Chip Plumley

January 2012 Tri-State Real Estate Market Analysis

ALL REAL ESTATE MARKETS ARE LOCALIZED!

ARE WE REALLY IN A RECESSION STILL?

Chester County

367 homes went under contract in January which is up 26.1% over last year.
274 homes actually went through with settlement. An increase of 13.2% over January 2011.
Those 274 homes that sold totaled $88,000,000 is sales! Unfortunately that's about a 2.7% decrease over last year.
Only 3,124 homes are currently for sale which is about a 9.1 month's supply of inventory.
The Average Settled Price to Original Listing Price was about 90.7%. So if you listed your home for $100,000, this says you may sell it for around $90,700. All-in-all, it was a good way to start off 2012! The winter didn't slow us down as everyone usually predicts. A buyer's market generally has a 6-12 month supply of homes, so we are still within that range. However, homeowners are selling there homes! Don't believe the media when they tell you things are getting worse.

New Castle County

426 homes went under contract in January which is up 71.8% over last year.
296 homes actually went through with settlement. An increase of 28.7% over January 2011.
Total volume of those homes that sold totaled $56,000,000 is sales! That's an increase of 1.1%!
Only 2,755 homes are currently for sale which is about a 7.6 month's supply of inventory.
The Average Settled Price to Original Listing Price was about 88.6%. So if you listed your home for $100,000, this says you may sell it for around $88,600. WOW NEW CASTLE COUNTY! Old Man Winter didn't slow us down at all! Remember, a buyer's market generally has a 6-12 month supply of homes, but a balanced market generally has 4-5 month's worth of inventory. Homeowners are selling there homes! Are we possibly heading for a balanced market once again?

I strongly urge you to take a look at the reports straight from TrendMLS (the area's Multiple Listing Service) and determine your own opinion of what the market is truly like. The numbers speak for themselves!

Please click on your County below for the detailed PDF of your market area.

Interest rates are starting to climb a little. A 30 year fixed rate is about 3.875% and a 15 year fixed rate is around 3.5%. There is a possibility of getting a lower rate with points too. Great time to buy and sell!

Marketwatch Report - 2011:Q4 Report

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

2011 Real Estate Market Year In Review

01-16-12

2011 Real Estate Market Year In Review

ALL REAL ESTATE MARKETS ARE LOCALIZED!

ARE WE REALLY IN A RECESSION STILL?

Chester County
Settled Units
Year over Year was down 3.5%, a difference of 12 homes, but only down 1.9% for the entire year!
That's only 79 less homes sold the entire year and remember the tax credit boosted sales in the beginning of 2010. So being down only 1.9% is actually not bad at all!
Total Settled Volume
Year over Year is down 10%, a difference of $12M, and only down 4.55% in 2011. $1,457,716,000 in total sales for 2011, which is down $69,418,000.
7 months showed an increase in prices but because of that tax credit, April, May and June hurt the overall yearly amounts. September and December were the only other 2 months that had declines which has been the case since 2006.
New Castle County
Settled Units
Year over Year is up 19.8%, an increase of 67 more homes, and up 4.25% for the entire year. 174 more homes sold in 2011 than 2010.
Total Settled Volume
Year over Year is up 8.7% but down 6.84% over 2010. $928,952,000 worth of homes sold in 2010 compared to $997,137,000 in 2010. $681,850,000 difference over 2010 but the 2010 tax credit had a lot to do with the decrease in sales volume. There was a decrease in sales volume for the first 6 months of the year and again April, May and June were the biggest sales dollar losers. Just the opposite of 2010 where the last 6 months of the years were all down.

I strongly urge you to take a look at the reports straight from TrendMLS (the area's Multiple Listing Service) and determine your own opinion of what the market is truly like. The numbers speak for themselves!

Please click on your County below for the detailed PDF of your market area. REMEMBER that some of the numbers before June are skewed because of the Federal Tax Credit offered in the first 6 months of 2010.

Interest rates are starting to climb a little. A 30 year fixed rate is about 3.875% and a 15 year fixed rate is around 3.375%. There is a possibility of getting a lower rate with points too. Great time to buy and sell!

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

November's Tri-State Real Estate Market Report

12-16-11

"Real Estate is like the weather report. It doesn't matter if Seattle has rain in the forecast if you live in Philadelphia. The Local Real Estate Market is what you should focus on and not the National Averages."

When you watch the news and they give you the "National Real Estate Stats" don't let that bother you. Even the Case-Schiller Index doesn't include the best data. If you put garbage in, you get garbage out. ALL REAL ESTATE MARKETS ARE LOCALIZED!

ARE WE REALLY IN A RECESSION STILL?

Chester County
Settled Units
Year over Year is up 8.3% but down 2.02% year to date
(Remember the tax credit jumped sales in 2010. Being down only 2% is actually not bad at all!)
Total Settled Volume
Year over Year is up 10.8% but down 4.27% year to date
(Take out the tax credit and it's only down about 2.1%)
New Castle County
Settled Units
Year over Year is up 21.1% and up 2.66% year to date
(Even with the tax credit, Northern Delaware sales are up!)
Total Settled Volume
Year over Year is up 5.3% but down 8.31% year to date

I strongly urge you to take a look at the reports straight from TrendMLS (the area's Multiple Listing Service) and determine your own opinion of what the market is truly like. The numbers speak for themselves!

Please click on your County below for the detailed PDF of your market area. Please keep in mind that some of the numbers before June are skewed because of the Federal Tax Credit offered in the first 6 months of 2010.

Interest rates are starting to climb a little. A 30 year fixed rate is about 4.125% and a 15 year fixed rate is around 3.125%. There is a possibility of getting a lower rate with points too. Great time to buy and sell!

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

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September's Tri-State Real Estate Market Report

10-14-11

"Real Estate is like the weather report. It doesn't matter if Seattle has rain in the forecast if you live in Philadelphia. The Local Real Estate Market is what you should focus on and not the National Averages."

When you watch the news and they give you the "National Real Estate Stats" don't let that bother you. Even the Case-Schiller Index doesn't include the best data. If you put garbage in, you get garbage out. ALL REAL ESTATE MARKETS ARE LOCALIZED!

Year over year, for Chester County, the number of settled units compared to 2010 are only down by 155 homes! That represents less than a 4.5% decline! The average sales price year to date is $362,000 and this time last year it was $369,000. When the media is saying that homes are off 5%, 10% and, I've even heard, 20% compared to 2010, keep in mind that this $7,000 difference is only a 1.9% decrease. So really what "Doom & Gloom" are we facing?

I strongly urge you to take a look at the reports straight from TrendMLS (the area's Multiple Listing Service) and determine your own opinion of what the market is truly like. The numbers speak for themselves!

Please click on your County below for the detailed PDF of your market area. Please keep in mind that some of the numbers before June are skewed because of the Federal Tax Credit offered in the first 6 months of 2010.

Interest rates are starting to climb a little. A 30 year fixed rate is about 4.125% and a 15 year fixed rate is around 3.125%. There is a possibility of getting a lower rate with points too. Great time to buy and sell!

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

August's Tri-State Real Estate Market Report - Better Than Anticipated!

09-15-11

"Red sky at night, sailor's delight. Red sky in the morning, sailor take warning"

If you are like me and love to boat and fish, you know how true that saying goes. It even applies to real estate! The red sky mornings are OVER and NOW it's clear red sky's at night for Chester County!

Year over year, for Chester County, the number of units that went pending in August where up 22.5% and the total number of units that settled where up 24.6%! Every market that I service has had an increase in the number of pending and settled units, yet the media is still shouting gloom and doom in this "economic turmoil".

I strongly urge you to take a look at the reports straight from TrendMLS (the Multiple Listing Service) and determine your own opinion of what the market is truly like. The numbers speak for themselves!

Please click on your County below for the detailed PDF of your market area. Please keep in mind that some of the numbers before June are skewed because of the Federal Tax Credit offered in the first 6 months of 2010.

Interest rates are starting to climb a little. A 30 year fixed rate is about 4.125% and a 15 year fixed rate is around 3.125%. There is a possibility of getting a lower rate with points too. Great time to buy and sell!

Chip Plumley can be reached at (610) 444-9090 or (610) 357-8635. Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.