Market Overview: Colonial School District
For this market overview I will get even more local. One of the key factors driving suburban residential real estate markets is the school district they are located in. I will examine the Colonial School District. Communities located in this district include: Plymouth Meeting, Conshohocken, Lafayette Hill, and portions of Flourtown and Fort Washington.
The chart below shows the median sale price of a single family residence in the Colonial School District over the past year. Sale prices have remained relatively stable.
Let’s look further to see how homes in the Colonial School District compare to Montgomery County, PA as a whole. As shown in the charts below, the median residential sale price in 2018 for Montgomery County was $287,000. During this same period, the median sale price in the Colonial School District was $350,000. This is consistent with this school district’s reputation.
The following statistics are of interest if you’re are buying or selling a home in this school district. First, I want to examine the months of inventory for homes listed for sale. As explained in my previous market overview, this statistic shows how many months it would take for all active listings on the market to sell, given the current rate of sales per month. Most experts agree that this should be below 6 months in a healthy residential real estate market. The chart below indicates current inventory accumulation in this school district is below that threshold, and below the level it was at this time last year. That’s good! This means that current demand for homes in the district is keeping up with the number of homes placed on the market.
One last market statistic I want to look at is the median days to sell. How long can one expect it to take to sell a home in this school district? The chart below shows that most homes in the district have sold in under 20 days. The median days to sell in January 2019 was slightly higher, at 26 days. This can be expected during the winter months. This is still significantly lower than Montgomery County as a whole, at 44 days for the same month. You can see the spike in median days to sell during February 2018. That quickly dropped when the spring market appeared.
Experts will be watching the spring market closely this year. With constantly changing mortgage rates and increasing home prices, some feel a slowdown in the market is inevitable. Regardless, homes in the Colonial School District remain attractive due to this district’s reputation and relative affordability.
Padove Appraisal Service is a full service residential real estate appraisal provider, dedicated to helping property owners make better informed decisions. You can always be sure you’re getting the most accurate home appraisal for your money every time you come to us for your residential appraisal needs. We serve Philadelphia PA, along with Montgomery County, Delaware County and Chester County PA.
