If you are contemplating buying or selling a home this month, 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:

For the month of October, we saw a drop in the number of homes on the market, which is normal for this time of the year. We are approaching the holidays and colder weather so most homeowners either don’t want to sell their home during this time, or believe that it’s not a good time to sell. Interestingly, the number of settlements were only slightly lower than in September with most homes settling around $800,000-$900,000. Also, the average number of days on the market for those who did put their homes up for sale was significantly less than in September. They even received around $9,000 more than if they had sold their home last year. We’re tot so sure if the theory “fall & winter are a bad time to sell” is a valid one based on these numbers.

DELAWARE COUNTY MARKET UPDATE:

We see a similar trend in Delaware County. Inventory (homes for sale) is down along with total number of sales. As mentioned before, it is typical for this time of the year. However, in Delaware County homes were on the market for longer in October than in September with a majority of homes settling between $600,000 and $700,000. Those who did settle this month were in for a treat as their homes sold for $22,000 more than last year!

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