Coatesville Area School District Market Report

Ever wondered about the ebb and flow of our local Coatesville Area School District's real estate market? This month, journey with me as we explore this month’s market statistics and discover what they mean for homeowners and potential buyers alike. Dive in to unlock the stories behind the statistics.

Welcome to my next market report! This month, I’m taking a look at the Coatesville Area School District and their real estate data for August. The same statistics will be presented, highlighting how even neighboring school districts have different real estate markets. The same can be said for neighborhoods, so keep in mind that even this market snapshot is a broad glimpse.

As a real estate professional, I dive into these statistics and more every day to stay on top of our Chester County area housing market. While an overview is helpful, a much closer look is needed to figure out your property’s true value. If you’d like to get a better understanding of what all this means for your property, please reach out to chat!

For a more detailed explanation of what the terms below, and more, mean in the world of real estate, check out my glossary of terms.

Statistics

The chart above presents a month-over-month comparison of the real estate market in the Coatesville Area School District. It provides data for both July and August 2023, specifically the average sale price, dollar volume sold, number of units sold and listed, the average number of days a property was on the market before going under agreement, and how many months it will take to completely sell current inventory at the current sales pace. The bottom row indicates the percentage change between July and August 2023.

Displayed above is a year-over-year comparison for the same district. This chart addresses the same statistics but examines data from August 2022 and August 2023. This comparison allows us to see how the market shifts without worrying about expected seasonal factors.

What can the numbers tell me?

What are properties in my area selling for?

Looking at the first chart, we can see that the average sale price for all properties that closed during the month of July 2023 was about $340k. For August 2023, we can see that the average sale price decreased by about 2.58% to about $330k.

When we look at the average sale price year-over-year for August, we see a similar picture. In August 2022, the average sale price was about $330k, showing a decrease of about 0.69% during the same month in 2023.

While the decrease in average sold home price in the month-over-month chart suggests potential concern for the area, we see a different picture when we compare the year-over-year data. With more data to compare, we readily see the impact of seasonal trends on property pricing. While the month-over-month average sale price decreased by about 2.5%, the year-over-year change was less than 1%.

Looking at both month-over-month and year-over-year sales data helps paint a clearer picture of the market. Many factors influence pricing, including regular seasonal shifts. Examining both month-over-month and year-over-year sales data provides a more comprehensive view of the market.

How long are properties in my area usually on the market?

The data also paints a picture of how quickly homes are selling. That’s where the Days On Market (DOM) and Monthly Supply of Inventory (MSI) come into play. For example, the month-over-month table shows us that properties were on the market for an average of 15 days before selling during the month of July 2023. Properties that sold in August 2023, by comparison, were on the market for an average of 13 days before they sold.

The MSI primarily indicates if we’re in a buyers’ vs sellers’ market. When the MSI is above 6 months, that’s considered a buyers’ market. When the MSI is lower than 6 months, that’s considered a sellers’ market. We haven’t been close to an MSI of 6 months in quite some time and buyer competition remains fierce. Now, when we look at the MSI it’s about comparing degrees of urgency.

The lower the MSI number, the more competitive and fast-paced the market is, emphasizing the importance for buyers to be ready to act. Furthermore, looking at how the MSI is trending month-over-month tells us if buyer competition is heating up or cooling down. When we see the MSI has increased by about 30% from July to August of this year, that tells us more properties are entering the market.

These numbers, while a useful guide, still represent the average in the CASD. That includes the ideal properties that sell in 1 day and those properties that need some work and are on the market for months. Comparing the MSI to the 6-month tipping point lets us know that buyers continue to face fierce competition. Comparing the month-over-month MSIs shows us how microtrends are changing. Even so, a 30% increase in today’s MSI signals relatively increased opportunity for buyers.

Putting it all together

Taking a step back, we can compare the average sale price figures with the inventory figures to get an even better understanding of the real estate market in CASD. So far, we’ve identified that home prices are remaining seasonally stable while inventory is increasing, and the average DOM is steadily decreasing.

To me, that paints a picture of a market that likely saw high price escalation during the COVID era rush from the cities and is rebalancing more gently than the national average. Looks like the Coatesville Area School District is generally on the up and up. This is entirely within my expectations, as Pennsylvania, especially our neck of the woods, historically is less susceptible to massive real estate disruptions.

Conclusion

With the market constantly changing and most outlets focusing on large areas, hopefully this local snapshot gives you a better picture of the real estate market near you. Property values in our area continue to increase faster than inflation, and buyers continue to need to be ready to act to attain their place in the world.

As a professional agent, I use this data, plus so much more, every day. Overviews are useful for getting a general picture of an area, though it takes a more zoomed-in analysis to come up with a true picture of a property’s value. If you would like a market analysis specific to your property, I’m happy to put my expertise to work for you.

Thank you so much for reading to the end! I hope this has been informative and interesting. If you know anyone who might be interested in this, please share my article! As always, I aim to provide content relevant to you. If you want to dive deeper into my market report or would like an analysis tailored to your unique property, let's chat!