Happy December! As the final month of 2023 rolls through, here is my monthly real estate market report. This time, we’re walking through Phoenixville Area School District to see what the data tells us about its market. Though the area seems to be plateauing, long term trends remind us how real estate is a long-term investment. Grab a warm beverage and join me in this final market report of 2023!
Statistics
|
Date Range |
Average Sale Price |
Volume Sold |
Units Sold |
Units Listed |
DOM |
MSI |
|
Oct-23 |
$454,779 |
$15,917,248 |
35 |
37 |
15 |
1.6 |
|
Nov-23 |
$421,257 |
$13,480,234 |
30 |
32 |
11 |
1.1 |
|
% change |
-7.37% |
-15.31% |
-14.29% |
-13.51% |
-26.67% |
-31.25% |
*All data provided by BrightMLS and subject to their terms and conditions. Accuracy of information not guaranteed, though deemed reliable.
The chart above presents a month-over-month comparison of the real estate market in the Phoenixville Area School District. It provides data for both October and November 2023, looking at the same fields as all my other market reports this year. If you’re interested in learning more about what these fields mean, check out my Glossary of Terms. The bottom row indicates the percentage change between October and November 2023.
|
Year over Year |
||||||
|
Date Range |
Average Sale Price |
Volume Sold |
Units Sold |
Units Listed |
DOM |
MSI |
|
Nov-22 |
$435,192 |
$19,583,652 |
45 |
33 |
52 |
1.8 |
|
Nov-23 |
$421,257 |
$13,480,234 |
30 |
32 |
11 |
1.1 |
|
% change |
-3.20% |
-31.17% |
-33.33% |
-3.03% |
-78.85% |
-38.89% |
*All data provided by BrightMLS and subject to their terms and conditions. Accuracy of information not guaranteed, though deemed reliable.
This table shows a year-over-year comparison for the same district, looking at the same data points. Real estate is not a game of short-term investment and prospecting; it’s about enjoyment of a property and long-term asset growth. By looking at the year-over-year comparison, we can see how the market changes with less impact from seasonal shift.
What can the numbers tell me?
What are properties in my area selling for?
In the Phoenixville Area School District, average home sale prices are down both month-over-month and year-over-year. This is something that happens, not just in real estate, but all commerce. You see, Phoenixville experienced a surge of real estate growth for several years, all before the COVID market shake-up happened. Since then, the area has plateaued when it comes to real estate. For a bit of extra comparison, let’s take a look at the same data fields for the school district, but from back in 2019.
|
2019 to 2023 |
||||||
|
Date Range |
Average Sale Price |
Volume Sold |
Units Sold |
Units Listed |
DOM |
MSI |
|
Nov-19 |
$369,261 |
$12,924,147 |
35 |
42 |
43 |
1 |
|
Nov-23 |
$421,257 |
$13,480,234 |
30 |
32 |
11 |
1.1 |
|
% change |
14.08% |
4.30% |
-14.29% |
-23.81% |
-74.42% |
10.00% |
*All data provided by BrightMLS and subject to their terms and conditions. Accuracy of information not guaranteed, though deemed reliable.
With this comparison, we see an even better picture of the long-term trends. Average sale price is, as with the rest of our area, increasing at a rate faster than inflation. Remember: these numbers are averages that cover the entirety of the Phoenixville Area School District. If you’d like to learn how property values are changing in your neighborhood, I’m here with that information. Give me a call to find out.
How long are properties in my area usually on the market?
Looking at November’s numbers, there has been a drastic spike in how quickly homes are selling in the school district. Between last year and this year, something happened that reduced the average amount of time to sell from over a month to over a week. Even October saw homes on the market for longer than November. Right now, whatever homes are available in the area are being snatched up in breathtaking time.
If you are a prospective home buyer looking in the area, that means being ready for unseasonably fierce competition and limited opportunity to compare alternatives. Phoenixville Area School District is firmly in a seller’s market, as these numbers show.
Conclusion
In the Phoenixville Area School District, November 2023 saw its real estate market cool down in every field we’re comparing in a month-over-month and year-over-year analysis. When we zoom out and add data from 2019, we can see that average prices continue to increase steadily around 14% with a longer view. Inventory remains low, however, and the few homes on the market are selling in rapid order, on average seeing 11 days of active listing before going under agreement.
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 make their real estate goals a reality. As a career real estate agent, I use this data, plus so much more, to help you achieve your real estate dreams.
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 better understand your property's position, let's chat!
