Welcome to the November 2023 edition of my monthly real estate market report! This time around, I’m looking at the Great Valley School District and how its October 2023 numbers compare month-over-month and year-over-year. Please check out my glossary of terms for a quick reference on industry jargon, and feel free to read my market reports about other school districts and other months.
Comparing the same statistics as ever, we see that there was a statistical anomaly between September and October of 2023 in the Great Valley School District. Surprisingly, the average sale price dropped more than $200,000, a 24.5% change month-over-month. In the year-over-year comparisons, however, we see good news! Join me as we dig into this month’s market report and uncover all this, and more!
Statistics
|
Month over Month |
||||||
|
Date Range |
Average Sale Price |
Volume Sold |
Units Sold |
Units Listed |
DOM |
MSI |
|
Sep-23 |
$947,250 |
$25,575,752 |
27 |
42 |
17 |
1.6 |
|
Oct-23 |
$715,087 |
$21,452,601 |
30 |
42 |
12 |
2.7 |
|
% change |
-24.51% |
-16.12% |
11.11% |
0.00% |
-29.41% |
68.75% |
This table presents a month-over-month comparison of the data points we’re analyzing in this series, focusing on the Great Valley School District. The data show that more homes sold in October, though the total volume sold was greater in September. Between that unusual comparison and the difference in average sale price, I was prompted to investigate further and find out how that happened.
This kind of change between monthly averages is something I’ve encountered before, usually in higher end markets. After examining the records, I found that 6 of 27 units sold in September for more than $1 million. Those 6 units account for 55% of the month’s total volume, skewing the average notably. October saw more transactions, all closer to the county average, yet the total monthly volume still lagged.
|
Year over Year |
||||||
|
Date Range |
Average Sale Price |
Volume Sold |
Units Sold |
Units Listed |
DOM |
MSI |
|
Oct-22 |
$686,406 |
$21,965,000 |
32 |
42 |
13 |
2.4 |
|
Oct-23 |
$715,087 |
$21,452,601 |
30 |
42 |
12 |
2.7 |
|
% change |
4.18% |
-2.33% |
-6.25% |
0.00% |
-7.69% |
12.50% |
The year-over-year table for the Great Valley School District in October shows that we are gradually returning to last year’s figures. October 2022 was already influenced by the Federal Reserve’s rate increases, and a return to even those levels is quite promising. Next month’s statistics will show us if that market balance is returning, or if this October was a fluke.
What can the numbers tell me?
The market report for Great Valley School District this month is very encouraging, even with what is considered to be a coming seasonal slowdown. Anomalies in the data lead to us uncovering high-end activity in the Great Valley School District, and annual comparisons show no loss in activity even with current interest rates.
This time of year, many factors dissuade people from house hunting – from snow to shorter daylight hours to holiday distractions. Moreover, the general belief that ‘no one does real estate in the winter’ can hold people back. Yet, the tides are changing. All the numbers show that more homes are coming to the market, letting more home hunters find their place in the world. Though the weather outside is cooling off, the housing market in Great Valley is heating up.
Conclusion
This month’s market report for the Great Valley School District was quite enlightening. We saw how a few very expensive homes can skew the average, that inventory is increasing, and that homes are still selling in what seems like no time at all. Another month, another story told in numbers.
As we enter what is usually considered the slowdown of the year, it seems this trend is being challenged. Buyers who have been waiting for the dust to settle are making a break for it, moving before everyone else catches on. Sellers who might hold off for the winter are jumping in before tides shift too far out of their favor. It appears to me this holiday season could be very good for both motivated buyers and sellers to reach their goals.
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*All data ©BrightMLS - Information deemed reliable but not guaranteed.
