Local Market Statistics

Latest Market Statistics for Radnor, Tredyffrin and Easttown Townships*

For the 30 days ending March 9, 2009 in the 3 nearest townships, there were 21 single family and twin homes that settled at an average price of $694,293. The average discount off the original asking price dropped to below 90% for only the second month in the last few years, to 87.9%. This is troubling, but still a strong statistic compared to what other areas of the country are experiencing. There were 4 lower-priced homes and one higher-priced home ($1.3 mil) which sold for less than 80% of asking. The five homes had been on the market for an average of 223 days. This month only one home, at a high price of 1.7 million, sold for 100% of asking price. About a third of the homes sold for 90% or more above asking price. Seller concessions increased in number and amounts. Overall, the month showed our market making a downward turn.

Days on the market varied significantly from 2 to 364, with 5 homes selling after having been on the market 30 days or less. The average of 122 days on the market is a significant increase, almost twice as long as we have been seeing, indicating that many of the homes that closed last month had been sitting for a long time.

The chart below gives a broader view of all residential home sales (including townhouses and condos) in the 3 surrounding counties for January compared to one year ago. Total sales are still significantly off in all three counties, after an improvement last month. Discounts off asking prices increased a bit as well, particularly in Delaware County. Days on the market statistics are still not quite to last year's numbers yet for any of the 3 counties, particularly (again) in Delaware County.