Chester County Real Estate Agent Matt Fetick talks about past market trends from 2014 and how they'll affect market conditions for the upcoming year of 2015.
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It's been a tumultuous year in real estate for the Philadelphia area, and with 2014 now on the back burner, I'd like to give you a recap of what happened with our local market and what you can expect to happen this year.
- Inventory Accumulation: This helps us to gauge whether we're in a seller's market or a buyer's market. Zero to three months of inventory is a seller's market, four to six months of inventory is a neutral market, and anything beyond seven months indicates a buyer's market. At the end of 2014, Philadelphia had 5.7 months of inventory, indicating a balanced market for right now. This also tells us that there are more homes on the market now than in 2014.
- There were 5-8% more homes under contract in 2014 in Chester County than there were in 2013.
- The number of sold units was down in 2014. This could be a result of the weather from last January-March, but the third and fourth quarters of the year picked up the steam nicely.
- On average, the sales price increased by 3.8% in Chester County, which is helping to stabilize the market and allow sellers to get out of their homes while the market appreciates.
It's hard to say what will happen in 2015, but a lot of it will depend on our inventory in the next 60 days. We've seen lots of activity and aggressive offers throughout the holidays, which indicates a very strong first quarter for 2015. Prices should continue to increase, days on market will decrease, and this will create a healthy and balanced market for the Philadelphia area.
If you have any questions about how the market is changing in Chester County and how it could affect your purchase or sale, please don't hesitate to call or email us. We're the number one team in Delaware and Chester Counties, so you can expect the best from us.
If you have any questions about how the market is changing in Chester County and how it could affect your purchase or sale, please don't hesitate to call or email us. We're the number one team in Delaware and Chester Counties, so you can expect the best from us.
