Chester County PA Home Sales Update

For the first half of 2022, the Chester County PA housing market continues to be strong but appears to be constrained by very limited inventory.

Currently, there are only 672 properties on the market compared to 852 properties in 2021 – down 22%. Active inventory is also down 46% from 2020 and 73% from 5 years ago in 2017.

As seen on the attached chart, overall sales and pending sales have been much more consistent. Even with the drop in inventory, there has only been a 5% drop in sales and 23% drop in pending sales.

Overall, we are continuing to see strong demand throughout the area. The recent increase in housing prices and interest rates are having an impact but demand continues to out strip supply. Multiple offers, limited inspections, and all cash offers continue to be common.

As always, please feel to reach out if you have any questions or are considering a move.

David Henke
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 610-225-7400/Direct: 610-618-0808
http://www.DelawarePAHomes.com

Chester County PA Home Sales Activity Update

Inventory falling and activity rising as home prices stabilize at a more sustainable level in Chester County. 

Since the last update, home sales activity has started to recover through much of Chester County PA. Year to date, the average sales price has dropped slightly from $349,000 to $336,000 while the average Days on the Market fell from 102 days to 93 days. After a very weak start at the beginning of 2012, Chester County sales activity has continued to strengthen as we worked through the year. The below data covers all Chester County:

Chester County PA:
For 2012 through October:
Year: Homes Listed | Homes under Contract | Homes Sold
2012: :      7958                      4805                          4423
Average Home Sold for $336,000 in 93 Days
For the entire Previous Years:
2011: :      8662                      4420(51%)                  4342(50%)
  Average Home Sold for $349,000 in 102 Days
2010: :      9428                      4563(48%)                  4479(47%)
. Average home Sold for $357,000 in 89 days
2009: :      9339                      4825(51%)                  4737(57%)
. Average home Sold for $336,000 in 87 days

On a year to date basis, the numbers look even more encouraging. As of November 19 for both 2011 and 2012, the total available homes on the market has fallen from 3,681 properties to 3,022 (down 18%). The properties under contract have risen 30% from 590 to 772 homes. The total homes sold have risen from 3,856 in 2011 to 4,735 – up 22%.

The Chester County market started the year very weakly lagging both New Castle and Delaware counties. New Castle County was the first to turn in the first quarter, Chester County began to move in the second quarter, while Delaware County did not strengthen until later in the year. If we can maintain this sales momentum, the year end sales numbers will easily be above 2011 and 2010 and could surpass 2009. If the economy continues to be stable, the inventory continues to fall, and consumer confidence remains solid, sales and pricing could strengthen as we move into 2013.

As always, if you are thinking of a move and would like more details on the market values in your area, please do not hesitate to contact me anytime for a market update or a complete complimentary market analysis for your home.

David Henke
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 610-225-7400/Direct: 610-618-0808
www.DelawarePAHomes.com

(All statistics per the TrendMLS System and believed accurate but not guaranteed)

Westtown Station Gallery Ceramics & Art – Ken Kazanjian

Ken Kazanjian, owner of the Westtown Station Gallery in Westtown PA, continues to inspire with his pottery works.

The Westtown Station Gallery is located in the original Pennsylvania Railroad Westtown Station (originally aka Street Road Station) located adjacent to Street Rd just west of its intersection with Thornton/Westtown Rd.  Originally built in 1859, the station had seriously deteriorated by the 1980s as traffic declined and SEPTA prepared to discontinue the line to West Chester PA.  It was boarded up and ready for demolition when Ken Kazanjian found it.

Having just returned to the area from the Peace Corps, he was looking for a new home and work space and arranged to obtain and rebuild the station.  Trained at the Philadelphia College of Art, over the next few years he remodeled the building to include a living area, studio, and gallery space for his future business.   Today the Westtown Station Gallery features the works of Ken Kazanjian and his wife, Shelley Shultis.

Ken specializes in high fire ceramics.  Based on an ancient Asian process, it allows for very strong pieces in muted colors.  Each piece is a unique design and although not complete settings, the pieces are meant to be used.

Over the years, they have continued to develop the space.  Today, Westtown Station is a “charming art studio and gallery featuring hand crafted art pottery.  Also on display, a fine collection of primitive and tribal arts, plus bronze windbells, Indian blankets, Mayan hammocks, textiles, and blown glass.”  On the grounds, they have created both a great Outdoor Sculpture Garden and a unique Train Underpass Gallery.

If you enjoy finely crafted art or are looking for that special gift, unique accent pieces, or outdoor sculpture, you need to stop by and take a look.  The Gallery is open daily from 10-5 from May through November.

This is a great time of year to get out and enjoy all the area has to offer.  As always, let me know if you have any questions.