The Long & Foster Market Minute

Focus On: Chester County Housing Market February 2020

Units Sold
354
Active Inventory
1,206
Median Sale Price
$340,000
Days On Market
60
Up 6%
Vs. Year Ago
Down -24%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -5%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 354 sold this month in Chester County Real Estate versus 404 last month, a decrease of 12%. This month's total units sold was higher than at this time last year, an increase of 6% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 379 units or 24%. The total number of active inventory this February was 1,206 compared to 1,585 in February 2019. This month's total of 1,206 is lower than the previous month's total supply of available inventory of 1,301, a decrease of 7%.

Median Sale Price
Last February, the median sale price for Chester County Homes was $317,000. This February, the median sale price was $340,000, an increase of 7% or $23,000 compared to last year. The current median sold price is 5% lower than in January.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
728
Current Contracts
637
Sold Vs. List Price
98.3%
Months of Supply
3.4
Up 2%
Vs. Year Ago
Up 19%
Vs. Year Ago
No Change
Vs. Year Ago
Down -28%
Vs. Year Ago

Months of Supply
In February, there was 3.4 months of supply available in Chester County, compared to 4.7 in February 2019. That is a decrease of 28% versus a year ago.

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.

New Listings & Current Contracts
This month there were 728 homes newly listed for sale in Chester County compared to 716 in February 2019, an increase of 2%. There were 637 current contracts pending sale this February compared to 537 a year ago. The number of current contracts is 19% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Chester County was 98.3% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 60, lower than the average last year, which was 63, a decrease of 5%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.