Main Line Local Market Statistics

For the 30 days ending August 25, 2010 in the 3 nearest townships, there were 51 single family and twin homes that settled at an average price of $660,740. This is an improvement again this month in total homes sold since the previous month, somewhat surprising given the fact that the tax credit buyers are no longer in the numbers and the local media had reported a bad July.  The average discount off the original asking price also held on and remained the same as last month at a respectable 93.4%.  Contrary to markets in other areas, and even contrary to the local market for new construction (as is often reported on in the media), single and twin homes around Wayne did quite well even after the expiration of the federal tax credit.

This month there were 19 homes, or 37%, that garnered prices for their owners of 95% or greater than asking price!  Seven of those sold for their asking prices or above.  This is probably the most convincing basis for stating that our market is weathering the "downturn" much better than most areas. In every month there will be homes that were overpriced or had to sell at a discount for a specific reason that will affect an average.  But to have a third of the homes make asking price or better is indisputable evidence.

Of the 51 homes, eight sold in 10 days or less. This is not as exciting as last month's 19, but the figures no longer include those home buyers who had to get in under the wire to get the tax credit, so is perhaps understandable.  Only a few of the sellers gave concessions (accounted for in the percentage off asking figures above). Last month, sellers were more include to give back some cash at the table to buyers who may not have saved quite enough.

Average number of days on the market increased from an average of 35 last month to 59 this month.  As seen in the chart below of the larger metropolitan area, the days on the market statistics are quite a bit better in Delaware County, slightly better in Montgomery County and slightly worse in Chester County-all against last year's numbers.

This chart gives a broader view of all residential home sales (including townhouses and condos) in the 3 surrounding counties for July compared to a year ago.  The number of sales is down significantly in all 3 counties over last year's numbers.  Discounts off asking prices numbers continue to track fairly closely to last year's numbers in all 3 counties, however.

Inventory Accumulation now indicates a return to a buyer's market in our area. This statistic runs a month behind the other data on the chart, so it will be important to look at this next month.  For an explanation of how this figure is calculated, click here.  

*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.