If you are contemplating buying or selling a home, then you are probably wondering what the market is like. Below is a concise summary of the local market in both Chester and Delaware County. Do you have a specific township or neighborhood in mind? Contact us today and ask for our Market Snapshot of your desired area!

CHESTER COUNTY MARKET UPDATE:

November’s numbers are similar to what we saw in October. There was a continuous drop in the number of homes on the market and in turn the number of settlements. This is normal for this time of the year. However, additional data shows that the number of pending and settled transactions during this past year have been higher than last year. In addition, the average sales price per house is significantly higher this year than this time last year: up $35,000! So even though the month-to-month numbers show a decrease in inventory and settlements and an increase in days on the market, the payout at settlement is worth it. Plus with all the amazing low rates this year, this is a great time to buy, as well as sell.

DELAWARE COUNTY MARKET UPDATE:

We see similar results in Delaware County as with Chester. In November, inventory and the number of settlements went down, and days on the market went up. The good news is that the average sales price for the homes that are settling are significantly higher than last year: up $25,000 with most settlements closing in the $600,000-$700,000 range. In addition, the year-to-date data show an increase of pending and settled listings when compared to last year. So don’t let some of the lower numbers fool you; the time to buy or sell your home is now!

Cite: The above statistics all brought to you by Suburban West Realtors Association: http://www.suburbanwestrealtors.com/industry-info-expertise/local-market-statistics/