Parkesburg Real Estate Market Watch – November 2013

Parkesburg Real Estate Market Watch provides readers with a regular snapshot of the local real estate market. The report is written by Parkesburg resident, Octorora Area School Director, and Realtor Timothy Alexander,  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?

Market Statistics - November 2013

Units Sold
There was a slight increase in total units sold in November 2013, with 4 sold this month in Parkesburg Real Estate versus 3 units last month. This month’s total units sold was flat compared to time last year, which was 4 sold in November 2012.

Average Sale Price
Last November, the average sale price for Parkesburg Homes sold was $157,738. This November, the average sale price was $120,875, a decrease of 23% or $36,863 compared to last year. The current average sold price is 52% lower than in October, or $134,024 less.

New Listings & Current Contracts
This month there were 11 homes newly listed for sale in Parkesburg compared to just 4 in November 2012. There were only 2 current contracts pending sale this November compared to 6 a year ago. The number of current contracts is equal to October 2013.

Average Listing Price vs Sale Price
In November 2013, the average Listing Price, of homes for sale in Parkesburg, was $146,968. The average Sale Price was $120,875.

Over the last 12 month snapsot, we see that the average Listing Price was $183,177. The average Sale Price was $152,594, a reduction of 16.7% or $30,583. The Average Sale Price was a decrease of $36,863, for November’s year-over-year.

Days on Market
This month, the average number of days on market was 118, lower than the average over the last 12 months, which is 77, an increase of 53%. In November 2012, the average was 98 Days on Market.

Dec 13 Current Inventory

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. There are currently 3 fewer homes on the market, compared to last month, reducing the months of supply by one.

Conclusions
We have little good news for the Parkesburg Real Estate Market based on November 2013 . We have declined both in month-over-month, and year-over-year numbers. The biggest concern is the Average Sale Price, which is down 36,863 from last year.

Last month, I told readers to keep a close eye on Average Sales Price in the months ahead. The idea was, if Sales Prices remained above the 12 month snapsot, this could indicate a shift in Buyer Profile from First-Time Buyers  to Trade-Up Buyers. However, in November, we see a dramatic drop not only in price compared to the 12 month average, but also the month-over-month and year-over-year averages.

Parkesburg will remain in a Buyers’ Market for the foreseeable future. The high Inventory Accumulation is keeping Months of Supply extremely high. Moreover, there is strong competition with neighboring areas. Price is king!! Sellers will need to aggressively price their home to get the attention of Buyers.

Timothy Alexander, Long & Foster Real Estate

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.

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