It is always interesting to study home sales market statistics.
As any economist will tell you statistics don't lie, they just can be manipulated to say what you want. The numbers below are for all home sales in the Tredyffrin Easttown School district irrespective of price. I have taken the identical period of 10 months January thru October for 2006 and 2007 to see if recent home sales in T/E are really suffering as the newspapers will have us believe.
Inventory Accumulation for the Last 12 Full Months
Current Inventory *
Average Monthly Sales**
Inventory Accumulation ***
*Current Inventory is based on the actual available properties on the date this report was created.
**Average Monthly Sales is the average sales for the last 12 full months
***Inventory accumulation (in months) = Current Inventory Units / Average Monthly Sales
These first numbers show the actual moment in time that I prepared this report which is November 15th. There are 267 homes for sale in T/E at all prices. These homes total $233,828,505 which gives you an average price of $875, 762. Over the last 12 months the average number of homes selling per month is 51 which means that if no homes were to come on to the market from today onwards, and there being no reason why a house would not sell it will take 5 months before all the homes in T/E will sell.
January to October 2006
January to November 2007
The numbers above are a direct comparison of the ten months January to the end of October 2006 on 2007. We see fewer homes have been listed over the same period and therefore the listed volume is less. The average listed price has dropped, the number of homes that went under contract dropped, but only 11 homes less sold this year to last year which means that proportionately more homes sold as there were fewer homes on the market. The average sold price dropped and the average number of days on market increased by about 25%. Not a bad picture overall.
But what does it mean? These numbers can change if you look at smaller price ranges, and you need to do that to really find the truth about the market for a specific price range. If your home is priced in the $550,000 range for example you need to look at the range of prices that bracket that. I personally would look at both $525-575,000 as well as $500-600,000 to see if there was any difference and if there was try to understand why. If you are considering selling your home contact me and we can look at the market for your home specifically.
As I have said consistently over this year, our particular market is not as bad as the national papers have made the housing market out to be. There are a lot of strengths in this area. That does not mean that it is wonderful, as we can see with the rise in days on market, but every market is local.
What it does mean is you cannot presume your home will sell. You need to take the correct steps to prepare it for sale.
- Have your home inspected before you put it on the market; remove the fears that something may be unearthed by finding out ahead of time.
- De-clutter and stage the home, if you cannot do this yourself maybe hiring a professional stager will be worth the investment or find a friend or Realtor who is talented. Read Staging Hints to Help by Linda Sticklin
- Market it correctly, either yourself if that is what you wish to do, or using a professional full time Realtor.
Obviously on this last point I have a biased opinion, but with the days on market rising, having a professional on your side that understands marketing, communicates clearly and often and works on your behalf alleviating some of the stress, especially when problems arise is worth the cost. If the statistics are correct they will also get you more money for your home. Some will also help you to see the big picture and keep you motivated and having fun through the home selling process as well.
If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you, contact us or connect
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