Parkesburg Real Estate Market Watch – March 2014

Parkesburg Real Estate Market Watch provides readers with a regular snapshot of the local real estate market. The report is written by Parkesburg resident, Octorara 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?

Parkesburg Market - TREND - March 2014

Units Sold
There was no change in total units sold in March 2014, with 4 sold this month in Parkesburg Real Estate versus 4 units sold in February. This month’s total units sold was also flat compared to this time last year, which was also 4 sold for March 2013.

Average Sale Price
Last March, the average sale price for Parkesburg Homes sold was only $76,187. This March, the average sale price was $127,625. Last month, February 2014, the average price was similar at $127,398.

New Listings & Current Contracts
This month there were 12 homes newly listed for sale in Parkesburg compared to 14 new listings in March 2013. There were 6 current contracts pending sale this March compared to 5 a year ago. In February 2014, there were only 3 new contracts.

Average Listing Price vs Sale Price
In March 2014, the average Listing Price, of homes for sale in Parkesburg, was $163,325. The average Sale Price was $127,625, a reduction of $35,700.

Over the last 12 month snapsot, we see that the average Listing Price was $173,565, with the average Sale Price of $156,744.

March Historical Data

March 2005-14

One could naturally assume that the Parkesburg Real Estate Market’s best performances would have been in 2005 and 2006, at the height of the Housing Boom. That assumption would be incorrect, and least for March.

Annual Data does show that 2004 and 2005 were that best performing years overall, comparing the last 10 years. However, for March specifically, 2010 is the year to beat.

March 2010 had 6 home sales, compared to the 10 year average for March of just 3 units sold and compared to the 4 units sold in March 2014.

The average Sale Price in March 2010 was $165,316 compared to the March 10 year average of $159,108 and the March 2014 average of just $127,625.

Conclusions
In the Parkesburg Real Estate Market Watch – 2013 Year In Review, I characterized the local market as “oversaturated and underperforming.” This trend is continuing. Looking at the March Historical Data, we see that the number of newly listed units far exceeds the number of units sold.

There are currently 50 Residential Homes listed for sale in the Borough of Parkesburg, with a current 12 month average of just 4 sales per month. However, as we look at Buyer Demand over time, we are not seeing what we would call less demand for Parkesburg Real Estate. The issue is specifically the number of homes for sale.

Because of the very large number of Residential Homes on the market, I continue to predict Parkesburg will remain in a Buyers’ Market through at least the end of 2014. The high Inventory Accumulation is keeping Months of Supply extremely high, which is currently at 12 months.

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

Price will be the biggest factor on if a property sells or not. Sellers will need to aggressively price their home to get the attention of Buyers. Proprieties will also 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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