantage of the government’s $8000 first time buyer credit, you may want to think fast. The expiration date is December 1, 2009. That means you better settle on or before November 30 or you will lose out.
Working backwards from November 30, and knowing that, on average, it can take 45 to 60 days to close, you have until around October 10, give or take a week to get an agreement in place and start the closing process. That’s only about 75 days, from today (July 28) to find your new home.
Feel free to contact me to discuss your options and to take advantage of this credit.
Related posts:
Number 5 in this series is about homes sales in Chester County, PA between $800K to $1M. First the summary of where we’ve been.
As can be seen, the numbers from a price standpoint are not down, compared to last year. As a matter of fact, they are up. But, looking at the month by month (below) you can see that the numbers have really stayed about the same. That’s about where the “positivity” ends. The number of under contract and sold listings are definitely down in this price range. The numbers have been all over the place really.
The absorption rate as of June, 2009 is 15.5 months of inventory. That’s one of the lowest months in the last year. The average for the year is around 26 months of inventory, so it is lower and after March, 2009 where that number rose to 89.5 months of inventory (2 under contract listings), things have been more positive over the past 3 months.
See the charts below for more information.
Chester County Supply vs Demand for $800K to $1M View more documents from John Lauber.
Chester County Basic Absorption for $800K to $1M View more documents from John Lauber.
Related posts:
- Chester County Statistics (a break down) – ($600 to $800K)
- Chester County Statistics (a break down) – $200 to $400K
- Chester County Statistics (a break down) – $400K to $600K
Here we are at Day 4 in my series on Chester County PA real estate statistics, with a break down, by price range. As the title says, today’s price range is from $600K to $800K.
Here’s the summary chart:
Well, what I can add that the numbers don’t already say? If yesterday’s numbers were the start of the home sale bottleneck, then this is the next rung on the ladder. Median and Average prices (as a percentage compared to last year) are only down 4% and 1%, respectively. However, the more significant drop is the homes sold (48% down compared to June 2008). Under contract listings have remained about the same (with the exception of July 2008 which spiked higher). For the most part, under contract listings vs residual listings as a percentage has averaged about 6.5%.
All this affects the absorption, and that number is at 15 months of inventory. The average for the year is around 21 months of inventory. That number has lowered, since January 2009, and let’s hope the trend continues here. It is, regardless, considered a buyer’s market and until people decide it’s time to move up there won’t be too much more action than what we’re seeing.
The full charts for the year are below. Here’s the links to the rest of the series: Day 3, Day 2, Day 1.
Chester County Supply vs Demand (600K to 800K) View more documents from John Lauber.
Chester County Basic Absorption (600K to 800K) View more documents from John Lauber.
Related posts:
- Chester County Statistics (a break down) – $400K to $600K
- Chester County Statistics (a break down) – $200 to $400K
- Chester County Statistics (a break down) – Less than $200K
Day 3 of our series breaking down home sales among the various price ranges in Chester County, PA brings us to the $400K to $600K price range.
As always, first the chart:
This is really where we start to see the “move up buyer”, or those people looking to move to a larger home. This has been a “difficult” range (or one of them). Without sales below, which have been good, homes starting in this range take longer to sell. June, 2009 was an uptick, but compared to last year is down a bit. Median and Average prices have remained about the same but took a bit longer to sell. The other numbers have moved “normally”, if you will, through the yearly real estate cycle.
What does this mean for the absorption rate for this range? As of June, it’s 8.5 months of inventory. This number is a low, except for May, for the year (starting June 2008). Most months have been 10 months or more, with a high of 21.4 months back in November, 2008. It’s steadily dropped since then and I hope it continues. I would say probably still in the “buyer’s market” area for this price range.
Feel free to dive deeper into the numbers in the charts below. Of course, if you would like more specific information feel free to contact me.
Stay tuned for tomorrow, where we move to the $600K to $800K price range.
Chester County Average vs Median 400-600K View more documents from John Lauber.Chester County Supply vs Demand 400-600K View more documents from John Lauber.
Chester County Basic Absorption 400-600K View more documents from John Lauber.
Related posts:
- Chester County Statistics (a break down) – $200 to $400K
- Chester County Statistics (a break down) – Less than $200K
- Chester County Statistics – An Update
Yesterday I posted about home sales in Chester County below $200K. Today we continue the series and, as the title says, we look at the $200K to $400K home price range.
First a summary of the action:
As you can see, this is another range where prices have not dropped significantly, if at all really. The residual inventory is lower and as a percentage to under contract listings has held for 2 months at 20%. That percentage has climbed during the year and after a year or two of averaging about 15% (under contract/residual listings) is at one of it’s highest points. What about the absorption rate for this price range? Well that’s holding around 6.2 months of inventory for this time of year. Also, 2 months of consistent “normal” market conditions in this range. The first time buyer credit is also involved in this price range as well, which is helping.
As always the full charts for this information is below. They are only different as they are for the past year and not the last two, but looking at the last two really doesn’t change the numbers on a month to month basis.
Chester County Supply vs Demand (200 to 400K) View more documents from John Lauber.
Chester County Basic Absorption (200 to 400K) View more documents from John Lauber.
Related posts:
- Chester County Statistics (a break down) – Less than $200K
- Chester County Statistics – An Update
- Chester County Statistics for April, 2009
