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?
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.
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.
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 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.