April 2022 Main Line PA Market Update is here! Are the mortgage rates still going up? Is it a good time to sell or buy a home? Keep watching because I am going to talk about the stats in the Main Line Housing Market for the month of March.
I hope you are having a fantastic spring break!
If you are thinking about buying or selling a home on the Main Line any time soon, this video will give you important information about the Main Line market! We are still seeing bidding wars and receiving multiple offers, contingencies like inspections are many times being removed, escalation clauses and mortgage appraisal contingencies are being put into play for strategies to try to win!
As it is still a sellers’ market and most offers are being catered to the sellers’ needs in order to win, the buyers also have the advantage with reasonable interest rates of purchasing their dream home! Reach out to your real estate agent right away or you can always contact me, so I can advise you how to put in the perfect offer to be more attractive to the sellers. It could be very confusing to make a decision, that is what I’m here for to guide you through the whole process!
As we all know, the mortgage rates are increasing as the Fed has just increased them again. Let’s talk about mortgage rates in March, we had a 30 -year jumbo fixed-rate of 4.625% (four point six two five percent), a 15 (fifteen)-year fixed rate of 3.75% and a 30 year FHA of 4.5% and a 30 year jumbo of 4.25%. That’s why you must not wait any longer in buying your dream home!
There are a lot of buyers out there so we want to make sure that your offer stands out with the rest of the buyers. We have everything you need, real estate advice, tools & knowledge so reach out to us right away to get started!
Let’s see the market reports for March 2022. It’s important to know this data so you can make an educated decision. So Let’s get started!
In Devon PA, there were 16 (sixteen) homes sold in March. Homes sold quickly as the median days on market was 6 (six) days. The median sales price in March was $710,000 (seven hundred ten thousand dollars) and the sale to list price ratio is 101% (one hundred one percent). Wow! 63% of properties were sold over the original asking price. It remains to be a seller’s market for Devon PA with 1.6 (one point six) months of inventory.
In Wayne PA, there were 29 homes sold in March. The median days on market was 6 days, same with Devon. The median sales price in March for Wayne was $475,000 and the sale to list price ratio is 102% (one hundred two percent). 55% of properties were sold over asking price!
In Gladwyne PA, homes were on the market for an average of 7 days. 5 homes were sold in March. The median sales price was $2,000,000 (two million dollars). The sale to list price ratio is 97%. The data shows that it was a balanced market in Gladwyne which had 6 months of inventory.
Next, in Villanova PA – 4 homes were sold last month. The median days on market was 5 days. The median sales price was $1,060,000. The sale to list price ratio is 102% (one hundred two percent) and 50% of properties were sold over the original asking price in Villanova. It was a seller’s market for Villanova which had 4.7months of inventory.
Lastly, let’s take a look at Haverford PA – 45 homes were sold in March. The median days on market was 6 days with a median sales price of $451,000. The sale to list price ratio is 104% for Haverford which means 67% of properties were sold over the original asking price.
As a buyer, we can help you submit a competitive offer to make sure your offer stands out and has a good chance of being accepted. We are always here to give you multiple ways on how to sell or buy a house in the Main Line PA.
As the data revealed for March on the Main Line market, it remains to be a great deal for sellers! Don’t wait on listing your home. Now is the best time to sell!
The housing inventory has been so low for so long and the prices aren’t decreasing any time soon and if you’re wondering what your home is worth, or have any questions that I might be able to answer, it’s time for us to talk. Please give me a call or click here for a home value below.
Want to see more articles like April 2022 Main Line PA Market Update with Kimmy Rolph? Follow our blog!
