In the above video, Michael Diggin of RE/MAX Town & Country in West Chester provides a brief update on the real estate market in Chester County.
Once Gov. Tom Wolf eased restrictions on the showing of real estate in mid-May, the market took a big turn.
“We saw buyers jump into the market, but there was very little inventory to select from,” Diggin said. “This is great news for sellers because it drove prices up and made competitive bids quite the norm.”
Limited activity due to COVID-19 accounts for the significant declines in the second quarter, compared to the same period last year. However, those in the industry foresee an impressive rebound on the horizon.
“New listings rose 103.8 percent since April of this year,” said Diggin.
Also, inventory is moving more quickly, as the average for a house to be on the market was 44 days in May 2020. That’s down from a five-year average of 49 days.
“The median sales prices across Chester County has significantly increased, rising to $393,500,” said Diggin. “That’s an impressive 8.5 percent increase versus May 2019.”
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