May Market Report: Octorara Area and Oxford Area School Districts

May Market Report: Octorara Area and Oxford Area School Districts

Welcome to my May school district market report! This month, we’re looking at the Octorara Area and Oxford Area School Districts. 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.

This month, we dive in and find the less densely populated areas of our county bounce back from years of low inventory and unbalanced negotiating positions between buyers and sellers. More and more homes are being put on the market, and home prices continue to increase. A win for buyers and sellers alike.

Octorara Area School District

Month over Month - Octorara Area School District

Date Range

Average Sale Price

Volume Sold

Units Sold

Units Listed

DOM

MSI

Mar-24

$343,650

$2,061,900

6

15

31

10

Apr-24

$372,561

$2,980,485

8

36

53

6.2

% change

8.41%

44.55%

33.33%

140.00%

70.97%

-38.00%

 

The above month-over-month chart for the Octorara Area School District shows the effects of the spring market. As spring continued to open up, more homes were listed and sold for a higher average price. The only thing that went down was inventory, as represented by the MSI. Even then, the MSI is still higher than we’ve seen across the county since I started this monthly market report series.

Year over Year - Octorara Area School District

Date Range

Average Sale Price

Volume Sold

Units Sold

Units Listed

DOM

MSI

Apr-23

$301,333

$904,000

3

20

8

1.4

Apr-24

$372,561

$2,980,485

8

36

53

6.2

% change

23.64%

229.70%

166.67%

80.00%

562.50%

342.86%

 

Likewise, the year-over-year chart for the Octorara Area School District highlights the shifting trends in our region. Compared to this time last year, the real estate market in this area has bloomed awake. Even the overall inventory has gone up since last year, potentially a sign of the return of a balanced market.

From the data here, it seems that the real estate market has shifted back to a more balanced inventory point. In the world of real estate, a MSI of 6 is considered balanced between being a buyer’s vs seller’s market. Adding in the MSI from this past March, it looks like Octorara Area School District is rebalancing well.

Oxford Area School District

Month over Month - Oxford Area School District

Date Range

Average Sale Price

Volume Sold

Units Sold

Units Listed

DOM

MSI

Mar-24

$425,414

$5,955,795

14

40

8

4.8

Apr-24

$415,827

$8,316,535

20

23

39

4.2

% change

-2.25%

39.64%

42.86%

-42.50%

387.50%

-12.50%

 

The above month-over-month chart for the Oxford Area School District shows robust activity in the area. Looking at the Units Listed and DOM comparisons, we see a ton of homes were listed right at the end of March, though about half of them did not sell during April. While this could lead to an increase in inventory, the market remains so hot that the MSI creeps further and further from a buyer’s market.

Year over Year - Oxford Area School District

Date Range

Average Sale Price

Volume Sold

Units Sold

Units Listed

DOM

MSI

Apr-23

$331,886

$4,646,400

14

26

16

4.9

Apr-24

$415,827

$8,316,535

20

23

39

4.2

% change

25.29%

78.99%

42.86%

-11.54%

143.75%

-14.29%

 

The year-over-year chart shows the types of trends we’ve seen across our county. Prices creep steadily up, though the market is shifting towards being balanced between buyers and sellers. This snapshot in time, coupled with the month-over-month comparison, helps highlight seasonally shifting markets.

Conclusion

The spring real estate market is in full swing, and we continue to see its effects across Chester County. Though less densely populated than other areas of our county, both Octorara Area and Oxford Area School Districts are rebalancing back toward an even market. Buyers and sellers alike are benefitting from the return to a more traditional market with more traditional timelines. Will this trend ripple out through the rest of the county, or will the dream of a balanced market remain in these agrarian havens?

With most outlets focusing on large areas, hopefully this snapshot gives you a better picture of our local real estate market. Property values in our area continue to increase, though the balance of negotiating position is shifting back towards center as inventory replenishes and mortgage rates show signs of stabilizing.

Thank you so much for joining me in this month’s marker report! I hope this has been informative and interesting. Did you expect these school districts to bounce back to a balanced real estate market before the other parts of our county? I’d love to hear your perspective on this! 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, call, text, or email me today!

May Market Report: Octorara Area and Oxford Area School Districts

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