Latest Market Statistics for Radnor, Tredyffrin and Easttown Townships*

For the 30 days ending March 4, 2010 in the 3 nearest townships, there were 17 single family and twin homes that settled at an average price of $616,179. This is a disappointing total number even for the historically slow time of year.  The average discount off the original asking price also slipped a bit form 92% to 90%.  So both volume and sales prices are down lightly after a rise in both last month.

The largest price discount (30%) was on a home that had been on the market for almost a year.  However, this month again, there were 5 homes that garnered prices for their owners of 95% or greater than asking  price and 5 sold in 10 days or less. One sold for 103.3% of asking.  Seller concessions continue to be offered, with 2 sellers paying over $10,000 towards buyers' costs at the table.  With such disparity in outcomes and so few homes to analyze, it hard to make an overall comment on the market for last month.   

Days on the market also increased a bit -from an average of 82 days on the market last month to 107 this month.  As seen in the chart below of the larger metropolitan area, the days on the market statistics are starting to beat last year's numbers-with more homes moving in the 0 to 30--day window.

The chart below gives a broader view of all residential home sales (including townhouses and condos) in the 3 surrounding counties for February compared to a year ago.  The lower volume in Chester County and the below-90% discount number for Delaware County are not encouraging. But the days on the market are improving.  What we want to see, though, is the return to the levels of 2 years ago, when we enjoyed a healthy market.

There is a new column showing Inventory Accumulation, a statistic we want to watch carefully as the spring market approaches. This runs a month behind the other data on the chart.