In our analysis, the Luxury Market was defined as the top 20% of single family homes sold in Chestnut Hill. Only sales listed in the MLS were part of the analysis. Private sales and sales occurring outside of the MLS listings were not included.
There were a total of 1,186 single family homes sold in Chestnut Hill since January 2000. This figure takes into account all price points. The top 20% (totaling 237 sales) were included in this analysis as the Luxury Market. Below is a graph of the sales activity that was tracked along with a trend line that illustrates the overall trend for the Chestnut Hill Luxury Market over the span of more than 9 years.
The bottom of this segment began at $675,000 and topped out at $3,300,000. The average sale price over the entire time period was $1,060,840, with a median sale price of $912,000.
One of the metrics that were tracked was the List Price to Sale Price Ratio. The cumulative average LP/SP ratio was 96.14%. This means that, on average, since January 2000, homes in the Chestnut Hill Luxury Market have been discounted approximately 4% from their most current asking price. The time period with the most full or over full price sales was between 2004 and 2007, totaling 53. The time period with the fewest full price sales was from January 2008 to the present. In that period, there were only 9 sales that went for full price.
Observing the trend line, the Chestnut Hill Luxury Market appears to be leveling out from the highs of 2006-2008 and more recent declines through the end of 2008 thru 2010. The trend even shows signs of incremental upward movement. This is positive news for this market. However, looking at the historical data the current market is roughly in line with the market from Spring 2005.
The Coyle Group, LLC is a group of professional Real Estate Appraisers and Consultants serving the Greater Philadelphia markets, including Chestnut Hill. For more information on our services such as Pre-Listing Appraisals, please contact our office at 215-836-5500 or visit our website www.thecoylegroupllc.com .