Chester County Pennsylvania Luxury Housing Market Update August 18
Chester County, Pennsylvania - August 18 The real estate market is always changing, and if you re buying or selling a home especially a luxury property it s critical to understand the current market conditions. More than simply seeing what s happening to real estate as a whole in your local area, you need insights on what s taking place in the highend market, specifically with uncommon and unique homes like yours or those for which you re shopping. That s why Long & Foster publishes our exclusive LuxInsight report giving consumers like you invaluable information on the luxury market performance in your local area. Published monthly, LuxInsight provides you with A broad overview of real estate trends in the high-end real estate market. From median sale prices and active inventory to the current housing Demand and available active listings, LuxInsight gives you access to essential statistics you need to know. Beyond this valuable market information, Long & Foster s team of luxury sales associates is available to guide you through the real estate process. We believe luxury real estate is all about the individual, and when you work with us, you'll receive an experience tailored to your unique needs. You'll enjoy exceptional service and expertise, provided by agents who specialize in marketing and selling the most stunning luxury homes. You'll gain our exclusive connections around the world and get a luxury home experience with proven results. AT A GLANCE Active Inventory 393 New Listings 61 Units Sold 49 Median Sale Price $945, 47 45 43 41 39 37 35 33 31 29 27 14 1 1 8 6 4 7 6 5 4 3 1 $1,1, $1,5, $1,, $95, $9, $85, $8, Down -3.4% Up 3.4% Up 4.3% Up 5.% 2
Chester County, Pennsylvania - August 18 Compared to last August, the total number of homes more than $75, available this month was lower by 3.4% and lower by 11.9% compared to August 16. Active inventory this August was 7.5% lower than the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $75K + 19.84% $75K - $2M 17.32% $2M - $5M 2.12% $5M+.4% 5 45 4 35 3 25 15 1 5 ACTIVE INVENTORY 428 446 451 421 38 38 381 415 455 45 457 437 446 44 439 4 338 334 351 385 418 442 452 44 47 429 48 37 324 311 331 352 399 438 429 425 393 14 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 1 1 8 6 4 59 58 26 59 61 36 33 46 44 4 4 38 36 446 47 393 3
Chester County, Pennsylvania - August 18 This month s units sold for homes more than $75, was higher than at this time last year, an increase of 4.3% versus last August and an increase of 28.9% versus August of 16. There was an increase of 11.4% in luxury units sold in August compared to July of this year. 6 5 4 3 1 38 UNITS SOLD Versus Previous Years 47 49 7 UNITS SOLD 6 66 5 4 3 1 32 24 29 33 19 25 21 15 28 49 4 38 23 33 26 26 21 13 27 28 42 53 5 47 31 36 29 27 23 17 37 28 42 44 49 Sold Date City Zip Code RECENT SELECTED LUXURY SALES Final List Price Final Sale Price Sale Price as % of List Price August 1, 18 Devon 19333 $1,495, $1,475, 98.7% 46 August 15, 18 West Chester 19382 $975, $94, 96.4% 136 August 27, 18 Glenmoore 19343 $949, $91, 95.9% 6 August 3, 18 West Chester 19382 $939, $895, 95.3% 5 August 3, 18 Kennett Square 19348 $899,9 $875, 97.2% 85 August 3, 18 West Chester 1938 $824,9 $825, 1.% 29 August 28, 18 West Chester 19382 $835, $825, 98.8% 34 July, 18 Paoli 1931 $1,5, $1,25, 97.6% 27 July 31, 18 Malvern 19355 $1,1, $1,25, 93.2% 47 July 25, 18 Wayne 1987 $1,1, $1,, 92.7% 15 DOM Buyer Long & Foster Represented Seller 4
Chester County, Pennsylvania - August 18 In August, the median sales price for homes more than $75, was $945,, an increase of 5.% compared to last year. The current median sales price was lower by 2.8% than in July. $1,5, $1,, $95, $9, $85, $1,, MEDIAN SALES PRICE Versus Previous Years $9, $945, $1,, MEDIAN SALES PRICE $1,, $8, $6, $892,5 $932,5 $9, $95, $87, $899, $989, $925, $1,75, $873,5 $87, $1,2,5 $1,, $866,72 $875, $89, $859,822 $9, $946,695 $85, $876, $887,5 $887,5 $98,825 $9, $86, $965, $861,112 $961,99 $1,7, $857,564 $889,9 $9,95 $917,5 $875,788 $972,5 $945, $4, $, $ $8,, $7,, $6,, $5,, $4,, $3,, $,, $1,, $ $33,768,194 TOTAL DOLLAR VOLUME SOLD $41,794,915 $47,722,31 $49,987,359 Total volume sold this August was 4.7% higher than the same month one year ago. 5
Chester County, Pennsylvania - August 18 In August, the average sale price for homes more than $75, was 1.2% of the average list price, which is 3.1% higher than at this time last year. This month, the average number of days on market was 65, lower than the average last year, which was 93, a decrease of 3.1%. 15% 1% 95% 96.2% 9% 85% SALE PRICE AS % OF LIST PRICE 98.1% 97.1% 1.2% 18 16 14 1 1 8 6 4 125 126 19 155 74 146 142 181 148 97 77 92 47 124 DAYS ON MARKET 83 179 14 131 12 17 151 14 15 61 MONTHS OF SUPPLY 93 133 115 11 87 98 57 88 13 97 93 55 65 In August, there was 8. months of supply available. The amount of supply is similar compared to a year ago. 3 25 15 1 5 13. 18. 15. 12.. 15. 18. 27. 22. 16. 9. 1. 11. 19. 13. 15. 13. 15. 27. 14. 14. 1. 8. 8. 8. 13. 11. 12. 12. 13. 19. 9. 14. 1. 6. 9. 8. 6
Chester County, Pennsylvania - August 18 References & Definitions CHESTER, PA: LISTING SOURCE, REPORTING AREA, & DEFINITION Based on data supplied by the TREND MLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. This report includes coverage for the county of Chester, Pennsylvania only. Analysis dates for all regions are August 1, 15 through August 31, 18. MEDIA CONTACT Vicki Bendure, Bendure Communications Email: Vicki@bendurepr.com Phone: (54) 687-336 Contacts & Disclaimers CREATED BY Michael Bystry, Long & Foster Real Estate, Inc. Senior Market Research Analyst DISCLAIMER "Information contained in this report is based on data provided by the local area Multiple Listing Service and its member Association(s) of REALTORS. No representation, expressed or implied, should be taken from information herein. Neither these organizations nor Long & Foster Real Estate, Inc. guarantee or are in any way responsible for the accuracy of these results, which do not reflect all activity in the marketplace. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are August 1, 15 through August 31, 18. Information contained in this report is not limited to transactions done by Long & Foster Real Estate, Inc. The data reported is solely for residential real estate transactions. Information contained in this report is deemed reliable but not guaranteed, should be independently verified and does not constitute an opinion of Long & Foster Real Estate, Inc. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are August 1, 15 through August 31, 18". Material appearing in this report may be reproduced or copied without permission. Please use the following acknowledgement for citation: Source: Long & Foster Real Estate, Inc. and also cite the appropriate MLS. 7