Market Report & Homes Sales: Chalfont PA 18914 January 2014
The median sales price for homes in Chalfont PA for October 13 to January 14 was $322,500. This represents a decline of 7.8%, or $27,400, compared to the prior quarter and an increase of 22.2% compared to the prior year.
Sales prices have depreciated 4.9% over the last 5 years in Chalfont. The average listing price for Chalfont homes for sale was $400,440 for the week ending January 1, which represents a decline of 1.5%, or $5,943, compared to the prior week and a decline of 8.8%, or $38,677, compared to the week ending December 11.
Average price per square foot for Chalfont PA was $161, a decrease of 0.6% compared to the same period last year.
Chalfont Summary
The median sales price for homes in Chalfont PA for October 13 to January 14 was $322,500 based on 43 home sales. Compared to the same period one year ago, the median home sales price increased 22.2%, or $58,550, and the number of home sales decreased 14%.
There are currently 98 resale and new homes in Chalfont including 8 open houses, as well as 55 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The average listing price for homes for sale in Chalfont PA was $400,440 for the week ending January 1, which represents a decrease of 1.5%, or $5,943, compared to the prior week.
The 2014 Forecast:
Existing-home sales are expected to retain the healthy gains seen this year, while prices will stay on an uptrend in 2014.
- Limited supplies were the biggest factor in price performance in the past year, with inventory bouncing around 13-year lows so expect inventory shortages to be felt again next spring.
- Nationally, the supply of homes for sale stands at five months' worth. (Months' supply is a measurement of how long it would take to sell everything at the current pace of sales. A market balanced between buyers and sellers has about six months' supply of homes.) The current level slightly favors sellers!
- Mortgage reform is kicking in on January 10, bringing significant changes to home loan fiancing. That may bring some changes to the market that may impact current predictions.
Source: Trend MLS and Realtor.com
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