Real Estate in Chester County has softened in certain areas and price ranges but we certainly haven't suffered like some of the other parts of the country. Most of the softening in our market is in the higher price ranges. Not only have the prices softened but homes in the higher price ranges need to shine with the extras in order to sell. Let's take a look and see how the homes in the $600,000-$800,000 price range did for the first 3 quarters of 2009.
Unfortunately you can see from the graph that homes in Chester County in the $600K-$800K price range had less sales this year than in the past 3 years. It even looks as though this price range sold at a lower rate than in the other three years as well. Let's see if these Sellers lowered their prices from previous years to help their cause.
Interestingly enough the average sales price is consistent with the past three years. I'm sure if these Sellers lowered their prices they would have seen more sales.
These numbers represent ALL of Chester County so if you would like me to research what is going on in your township specifically I would be happy to do that for you. And you can find the data for the price ranges of $400K-$600K, $200K-$400K and $0-$200K by clicking on the links.
The Real Estate market in 2009 for Chester County was not all bad, for sure. My previous posts on the $0-$200K price range and the $200K-$400K price range showed that. As we get into the higher price ranges we do see some softening of the market but overall Chester County has not seen any Real Estate bubble popping!
$400,000-$600,000
This price range has been a little tougher for the Sellers this season. For all of my Sellers in this price range I always tell them "If you don't have to move you shouldn't be moving." We didn't see much trickle up in the $200K-$400K price range so we're not going to see any here. Let's take a look!
Unfortunately this graph shows us what Realtors in the field know of this price range; it's a tough one. The graph shows that 2009 sold the least amount of homes in every month in the past three years. Not a fun group to be in for sure.
But have these folks been lowering their prices to help their cause? Let's see...
So the graph shows us that for the majority of the year, and in our Real Estate high season of the Spring/Summer, Sellers have lowered their prices a bit from the previous years. I'm sure if we would have seen a larger gap in price differences we would have seen more sales in this category. It's a tough pill to swallow but you really need to shine in this price range and higher in our area and if you're not shining your price needs to come down if you want to sell.
Next we'll take a look at $600K-$800K and see how they fared for the first three quarters of 2009.
We have already seen the stats in the $0-$200,000 price range from my previous post so now lets take a look at the next level and see if we're seeing any trickle up effect.
$200,000-$400,000
This pricing group represents a smaller percentage of first time home buyers and mostly move up or downsizing buyers.
As you can see from this chart, 2009 had the slowest start but by June was catching up with the numbers from 2008. Could this be the result of the $0-$200,000 group moving up? Most likely. But it could also be from homes in this price range coming down, so lets see.
This graph does show us that average sold prices are down from 2008. They are very close though and if you really look, in the past 3 years they are only about $10,000 apart at most. Chester County have been very lucky in this softening of the market. We haven't seen significant drops, at least in this price range.
We'll look at the $400K-$600K price range next. This has been a tough range for a lot of sellers for sure!
I recently posted a request on facebook for blog ideas and one smarty pants wanted to know when the market was going to come back up. Well, if I knew that I'd be sipping a pina colada on a beach located on Krista Island!
But it did get me wondering how we are comparing this year to other years. I know how we're doing this year but the specifics of other years are fuzzy so I researched the numbers to clear things up.
I split my research into pricing categories of $0-$200,000, $200,000-$400,000, $400,000-$600,000, $600,000-$800,000 and $800,000-$1,000,000. I did this because when I see trends in the field I see them in price ranges mostly.
All of the numbers represent residential real estate in all of Chester County.
$0-$200,000
This price range is the "First Time Home Buyer" range and is usually strong. This year, I think, it has shown more strength due to the Tax Credit involved.
As you can see from the chart 2006 and 2007 started off the same but 2007 ended lower. 2008 and 2009 started lower than 2006 and 2007 but 2009 surged up to 2006 levels with the data ending in September. This surge was most likely due to the tax credit the government offered. But was it also due to homeowners lowering their prices? Let's see!
This graph shows that home prices have been pretty constant for the past few years. It also shows that home prices are on an upward trend this year. In September of all the other years it shows the trend is downward but this year it upward!
So I think it's pretty clear that the first time home buyer tax credit worked well in Chester County because home sales are up along with average sold prices in the $0-$200,000 group.
The goal of the tax credit was to get more people into the housing market with the hopes of the effects trickling upward in the market. So stay tuned to see if that worked in Chester County PA!
I've had Growth Leader for some time now. I have a bunch of prospects most of which have only been to my site once but I have some coming back occasionally, some emailing me and a couple I've been out with showing homes.
Currently I have one that is interested in a property I've shown him, has gotten preapproved and is currently getting his home appraised (mainly because he feels my cma was very low). So this is good!
Before Growth Leader I was not set up online to capture leads well. Growth Leader has really opened my eyes to how the internet can work for you if you set it up right. You can read about how the internet can help your business until you're blue in the face and not realize it's potential until you connect with a real person captured from the internet. I guess it was harder for me to realize because my main form of marketing was through my SOI and then referrals so I didn't have much print marketing prior to Growth Leader either.
I've been approached by several other lead generation websites/companies since I started with Growth Leader and have only joined one other and it's been horrible, I actually just canceled my account with them. I'm really hoping I close at least one deal from Growth Leader so I can justify keeping it when it's no longer free for me! I like the Vision website setup and ease of use and would recommend it to someone that is in the market for a lead generation website.
Still chuggin along! The leads are still coming in and they are coming back over and over to my site even if they haven't responded to me personally.
This week I had someone email me with interest in a property. They didn't leave a phone number so I emailed back asking if they wanted to see the property or if they had any questions but no response.
I took the Vision 201 webinar today and that answered a lot of my questions which was nice.
Overall, I'm enjoying the program and am getting into a groove of contacting leads and follow up. Things are progressing so it's encouraging.
One thing I have to get better at is acting like I know who people are when they call me. I have someone on my site signed on as M S and the other day the husband called and said "Hi, I'm Joe, Mary's husband." (pause) and I said "Yeeeesss?" Then he said " Are you one of my wives friends that's a Realtor that's been sending us listing alerts? We love those listing alerts!" So I went on to say that I'm happy they like the alerts and that his wife found me by signing up on my website. And then I asked him if there was anything I could help them with. He then got a little cooler saying that they were going to do a drive by first and then get back to me. I really think that if I responded different in the very beginning I could have gotten more info out of him and had him be more open to me. So...lesson learned!
Come and see a beautiful Downingtown home this Sunday from 12-2pm.
907 Livingston Dr in the community of Williamsburg has generated plenty of interest with it's popular amenities like it's open floor plan, large rooms sizes, first floor office finished basement and wonderfully large lot which is a hard find in this neighborhood.
The community of Williamsburg offers a pool and kiddie pool, clubhouse, playground, baseball field, basketball court, paved path to the Struble trail, sidewalks and community activities like the yearly easter egg hunt and community wide yard sale.
Krista Fuchs | Prudential Fox & Roach | krista.fuchs@prufoxroach.com | 484-459-8025
907 Livingston Drive, Downingtown, PA
Large Home + Large Useable Lot in Great Community
4BR/2.5BA Single Family House
offered at $514,900
Year Built
2000
Sq Footage
3,176
Bedrooms
4
Bathrooms
2 full, 1 partial
Floors
2
Parking
2 Car garage
Lot Size
22,364 sqft
HOA/Maint
$48 per month
DESCRIPTION
This is the one! A home with a HUGE, USEABLE, PRIVATE LOT! This beautiful 4 bed 2.5 bath home will not disappoint with its open floor plan, neutral colors and recent updates. The first floor offers an office, living rm, dining rm, eat-in kitchen, family rm and laundry rm. The finished basement adds another 900sqft bringing the total to over 4000sqft for this home. The hardwood floors lead you from the foyer into the EAT-IN Kitchen, with Corian countertops, and then bring you to the Family Rm with Wood Burning Fireplace (which was gas so can be converted back). The Master Suite is spacious with a sitting area and the attached full bath has double vanities, soaking tub and stall shower. The 3 other bedrooms are large and share a hall bath with double vanity as well. The icing on the cake is the huge fenced in back yard with deck which is hard to find in the spectacular community of Williamsburg- offering pool, clubhouse, tot lot, basketball courts, baseball field and paved path to the Struble Trail.
No surprise here! As one of the best school districts in the state, Tredyffrin-Easttown School District saw a lot of real estate activity in the month on February. You can see what sold in February below.
Address
Beds
Baths
Sold Price
372 Drummers Ln, Wayne, PA
2
2
$150,000
411 W Conestoga Rd 10, Devon, PA
2
2
$185,000
411 W Conestoga Rd 20, Devon, PA
2
2
$199,000
411 W Conestoga Rd 28, Devon, PA
2
2
$199,000
411 W Conestoga Rd 27, Devon, PA
2
2
$205,000
411 W Conestoga Rd 33, Devon, PA
2
2
$205,000
411 W Conestoga Rd 22, Devon, PA
2
2
$205,000
411 W Conestoga Rd 19, Devon, PA
2
2
$205,000
411 W Conestoga Rd 6, Devon, PA
2
2
$205,000
411 W Conestoga Rd 8, Devon, PA
2
2
$205,000
411 W Conestoga Rd 17, Devon, PA
2
2
$205,000
411 W Conestoga Rd 32, Devon, PA
2
2
$207,500
411 W Conestoga Rd 4, Devon, PA
2
2
$212,500
411 W Conestoga Rd 30, Devon, PA
2
2
$215,000
411 W Conestoga Rd 16, Devon, PA
2
2
$215,000
411 W Conestoga Rd 15, Devon, PA
2
2
$217,500
411 W Conestoga Rd 9, Devon, PA
2
2
$220,000
411 W Conestoga Rd 11, Devon, PA
3
2
$230,000
411 W Conestoga Rd 23, Devon, PA
3
2
$230,000
411 W Conestoga Rd 35, Devon, PA
3
2
$230,000
411 W Conestoga Rd 38, Devon, PA
3
2
$230,000
411 W Conestoga Rd 2, Devon, PA
3
2
$232,500
411 W Conestoga Rd 26, Devon, PA
3
2
$232,500
411 W Conestoga Rd 12, Devon, PA
3
2
$235,000
411 W Conestoga Rd 24, Devon, PA
3
2
$235,000
411 W Conestoga Rd 41, Devon, PA
3
2
$240,000
411 W Conestoga Rd 1, Devon, PA
3
2
$250,000
411 W Conestoga Rd 42, Devon, PA
3
2
$281,000
532 Midland Ave, Berwyn, PA
3
1.1
$355,000
22 Cabot Dr, Wayne, PA
2
2.1
$370,000
1142 Thomas Rd, Wayne, PA
4
1.1
$425,000
162 Daylesford Blvd, Berwyn, PA
3
2.1
$450,000
246 Walker Rd, Wayne, PA
6
4
$532,000
7 Sugar Knoll Dr, Devon, PA
3
3.1
$575,000
986 Hobbs Rd, Wayne, PA
4
4.1
$885,000
1580 Overlook Pl, Malvern, PA
6
6.2
$935,000
114 Exeter Rd, Devon, PA
3
3.1
$1,110,000
25 Crestline Rd, Wayne, PA
5
3.1
$1,335,000
1099 James Ln, Berwyn, PA
5
3.2
$1,763,275
2211 Grubbs Mill Rd, Berwyn, PA
4
4.1
$1,975,000
As you can see from the data, it doesn't take a lot of money to get into the best school district in the area.
Homes are still selling in the Great Valley School District and a good variety of them as well. Take a look at the list below to see what has sold in February 2009.
Address
Beds
Baths
Sale Price
27 N. Cedar Hollow Rd
3
1
$139,900
287 Valley View Rd
3
1.5
$195,000
66 Kelmar Ave
3
2
$195,000
44 Markel Rd
3
2.5
$208,500
1108 Wellesley Ter
3
2.5
$235,000
503 Brookfield Way
3
2.5
$235,000
17 Hillbrook Cir
3
2.5
$279,000
617 Monument Ave
3
1.5
$290,000
201 Cohasset Ln.
3
2.5
$333,000
19 Greentree Ln
3
1.5
$335,000
146 Old Lincoln Hwy
4
2.5
$382,500
10 Ridgewood Rd
4
3
$445,900
15 Ridings Way
4
3.2
$470,000
31 Wistar Rd
4
2.2
$560,000
20 Broad Leaf Trl
3
3.5
$575,000
111 Charlestown Hunt Dr
4
2.2
$592,000
31 Wispering Woods Ln
4
3.5
$595,000
23 Craig Ln
4
4
$715,000
As with most questions about real estate the answer is "It Depends" and that is still true today. Homes are still selling but it depends on price, condition, location and amenities. Ultimately it is price because if the Buyer doesn't see the value they are not going to buy, especially in today's market.
Chester County Real Estate Specialist. Helping you with all of your Real Estate needs in South Eastern Pennsylvania.Get great free widgets at Widgetbox!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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prospects most of which have only been to my site once but I have some coming back occasionally, some emailing me and a couple I've been out with showing homes.
his home appraised (mainly because he feels my cma was very low). So this is good!
blue in the face and not realize it's potential until you connect with a real person captured from the internet. I guess it was harder for me to realize because my main form of marketing was through my SOI and then referrals so I didn't have much print marketing prior to Growth Leader either.
close at least one deal from Growth Leader so I can justify keeping it when it's no longer free for me! I like the Vision website setup and ease of use and would recommend it to someone that is in the market for a lead generation website.
Central A/C
