Wow! 6 of the 8 home sales in West Chester Borough sold for UNDER asking in February by an average of $32,381. This also brought the lowest average home sales price that I have seen since I started monitoring the market a year ago of $491,293.
3 of the homes went under contract in a weekend, 2 took a week, and the 3 others took between 22 and 83 days to go under contract. That directly correlates with the homes that sold for above and below asking.
Once under contract, all the homes were in escrow for an average of 34 days. This is important because when you submit an offer, you want a competitive settlement date. If the average of these 8 houses is 34 days, you will want to present a 30-day escrow to stay competitive in this market.
The spring market unofficially started the day after the Super Bowl, so come March we should see much different numbers!
