Parkesburg Real Estate Market Watch, written by Parkesburg resident and Realtor Timothy Alexander, provides readers a regular snapshot of the local real estate market, giving 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?
There was a decrease in total units sold in October, with 3 sold this month in Parkesburg Real Estate versus 7 units last month. This month’s total units sold was also lower than at this time last year, which was 5 sold in October 2012.
Average Sale Price
Last October, the average sale price for Parkesburg Homes sold was $127,860. This October, the average sale price was $254,899, an increase of 99% or $127,039 compared to last year. The current average sold price is also 61% higher than in September.
New Listings & Current Contracts
This month there were 10 homes newly listed for sale in Parkesburg compared to 7 in October 2012. There were 4 current contracts pending sale this October compared to 2 a year ago. The number of current contracts is also higher than the September 2013 by 1.
Average Listing Price vs Sale Price
In October, the average Listing Price, of homes for sale in Parkesburg, was $166,700. The average Sale Price was $254,899.
Over the last 12 month snapsot, we see that the average Listing Price, of homes for sale in Parkesburg, was $186,175. The average Sale Price was $155,325, a reduction of 16.5% or $30,850. The Average Sale Price showed a year-over-year increase of $11,925.
Days on Market
This month, the average number of days on market was 62, lower than the average last year, which was 135, a reduction of 54%.
Months of Supply
Currently, there is 14 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.
Despite a few erratic month-to-month fluctuations, we continue to see slow but steady improvements to the Parkesburg Real Estate Market. However, keep your eyes on the number of units sold in the months ahead. There has been an extreme cooling since the 3rd Quarter. Continued lower year-over-year sales will become a concern over time.
Also, keep a close eye on Average Sales Price in the months ahead, for the Parkesburg’s Real Estate Market. If this number remains above the 12 month snapsot, it could indicate a shift in Buyer Profile. The higher Sales Prices could be an indication of a switch from First-Time Buyers and Investors, to Trade-Up Buyers.
Freddy Mac is reporting the average mortgage rate, for a 30 year fixed rate, was 4.19% in October 2013. The same time in 2012, the rate averaged 3.38%. The higher interest rate may be pushing First-Time Buyers out of the Parkesburg Real Estate Market, when coupled with high local taxes and the ever increasing costs of FHA loans. First-Time Buyers may be finding greater value in nearby communities with lower municipal and school district property taxes.
One should still not expect Parkesburg to come out of their Buyers’ Market anytime soon. The high Inventory Accumulation is keeping Months of Supply extremely high. Sellers will need to remain competitive to get the attention of Buyers.
Timothy 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.