Welcome to my February real estate market report! In this monthly series, I examine real estate market data, school district by school district. This month’s real estate market report focuses on the Kennett Consolidated School District along the Delaware state border here in Chester County.
National headlines, averages, and talking points make for entertaining coverage, but often fall flat when it comes to capturing your neighborhood’s unique character. That’s where local, real-time information comes in.
In this month’s market report, we start with a high-level overview of the month’s real estate market data before going into my practical advice for buyers and sellers.
Data Source
This month’s real estate market data was put together by Lauren Davis at Tri-County Suburban Realtors, pulling data from the BrightMLS. Lauren has very thorough presentations of the entire county, with everything from interactive graphs to .pdf downloads showing the most interesting market statistics from across our region.
A Look at the Market
Inventory has been recovering, which is good for the market. At the same time, the Average DOM is unusually low—less than half its seasonal and five-year average. This combination suggests that market dynamics are shifting. Typically, when inventory rises, homes take longer to sell, and DOM increases. But that’s not what we’re seeing here.
Instead, some homes are selling quickly, even as inventory grows. This imbalance is likely due to pricing uncertainty. After several years of steadily increasing pricing, sellers and agents alike are still adjusting to current conditions. With limited recent sales to serve as benchmarks, some homes are priced aggressively and selling quickly, while others sit on the market longer than expected.
Advice for Buyers
Buyers in the Kennett Consolidated School District should keep in mind that the market is still figuring itself out. The combination of slowly recovering inventory and surprisingly low DOM tells us buyers should be prepared to be skeptical about aspirational pricing. There could be amazing opportunities with sellers entering the market at a lower price point to get ahead of the competition, just as there could be overpriced homes trying to ride the last coattails of a strong sellers’ market.
This is where working with an experienced, local real estate agent makes all the difference. A good REALTOR® helps you navigate through this swiftly-changing landscape with their guidance. From setting up that initial search to negotiating at the closing table, having a qualified real estate agent on your side lets you buy with confidence.
At COMPASS RE, we take things a step further when it comes to helping buyers find their place in the world. Using our in-house platform, I can set up a collection for you to access all the properties on the MLS plus properties that are COMPASS Exclusive and COMPASS Coming Soon listings. In a market where the best homes are moving so quickly, knowing about a property first could be the difference between winning the home and being a day late and a dollar short. Call or email me today to learn how I can get you that competitive advantage.
Advice for Sellers
On the other side of the coin, sellers have their own challenges to overcome in this type of market. Some homes are selling nearly as fast as they’re listed, while others are languishing for weeks. Plenty of buyers are interested in the area, so making sure your property is priced correctly is key to selling your home quickly, with the least amount of hassle, and for top dollar.
Figuring out the best pricing strategy for your home is no simple task. Even the best AI and aggregator websites regularly miss with their home valuations, as the Zillow CEO found out first hand when he sold his home in 2016. After all, no computer system is going to account for all of the unique qualities that take your house and turn it into a home. That’s where real-time human experience comes into play.
Conclusion
The Kennett Consolidated School District is experiencing a healthy rebalancing right now. January tends to be one of the slowest months of the year for real estate, between early sunsets, wet weather, and busy schedules, and this year is no different. Some sellers seem to still be stuck in aspirational pricing, while others have capitalized on the market’s current conditions. Motivated buyers are scooping up competitively priced homes, while others seem to be holding out for more inventory.
Thank you for reading this month’s real estate market report! I hope you found it both interesting and informative. Are you surprised at how quickly homes are moving this winter in the Kennett Consolidated School District? I’d love to talk with you about it!
