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, and gives you the information needed to be a well informed home Buyer or Seller is Parkesburg Pennsylvania. 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?
August 2014 saw a decline in Parkesburg Home sales compared both to month-over-month and year-over-year numbers. Parkesburg Real Estate had 3 units sold this month versus 6 units sold in July. This month’s total units sold was also down compared to this time last year, which was 7 units sold for August 2013. The decline is significant, and dramatic.
Average Sale Price
Sale prices have more bad news. Last August, the average sale price for Parkesburg Homes sold was a healthy $191,695. This August, the average sale price was $147,966, a decline of $43,729. Last month, July 2014, the average sold price was $165,050.
New Listings & Current Contracts
This month, there were 7 homes newly listed For Sale in Parkesburg, compared to 11 new listings in August 2013. There were 4 current contracts pending sale this August compared to 3 a year ago. In July 2014, there was only 1 new contract.
Average Listing Price vs Sale Price
In August 2014, the average Listing Price, of homes for sale in Parkesburg, was $189,989. The average Sale Price was $147,966, a reduction of $42,023.
Over the last 12 month snapsot, we see that the average Listing Price, of homes For Sale in Parkesburg, was $174,380. The 12 month average Sale Price was $155,323. The August 2014 average sale price is down $7,357 compared to the 12 month average. However, the average List Prices continues to increase.
The combination of Listing Prices increasing, but Sale Prices declining, could slow the local Real Estate Market more than it already is. When choosing an agent, make sure they know and understand the Parkesburg Real Estate Market Trends.
Days on Market
This month, the average number of days on market was 51, lower than the average last year, which was 57.
Months of Supply
Currently, there is 10 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.
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 Historical Data, we see that the number of newly listed units far exceeds the number of units sold.
There are 40 Residential Homes listed for sale in the Borough of Parkesburg, with a current average of just 4 sales per month. Buyer Demand has not increased over time, and has remained flat. The good news is there has been a slowing of the number of Homes For Sale in Parkesburg. However, we will need to see a more significant drop in the number of homes on the market before we match Chester County’s overall Inventory level of 6.5 Months of Supply.
Because of the very large number of Residential Homes on the market, I continue to predict Parkesburg will remain in a Buyers’ Market, at least until Spring 2015.
Moreover, Parkesburg Sellers are not only competing with each other for the few Parkesburg Buyers available, there is strong competition from neighboring areas and New Construction.
High property taxes, long commutes, limited public transportation, an underdeveloped business sector, and few amenities are also factors affecting Parkesburg Home Sales.
Parkesburg can best be described as a Bedroom Community, a town inhabited mainly by people who commute a significant distance for work and entertainment. Very high School District and Municipal Property Taxes, combined with ever increasing fuel and travel costs, will keep many Buyers away.
Overall, 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. Sellers will have to give Buyers a something they will not find anywhere else.
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.