Welcome to my June school district market report! This month, we’re looking at both the Spring-Ford Area School District and Twin Valley School District. As usual, this market report helps build a foundation of insights to paint a more complete picture of the real estate market in and around Chester County.
Before we dive in, I want to share with you this update from the Pennsylvania Association of Realtors® (PAR) discussing trends across our state. Overall, Pennsylvania continues to see rising home prices, low availability of homes, and little sign of this changing any time soon. Let’s see if our school districts this month follow our state’s trends.
Spring-Ford Area School District
|
Month-over-Month |
||||||
|
Date Range |
Average Sale Price |
Volume Sold |
Units Sold |
Units Listed |
DOM |
MSI |
|
Apr-24 |
$492,215 |
$21,165,23 |
43 |
60 |
14 |
1.5 |
|
May-24 |
$489,781 |
$17,142,318 |
35 |
77 |
19 |
1.6 |
|
% change |
-0.49% |
-19.01% |
-18.60% |
28.33% |
35.71% |
6.67% |
The chart above presents a month-over-month comparison of the real estate market in the Spring-Ford Area School District (SFASD), with a focus on April and May of 2024. We can see that people took the spring market seriously and adopted the early bird’s approach. With a leveling out of average sale prices and a drop in listings, the good news is that we’re seeing some much-needed inventory recovery.
|
Year-over-Year |
||||||
|
Date Range |
Average Sale Price |
Volume Sold |
Units Sold |
Units Listed |
DOM |
MSI |
|
May-23 |
$439,398 |
$23,288,091 |
53 |
74 |
20 |
1 |
|
May-24 |
$489,781 |
$17,142,318 |
35 |
77 |
19 |
1.6 |
|
% change |
11.47% |
-26.39% |
-33.96% |
4.05% |
-5.00% |
60.00% |
Here we have a year-over-year comparison for the same school district. That leveling out of average sale prices from the month-over-month comparison is much less concerning when we see the year-over-year comparison is up more than 11%. The slow-down of home sales and increase of inventory is reflected here, as well.
Twin Valley School District
|
Month-over-Month |
||||||
|
Date Range |
Average Sale Price |
Volume Sold |
Units Sold |
Units Listed |
DOM |
MSI |
|
Apr-24 |
$476,640 |
$9,532,809 |
20 |
46 |
16 |
2.1 |
|
May-24 |
$399,919 |
$9,997,970 |
25 |
36 |
12 |
1.9 |
|
% change |
-16.10% |
4.88% |
25.00% |
-21.74% |
-25.00% |
-9.52% |
The above chart shows us a month-over-month comparison of the real estate activity in the Twin Valley School District (TVSD). We see the story of increasing buyer activity that’s outpacing home availability. Though the average sale price has decreased somewhat, the market remains very active.
|
Year-over-Year |
||||||
|
Date Range |
Average Sale Price |
Volume Sold |
Units Sold |
Units Listed |
DOM |
MSI |
|
May-23 |
$378,731 |
$9,089,537 |
24 |
25 |
14 |
1.3 |
|
May-24 |
$399,919 |
$9,997,970 |
25 |
36 |
12 |
1.9 |
|
% change |
5.59% |
9.99% |
4.17% |
44.00% |
-14.29% |
46.15% |
The year-over-year picture of May in the Twin Valley School District tells a story of a booming real estate market. From prices to inventory, things are looking up. Even with an increasing inventory, homes are selling ever more quickly.
PAR Comparison
|
Year-Over-Year % Change |
||||
|
Date Range |
Listings |
Sales |
Median Sales Price |
Inventory |
|
State |
-5.50% |
2.50% |
8.20% |
3.83 |
|
Spring-Ford |
4.05% |
-33.96% |
9.52% |
1.6 |
|
Twin Valley |
44.00% |
4.17% |
-2.45% |
1.9 |
Here we see how our school districts this month compare to the recently released statewide numbers. A quick glance tells us that inventory remains low in our neck of the woods, even with the gains in new listings. The trouble is that inventory has been so low for so long that huge steps towards recovery still don’t stack up to the state at large.
We’ve got good news when it comes to prices, though, and once again see why average and median tell different parts of the same story. In SFASD, we saw an 11.47% increase in average sale price and only a 9.52% increase in median sale price. Over in TVSD, the average change was 5.59% with a median change of -2.45%; statistics that tell two very different stories. While a median sale price change comparison paints TVSD in a negative light, the average sale price continues to increase in that area.
Conclusion
This month, we took a look at the end of the spring market in two school districts spanning county lines, as well as a glimpse at PAR’s annual statistics. We’ve seen that inventory is recovering, though still lags behind our state’s average. All the same, the real estate markets in both Spring-Ford Area School District and Twin Valley School District match our early summer weather. If you were waiting for the time to strike, the iron is hot!
Starting next month, I’ll be changing up the format of my monthly market reports. Over the past year, we’ve seen how a small snapshot can help begin to build a foundation of understanding the real estate market in our area. We’ve also seen repeated examples of how the picture comes more into focus when considering both the average and median. Now that we’ve built this baseline, it’s time to start adding more information into the mix. Stay tuned for more!
Thank you for joining me this month with my school district real estate market report. We’ve taken a look at every school district within Chester County, with a full archive available here, and are ready to begin a new round of market insights. As always, I aim to bring relevant information to you. What real estate statistics would you like to have delivered to your inbox each month? Reach out and let me know!
*All data ©BrightMLS - Information deemed reliable but not guaranteed.
