For the 30 days ending November 30, 2008 in the 3 nearest townships, there were 24 single family and twin homes that settled, a significantly lower number of sales than in years past for the month of November. The average discount off the original asking price declined to 89.3%, the first dip below 90% we have seen. This is still a healthy statistic compared to what other areas of the country are experiencing. Only 2 lower-priced homes sold for less than 80% of asking price. This month, for the first time, none of the homes sold for asking price or above, although over half sold for 92% or above. Seller concessions also declined in number and amount. Overall, the month showed our market making a slight downward turn.
Days on the market varied significantly from 8 to 274, with 4 homes selling after having been on the market 10 days or less. The majority sold within 75 days. The average of 72 days on the market is still somewhat longer than last year at this time but is not an increase over last month's number.
The overall picture seems to indicate a slow down in both numbers of homes sold and price. November is usually a quiet month, but not this quiet.
*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.
The chart below gives a broader view of all residential home sales (including townhouses and condos) in the 3 surrounding counties for October of this year compared to one year ago. Total sales are way off in Delaware and Montgomery Counties and still a bit off in Chester County. Discounts off asking prices are looking fairly healthy and better than our immediate area, but these numbers are a month behind. Days on the market statistics are still not quite to last year's numbers yet for any of the 3 counties.
| Residential Homes | ||||||
| Settled October 2008 | ||||||
| Days On market | ||||||
| Total Homes Sold | Avg Sold Price/Original Price | 0-30 | 31-60 | 61-90 | 91+ | |
| Delaware County | 350 | 92% | 35% | 19% | 14% | 32% |
| Montgomery County | 522 | 93% | 36% | 21% | 11% | 32% |
| Chester County | 300 | 92% | 33% | 17% | 14% | 36% |
| Settled October 2007 | ||||||
| Days On market | ||||||
| Total Homes Sold | Avg Sold Price/Original Price | 0-30 | 31-60 | 61-90 | 91+ | |
| Delaware County | 491 | 94% | 44% | 22% | 13% | 21% |
| Montgomery County | 655 | 93% | 37% | 23% | 17% | 23% |
| Chester County | 395 | 94% | 38% | 20% | 16% | 26% |
*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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