Parkesburg Real Estate Market Watch – 2013 Year In Review

Parkesburg Real Estate Market Watch – 2013 Year In Review provides readers with the important highlights from Parkesburg Real Estate’s trends and data. 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?

Pakesburg Real Estate 2004-2013

The 2013 Parkesburg Real Estate market can be described as “oversaturated and underperforming.” The year is notable for having the most number of Residential Homes list For Sale over the last 10 years, and the second lowest percentage of Homes Sold.

Units Sold
There was an increase in total units sold in 2013, with 53 sold this year in Parkesburg Real Estate versus only 39 units in 2012. While the actual number of Residential Homes Sold is above average, the percentage of Homes Sold made this one of the worst years in the last ten for the Parkesburg Real Estate Market.

Ten years ago, 71% of Residential Homes listed in Parkesburg sold. Today, only 35.5% of homes sold. However, the actual number of Sold Homes is almost the same… 54 in 2004, and 53 in 2013. The big change is that the number of homes on the market has almost doubled, while Buyer Demand has remained relatively flat.

Average Sale Price
In 2012, the average sale price for Parkesburg Homes sold was $146,614. This year, the average sale price was $154,607, an increase of 5.4% or $7,993.

New Listings & Current Contracts
In 2013 there were 146 homes newly listed for sale in Parkesburg compared to just 90 in 2012. This is an increase of  62.2%, or 56 homes.

Average Listing Price vs Sale Price
In 2013, the average Listing Price, of homes for sale in Parkesburg, was $183,182. The average Sale Price was $154,607. The difference represents a decrease of $28,576 or 15.6%.

In 2012, the average Listing Price, of homes for sale in Parkesburg, was $162,416, and the average Sale Price was $146,614. At that time, homes sold with an average reduction of price of only $15,802 or 9.7%.

Days on Market

In 2013, the average number of days on market was 74, lower than the average in 2012, which was 133. This means that of residential homes which actually sold, they sold 59 days faster in 2013.

Conclusions
We have little good news for the Parkesburg Real Estate Market based on 2013 data. While we did see improvements to the Days on Market and Average Sale Price, the percentage of homes selling is extremely poor with Sellers taking a big hit on their list price in order to sell.

Because of the very large number of Residential Homes on the market, I predict Parkesburg will remain in a Buyers’ Market through the end of 2014. The high Inventory Accumulation is keeping Months of Supply extremely high, which is currently 11 months of supply.

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. 

Parkesburg Sellers are not only competing with each other for the few Parkesburg Buyers available, they is strong competition from neighboring areas.

Price will be the big factor on if a property sells or not. Sellers will need to aggressively price their home to get the attention of Buyers. Moreover, proprieties will need to appear “like new” and “move in ready” in order to sell.

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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6 responses to “Parkesburg Real Estate Market Watch – 2013 Year In Review

  1. Tim; Is your research for Parkesburg only? I live in Londonderry twp. and i know of some houses for sale over a year upwards to three years. If possible could you include the entire octorara school district. Thanks again for all that you do.

  2. I much appreciate your updates on the local real estate market. I would also be interested to read some of your thoughts (and the consensus opinion among local realtors) as to why the local market still struggles. It can’t be housing prices. Taxes? The school district? Lack of local jobs, or a long commute (at least in terms of miles) to where the jobs are? I’d also be interested to hear the thoughts of others, even non-professionals. This area has so much to like. So why are people staying away?

    • In my opinion…
      1)The school tax is too high.
      Your getting a poor education for a premium price
      2)The borough council is full of High School grads with an attitude.
      The borough council is manipulating decisions which keep the public in the dark forcing them to ask questions which go unanswered because they don’t have to answer any questions. They rule the town and you can not question their authority…even if you uncover corruption,
      3)The borough manager is unqualified.
      Lester Thomas was a police Chief who was forced to leave from his position years ago for fraudulent behavior after an ordinance was put into place that made it so full time employees of the borough could not work full time anywhere else. He is still collecting a pension from when he was Chief.
      4)The Parkesburg police are out of control.
      The Parkesburg Police force is scaring away local patrons that spend money here and then go home to other towns.
      5) The Mayor allows it all to happen.
      John Hagan is the worst Mayor is our towns history and has allowed the Police to do whatever they want, which is wrong and unethical. He allows Wendy to talk our loud at the public during the council meetings (that’s not legal by the way) he allows police officer to scream at the public during the council meetings) that’s really illegal and extremely dangerous.
      6)The Borough council will never get rid of this problem because Kathy Rick’s son is dating the Police Chiefs niece, and they are all family connected.

      Solution…get rid of the entire borough council and administrative staff and put people in office who actually care about the towns well being so it can thrive…you won’t get that until you get rid of the slum lords and tax cheats.

    • High taxes is absolutely the only thing I have constantly heard from other Realtors as affecting sales in this area. I think there is more to it, but that is the low hanging fruit. Buyers not only buy the house, they buy the payment, and taxing greatly affects a monthly mortgage payment.

      Also, there are other issues. Parkesburg took a big hit when it lost the Acme and Butler’s Hardware. Like in a mall, a town needs “anchor stores” to keep people and bring people into town to spend their money. People moving here want convenience on top of the small town charm and peace.

      If CVS does leave town, as I understand is the ultimate plan, to the 10&30 intersection, then it will cause even more harm.

  3. In the not too distant future, CVS will definitely be moving to the 10&30 intersection. They have purchased the Verizon store property.

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