Parkesburg Real Estate Market Watch – 3Q 2013

The third quarter of 2013 was particularly strong for Parkesburg real estate, and showed “significant” activity on the residential side. 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 Real Estate Market Watch – 3Q 2013

Units Sold
There was an increase in total units sold in the 3Q-2013 (July, August, September), with 20 homes sold this quarter in Parkesburg Real Estate versus 13 during the previous three months of 2013. This quarter’s total units sold was higher by 7.

During the same time in 2012, there were 11 units sold. This quarter’s total is higher by 9 units sold over the same period last year.

Average Sale Price
Within the previous quarter, the average sale price for Parkesburg Homes was $122,446. This quarter, the average sale price is $184,803, an increase of 51% or $62,357 compared to the previous three months.

This time last year, the average price was $142,564. The current average sold price is 30% higher than in 2012, or $42,239 more.

New Listings & Current Contracts
This quarter there were 44 homes newly listed for sale in Parkesburg compared to 27 in the previous quarter. This quarter had 63% more homes listed, or and increase of 17.

There were only 12 contracts pending sale this quarter compared to 17 in the previous quarter. However, this quarter 20 contracts settled, when only 13 settled the previous quarter.

This time last year, 21 homes were newly listed, an increase this year of 23 homes for sale. Last year, there were 13 contracts pending with 11 having settled. This year showed an decrease of 1 pending and an increase of 9 settled contracts.

Average Listing Price vs Sale Price
In 3Q-2013, the average Listing Price, of homes for sale in Parkesburg, was $194,367. The average Sale Price was $184,603, a reduction of 5% or $9,764.

Over the previous three months of 2013, we see that the average Listing Price, of homes for sale in Parkesburg, was $163,396. This quarter, listing prices are $30,971 higher.

This time last year, the average Listing Price of homes for sale in Parkesburg, was $139,663. This quarter, listing prices are $54,704 higher.

Days on Market
This quarter, the average number of days on market was 62, lower than the average last year, which was 150, a reduction of 42%.

Months of Supply
Currently, there is 13 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.

Chester County, as a whole, has only a 6 months inventory of homes for sale.

Conclusions
Year-over-year and quarter-over-quarter sale prices are up considerably. There have also been dramatic improvements on the Days On Market and Units Sold statistics, both good indications that Parkesburg’s market has turned a major corner.

There has also been a dramatic tightening to the difference between Average List Price and Average Sale Price. Homes now appear to be selling close to List Prices.

Parkesburg continues to be in a Buyers’ Market. However, our previous quarterly report showed 19 months of supply, and current months of supply has been reduced to only 13 months. 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 6 months of supply.

Home Sellers do need to price their home competitively and aggressively to be able to compete with others within the borough and neighboring areas. However, if monthly Home Sales continue at the current pace, the Borough may move into a Sellers’ Market by January.  It would mean Sellers will be able to obtain better conditions for Home Sales, with higher prices.

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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One response to “Parkesburg Real Estate Market Watch – 3Q 2013

  1. Christen Pulaski

    Excellent article Tim!

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