Welcome to my March school district market report! This month, we’re looking at the Owen J. Roberts School District. As usual, we’re taking a first look at a local region as we start to figure out how quickly houses are selling and at what price.

As we dive into the data, we’ll find good signs that the market is getting back to its historic pattern, see the end of the early opportunity from November-January, and encounter another example of why it’s good to look at more data that we have in this report before making decisions. What trends are you on the look-out for?

Let’s dig in!

Statistics

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The chart above presents a month-over-month comparison of the real estate market in the Owen J. Roberts School District. It provides data for both January and February 2024, 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 January and February 2024.

This chart shows a year-over-year comparison for the same district. This chart addresses the same statistics but examines data from February 2023 and February 2024. This comparison allows us to see how the market shifts annually instead of monthly. When looking at market statistics, it’s important to take in as much information as possible before making any decisions. Looking at our comparisons helps start sketching out a picture, and I use this and more as a real estate professional to advise you.

What can the numbers tell me?

February tends to be one of the slower months of the year in real estate, at least here in Southeast Pennsylvania. Inventory builds up as sellers position themselves before the spring market opens, and buyers are waiting for better weather. Market cycles are at it again, and we can expect the spring market to be wild this year.

The month-over-month data shows an interesting trend this time. We can see a decrease in average sale price, total sales, and volume sold. Yet, the new listings, DOM, and MSI increased. When we look back at how the market has been trending for Chester County, we saw an uptick in activity, and prices kept going up. That early opportunity is now past, and we can see that in prices and sales.

When we look at the year-over-year data, that average sale price decrease looks concerning. The decrease in market activity from last year to this year demonstrates how off-cycle the market has been since COVID. With a return to a more historically predicable market, we’re seeing patterns in all our data except the average sale price.

Do those dramatic price drops say the housing market is falling in this school district? Not this time. We’ve seen this before in my market report series. The averages are dramatically different, yet the median tells a different story. As with other situations like this we’ve seen, when I drilled into the specifics I found that a few very expensive sales during a month throw off the average, another reminder to look at many data sets before coming to any conclusions.

February tends to be a build-up month before the floodgates of mid-March are opened. Inventory has been building up in the Owen J. Roberts School District, and buyers were waiting for more evening light to begin the spring season. Wouldn’t you want to see a house you might buy in good daylight?

As of a few days ago, spring is here, and the market is growing quickly. The data is showing a return to historic norms, for now. For as long as that holds, the perfect time to list your home is as soon as you’re ready. We’re in a lively market already, and I can’t wait to help you make the move you want to make.

Conclusion

In the Owen J. Roberts School District, the February comparisons bring good news. The early opportunity from the end of last year has passed, and a return to more historic market conditions is already here. We saw inventory building back up before the spring market and other good indicators that the market is getting back into its routine.

As a professional agent, I use this data, plus so much more, to help you achieve your real estate dreams. The market has been choppy these past few years, but we seem to be in a temporary return to more predictable waters. Let my experience be your guide.

Thank you so much for joining me this month! I hope you’ve learned something and enjoyed the read along the way. Who do you know who might be interested in my advice? Please, let me know! As always, I aim to provide content relevant to you. If you want to dive deeper into my market report or better understand your property's position, let's chat!