May Real Estate Market Report: Downingtown School District
May brought the highest median home sale price in Downingtown Area School District that we have seen all year, while April brought the lowest average home sale price. In May, the median home sale price was $618, 548, up $109,322 from April.
That jump was because in April, 50% of all home sales were under $500,000.
May had 81 home sales (15 more than April), bringing in over $50,000,000 in sales volume, which was up over $17,000,000 from April.
I have broken up home sales into 3 categories for all my market reports so far. Under $500,000, between $500,000-$700,000, and over $700,000. Now, I wanted to explore what types of homes you get in each category. In May, we saw a pretty even spread across my 3 categories, with 26 below $500k, 31 between 500-700, and 24 over $700k.
Of those 26 that sold under $500,000, there were 16 townhomes. Under $420,000, you saw many of those townhomes in addition to 1 trailer, 3 single-family homes being sold as-is as investment properties. Above $429,000 is where you begin to see smaller homes that were renovated nicely. There was only one single-family four-bedroom home that was not being sold as-is and that was sold for $495,000.
In the $500,000-$700,000 category, there were 31 homes that sold and 12 were townhomes. There were many single-family homes but a majority were not updated and required a lot of work.
There were 24 homes that sold above $700,000 and only 1 was a townhome (55+ Marsh Creek Community). This is where you saw the largest homes and the homes in the best conditions, while many were still not updated. There was still a large mix of updated and not updated homes in this category.
