Parkesburg Real Estate Market Watch – 2Q 2013

Spring is generally a prime season for the real-estate market, with young, first-time buyers jumping in. But did Parkesburg get a boost this year? Timothy Alexander, Parkesburg resident and Realtor, provides readers this quarterly snapshot of statistical data. It is information needed to be a well informed home buyer or seller in Parkesburg. 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.

Parkesburg 2Q-2013

Units Sold
There was an increase in total units sold in the 2Q-2013 (April, May, & June), with 13 sold this quarter in Parkesburg Real Estate versus 10 during the first three months of 2013. This quarter’s total units sold was higher by 3.

During the same time in 2012, there were 9 units sold. This quarter’s total is higher by 4 units sold over the same period last year.

Average Sale Price
Within the previous quarter, the average sale price for Parkesburg Homes was $119,514. This quarter, the average sale price is $122,630, an increase of 2.5% or $3,116 compared to the previous three months.

This time last year, the average price was $151,200. The current average sold price is 18.5% lower than in 2012, or $28,570 less.

New Listings & Current Contracts
This quarter there were 27 homes newly listed for sale in Parkesburg compared to 49 in the first quarter of 2013. This quarter had 44.8% fewer homes listed, or  22 less.

There were 14 contracts pending sale this quarter compared to same number in the previous quarter. However, this quarter 13 contracts settled, when only 10 settled the previous quarter.

This time last year, 21 homes were newly listed, an increase this year of 6 homes for sale. Last year, there were 10 contracts pending with 9 having settled. This year showed an increase of 4 pending and 4 settled contracts.

Average Listing Price vs Sale Price
In 2Q-2013, the average Listing Price, of homes for sale in Parkesburg, was $160,436. The average Sale Price was $122,630, a reduction of 23.5% or $37,796.

Over the first three months of 2013, we see that the average Listing Price, of homes for sale in Parkesburg, was $199,677. This quarter, listing prices are $39,241 lower.

This time last year, the average Listing Price of homes for sale in Parkesburg, was $183,955. This quarter, listing prices are $23,519 lower.

Days on Market
This month, the average number of days on market was 46, lower than the average last year, which was 131, a reduction of 65%.

Conclusions
Year-over-year sale prices are down considerably, but there are indications prices have stabilized. Improvements of the Days On Market and Units Sold are good indications that sellers are starting to understand Parkesburg’s unique market compared the rest of Chester County.

Keep in mind, there is still a dramatic difference between Average List Price and Average Sale Price, and only 1 house settled in June. The homes that are selling are those with below average List Prices, and where price takes into consideration Parkesburg’s unique set of circumstances.

Parkesburg will continue to be in a Buyers’ Market, until it burns off the 19 months of supply that exits. 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. Chester County as a whole has only 7 months of supply.

Another important factor will be sellers understanding the price point for Parkesburg’s typical home buyer. Only 5 homes over $173,000 sold in Parkesburg since the beginning of the year, representing only 22% of home sales in the borough. There is also 40 months of supply above that price, compared to Parkesburg’s lower overall supply of 19 months.

Home Sellers cannot make decisions based on Chester County’s more attractive numbers. Parkesburg is a unique housing market. Parkesburg’s Real Estate Market will continue to 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.

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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