For the 30 days ending December 9, 2010 in the 3 nearest townships, there were 30 single family and twin homes that settled at an average price of $501,939. This is a huge decrease from last month's average price, perhaps indicating that some lower priced homes that had been sitting finally sold. Total numbers are also way down.
In the larger market area served by the MLS service, similar numbers were noted. Residential sales activity dropped 39% in October compared to a year ago, according to statistics generated by the service. There were 3,548 sales reported in October 2010, compared to 5,863 in October 2009. The October 2010 numbers dipped slightly below September 2010, when activity hit 3,828 sales. Of course, the October 2009 sales and pending sales were influenced by the first government tax credit.
In our local sales area, the average discount off the original asking price inched back down again from 92% to 90.6%. This number often responds to the time of the year, with homes still sitting in November sometimes becoming a bargain.
So although the discounts look to be great, averages can deceive. This month there were 10 homes, or a third, that garnered prices for their owners of 95% or greater than asking price!
Of the 30 homes, only 3 sold in 10 days or less. This is quite telling, since there are usually more homes that go quickly. The average time the 30 homes were on the market was 132 days-quite a bit longer than the averages we are used to in this area, demonstrating again that the homes that sold in November had been for sale for a while. For example, the average in October was only 82 days. As seen in the chart below of the larger metropolitan area, the days on the market statistics in all three counties somewhat worse than last year at this time.
This chart gives a broader view of all residential home sales (including townhouses and condos) in the 3 surrounding counties for October compared to a year ago. The number of sales is down significantly in all 3 counties over last year's numbers, most significantly in Montgomery County. Discounts off asking prices numbers have dipped a bit in all three counties as well, particularly in Delaware County.
Inventory Accumulation continues to point to a buyer's market in our area. This statistic runs a month behind the other data on the chart, so if the trend of higher-priced homes coming on the market continues, we may see a shift next month in this number. For an explanation of how this figure is calculated, click here.
Residential Homes |
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Settled October 2010 |
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Days On market |
Inventory |
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Total Homes Sold |
Avg Sold Price/Original Price |
0-30 |
31-60 |
61-90 |
91+ |
Accumulation |
Delaware County |
268 |
89% |
30% |
13% |
18% |
39% |
10.3 |
Montgomery County |
445 |
91% |
32% |
19% |
16% |
33% |
9.5 |
Chester County |
278 |
91% |
27% |
18% |
14% |
41% |
11.1 |
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Settled October 2009 |
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Days On market |
Inventory |
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Total Homes Sold |
Avg Sold Price/Original Price |
0-30 |
31-60 |
61-90 |
91+ |
Accumulation |
Delaware County |
480 |
92% |
38% |
14% |
12% |
36% |
8.6 |
Montgomery County |
683 |
93% |
37% |
19% |
12% |
32% |
8.2 |
Chester County |
418 |
93% |
33% |
18% |
12% |
37% |
10.5 |
*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.
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