I was asked by a friend to give a short talk last night at a seminar on downsizing and one of the things he wanted me to touch on specifically was trends in the market,
So turning to Trend I pulled up the most recent statistics for Chester County as most of the attendees if not all were from Chester County. Average price of homes has dropped about $20,000 between the last quarter of '08 and first quarter of '09. There were 470 more homes on the market and this number is expected to increase. Number of homes that sold in the quarter was down by 150 about 16.5%,not surprisingly days on market increased by 13 to 96.
Comparing year to date sales to the end of April for the last three years was again an overwhelming negative view of the market settled units compared to 2007 are down by 40%, average settled price is down by $50,000, median settled price is down also by $29,000, settled volume is down by 48%, with sold price being 91.32% of the asking price. Now this last number is always a little skewed as realtors relist to keep their selling price to listing price high so they do not appear to not know how to price homes correctly, something our MLS has not sorted out yet although days on market is now an accurate number if you look at marketing period.
Whilst this news is overwhlemingly negative there are some positive points, homes are still selling, mortgages are available, mainly to those who truly qualify, another post on this will follow and when priced right and marketed correctly you can get a home sold well within the days on market number shown in the statistics. So don't despair just make sure you use a realtor who is tech savvy, understand internet marketing as more than 84% of buyers are now searching on line before and even whilst using a realtor.
For example we had a customer call about one of our listings because his wife found it on the internet, their agent, who is a good agent said she had shown them all the properties in that development but had missed it in the MLS, they were about to make an offer and wanted to see the home, which we were able to set up for them with their agent that day although there was 24 hour notice. Now let's hope they will like it enough to make an offer.
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