Main Line Local Market Statistics

For the 30 days ending May 10, 2010 in the 3 nearest townships, there were 29 single family and twin homes that settled at an average price of $561,550. This is an improvement in total homes sold since the month before but not terribly surprising with the expiration of the first-time home buyer credit incenting buyers to finally decide and sign.  The average discount off the original asking price increased again to 93%.  This is the best we have seen in over a year for that statistic. The indicators continue to show improvement in our area. 

This month again, there were a substantial number (11) of homes that garnered prices for their owners of 95% or greater than asking price. Of the total, 23, or almost 80%, sold for over 90% of asking and 9 sold in 10 days or less.  Seller concessions of smaller amounts continued, presumably seller assistance for closing costs that many first-time home buyers need to have in order to reach the table. Overall, the local market improved again last month.   

Days on the market decreased again slightly, from an average of 107 last month to 90 this month. One of the larger price discounts was on a new construction home that had been on the market close to 3 years.  Excluding that one in the analysis, the average number of days on the market was a healthy 68.  As seen in the chart below of the larger metropolitan area, the days on the market statistics better than last year's numbers-with over half of homes now moving in the 0 to 60--day window.

The chart below gives a broader view of all residential home sales (including townhouses and condos) in the 3 surrounding counties for March compared to a year ago.  The number of sales is up significantly in all 3 counties and the higher prices (discounts off asking prices) numbers continue to beat last year's numbers in all three counties as well.

Inventory Accumulation has started to improve in all 3 counties. In fact, in Montgomery County, it is nearing a balanced market (in the 5-6% range). This statistic runs a month behind the other data on the chart, so we want to watch that number closely over the end of the Spring market.  For an explanation of how this figure is calculated, click here.  

*This report is based on the Trend Multiple Listing statistics reported by the selling agents under an agreement that requires compliance. The statistics can therefore be deemed as accurate as available.