Here is the monthly breakdown for year to date statistics in Chester County. The inventory accumulation for all residential real estate in Chester County is 4 months which means it is a balanced market but if it gets down to 3 months it means it is a seller’s market. 6+ months of inventory accumulation means it is a buyer’s market.
We have seen a big slow down in the past month or so and you can see that in the units pending & units sold when comparing Nov 2016 & Nov 2015 and the DOM (days on the market). DOM has gone up and pending and units sold have gone down in November compared to last year. Also, it seems there are a lot more price reductions recently. I think with the interest rates increasing the market will really slow down until the warm weather comes back in the spring. So probably not the best time to sell but a great time to find deals!
I narrowed it down on the year to date statistics for homes for sale between $200,000-$500,000 in Chester County. The inventory accumulation goes down to 3 months so it is a seller’s market in that price range.
You can narrow it down even more and it truly shows you how location really is everything in real estate. In the $200,000-$500,000 price range the inventory accumulation is 1 month in Thornbury Township & it is 18 months in the Oxford Boro. So, great time to be a seller in Thornbury township and a great time to be a buyer in Oxford Boro.