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Market Report & Homes Sales: Chalfont PA 18914 January 2014

By
Real Estate Agent with Addison Wolfe Real Estate PA License RS321608

 

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

 

Posted by

Karen Johnson

Karen Johnson, Realtor, ABR
The Jay Ginsberg Group at
Addison Wolfe Real Estate
PA License RS321608
550 Union Square Drive
New Hope, PA 18938
215-862-5500 Office
267-808-7050 Cell / Text
karenjohnson@addisonwolfe.com
addisonwolfe.com/karenjohnson

 

 

 

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"Remember there is nothing wrong with any piece of real estate the right price can't fix!"

Comments (3)

Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

excellent market report to share with the local buyers and sellers in the area!

Jan 10, 2014 07:50 AM
Karen Johnson, Realtor, ABR
Addison Wolfe Real Estate - Doylestown, PA
"Bucks County PA Homes"

Hi Mark, thanks for the kind comment!  I am hoping to receive some leads soon for my makret reports.  Enjoy your weekend!

Jan 10, 2014 09:08 AM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Karen - Great market update for the Chalfont, PA area.  The increase in the median sales was outstanding and it appears that your market is trending in the right direction.

Jan 10, 2014 10:35 AM