Latest Market Statistics for Local Main Line, PA

For the 30 days ending March 30, 2011 in the 3 nearest townships, there were 29 single family and twin homes that settled at an average price of $714,059. This is low in volume and average sales price.  Lousy weather and lousy home sales.  Hmmm. Wonder if there is a connection?
 
The average discount off the original asking price did improve slightly, from dropped 84% to 87%.  This is still below the numbers in the 90's that had been the norm.  Averages are not the true picture in all cases, and this month is no exception.  Three homes sold for 100% of asking price or better, 2 more went for over 95% of asking price, balanced by 3 that only fetched in the 70% range. There was also one high-priced home which sold at a 32% discount (after having been on the market almost a year.  

Of the 29 homes, 5 sold in 10 days or less. This is always a good sign, indicating there are buyers circling around waiting for the good homes to come on. The average time the 29 homes were on the market was 117 days-down quite a bit from last month.  As seen in the chart below of the larger metropolitan area, the days on the market statistics in all three counties continues to look bad, particularly in the 91+ time bracket.

This chart gives a broader view of all residential home sales (including townhouses and condos) in the 3 surrounding counties for February (it runs a month behind) compared to a year ago.  Discounts off asking prices numbers have dropped below 90% in all three counties-the first time we have seen this. The number of sales is also down except, refreshingly, in Chester County, where it has gone up.  This could be due to the larger numbers of new construction homes available there.

Inventory Accumulation continues to point to a buyer's market in our area, particularly in Delaware County. This statistic runs a month behind the other data on the chart.  For an explanation of how this figure is calculated, click here.