Parkesburg Real Estate Market Watch – May 2013

Parkesburg Real Estate Market Watch, written by Parkesburg resident and Realtor Timothy Alexander, will provide readers a regular snapshot of the local real estate market and give you the information needed to be a well informed home buyer or seller. All information in the column is deemed reliable but not guaranteed, and should be verified independently. Valuation calculations based on public records and MLS sources where licensed.

  • Are home prices going up or down?
  • What is the average day on market?
  • What are prices like in Parkesburg Borough?
  • Are there many homes on the market in my particular price range?
  • What is the average cost per square foot of homes in Parkesburg?

Parkesburg May 2012 to May 2013
Units Sold
There was an increase in total units sold in May, with 7 sold this month in Parkesburg Real Estate versus 4 last month. This month’s total units sold was higher than at this time last year, which was 3 sold in May 2012.

Average Sale Price
Last May, the average sale price for Parkesburg Homes was $129,ooo. This May, the average sale price was $109,900, a decrease of 15% or $19,100 compared to last year. The current average sold price is 31% lower than in April.

New Listings & Current Contracts
This month there were 8 homes newly listed for sale in Parkesburg compared to 9 in May 2012.. There were 4 current contracts pending sale this May compared to 2 a year ago. The number of current contracts is higher than last May.

Average Listing Price vs Sale Price
In May, the average Listing Price, of homes for sale in Parkesburg, was $145,563. The average Sale Price was $109,900, a reduction of 24.5% or $35,663.

Over the last 12 month snapsot, we see that the average Listing Price, of homes for sale in Parkesburg, was $170,889. The average Sale Price was $132,527, a reduction of 22.4% or $38,362.

Days on Market
This month, the average number of days on market was 42, lower than the average last year, which was 119, a reduction of 65%.

Parkesburg June Snapshot

Months of Supply
Currently, there is 20 months of supply available in Parkesburg. Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

Conclusions
While much of Chester County has moved into a Sellers’ Market, Parkesburg remains solidly in a Buyers’ Market, a situation in which home supply exceeds buyer demand, giving purchasers an advantage over sellers in price negotiations.

Parkesburg’s Real Estate Market will be extremely attractive to first time buyers, and real estate investors. Home Sellers will need to price their home competitively and aggressively to be able to compete with other Sellers in the borough and neighboring areas.

Don’t expect Parkesburg to come out of their Buyers’ Market anytime soon. High taxes and rising interest rates will dramatically affect a Buyer’s Payment-To-Income ratio, and can disqualify some buyers with purchasing some properties.

Timothy Alexander, Long & Foster Real EstateTimothy Alexander is a REALTOR® affiliated with Long & Foster Real Estate, West Chester. As a lifelong resident of Chester County PA, he is an expert in the local area, and brings a wealth of knowledge and expertise about buying and selling real estate here. Additionally, Timothy possesses 10 years of online sales and marketing knowledge and experience. His expertise and extensive experience using technology, software, and Social Media, in a highly competitive business market, exposes your property to the widest range of qualified buyers. Tim prides himself on genuine and dedicated customer service, and represents clients with enthusiasm, vigor and a professional demeanor, striving to exceed his clients expectations when engaged in selling or buying real estate.

If you have a question about Real Estate you would like answered, please submit it to the editor of Parkesburg Gazzette, or contact Tim through his website homesinchecso.com.

The statistics used for analysis came from TREND MLS Market Statistics. This information is deemed reliable but is not guaranteed, and should be verified independently. Additionally, market predictions are based on the current market snapshot. There are unknowable factors, such as possible future changes in government policies, that could dramatically improve or harm the housing market.

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5 responses to “Parkesburg Real Estate Market Watch – May 2013

  1. Nice piece Tim.

  2. Is that house on the cul-de-sac ever going to sell?

  3. Is my house ever going to sell? 😦

    Prices seem to be all over the place in Parkesburg. I have no idea if we are overpriced or not, but we are getting no activity.

    http://www.zillow.com/homedetails/610-W-2nd-Ave-Parkesburg-PA-19365/9139438_zpid/

    • Unfortunately, because you are already under contract with another agent, I would not be able to provide any specific analysis on your home. The data in this article comes directly from the TREND MLS.

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