July brings Fierce Competition and a Slowdown in the West Chester Borough
The real estate market in West Chester Borough saw intense competition in early summer, and July proved to be no exception. If anything, the numbers from July further demonstrated how quickly properties were flying off the market — with many going under contract on the same day they were listed.
Speed of Sales: An Average of Just 0.7 Days on the Market
One of the standout stats in July was the incredibly quick turnaround for homes that sold. On average, properties were under contract just 0.7 days after being listed. That means many homes were snatched up almost immediately! In fact, four homes went under contract on the same day they were listed, and three others found buyers within just one day.
Interestingly, there was one outlier: a home that had been on the market since March. This property had a rougher time finding a buyer and eventually went under contract at $140,000 below its asking price. A stark contrast to the lightning-fast sales we saw in July - proof that pricing right matters!
Sellers Benefiting from Competitive Bidding
Of the nine homes that sold in two days or less, seven sold for an average of $32,144 above asking price. The other two homes were sold at their asking price. This surge in over-asking price sales highlights just how competitive the market was in July, with buyers willing to bid up properties to secure a deal in such a tight market.
Escrow Times and Quick Closings
The average escrow period for homes in July was 32 days, meaning that the vast majority of buyers and sellers were able to close quickly, which is a positive sign for both parties. Quick closings benefit sellers looking to move fast and buyers wanting to settle into their new homes as soon as possible.
A Slowdown in July: Fewer Sales and Lower Prices
Despite the fast pace of individual sales, the overall number of home sales in July saw a noticeable drop. There were only 10 closed sales in July, compared to 17 in June. This signals the start of a typical "summer slowdown," as many buyers and sellers take a break from the market during the hotter months.
Also, for the first time in several months, there were no home sales over $1,000,000 in July. As a result, the average sale price dipped significantly to $580,200, a sharp drop from the $950,235 average we saw in June.
While this lower average price could point to fewer luxury homes selling, we may see a rebound in the luxury market during August. However, even with potential increases in higher-end sales, we can expect overall sales volume to stay below July’s figures due to the typical summer slowdown.
Looking Ahead: What’s Next for West Chester Real Estate?
With August on the horizon, we’ll likely continue to see some fluctuation in the market as we head into the second half of summer. Although luxury homes might make a comeback, it’s safe to expect a continued slowdown in overall sales volume as buyers and sellers navigate their summer plans.
If you're thinking about buying or selling in the West Chester area, it’s important to stay aware of these trends, whether you’re a buyer navigating a competitive market or a seller looking to make the most of your sale in the slower months ahead.
Reach out today to chat about how we can make the market work for you!
