Hello and welcome to my real estate insights and outlook for the month of August on The Main Line and the market update, including all of the numbers for the most sought-after Main Line towns in the month of July 2023.
Inventory is constricted, and the sustained lack of supply is continuing the trend of price increases, but at a slower rate than last year. It is important to realize that even though it is a seller’s market, pricing properties correctly is imperative for their timely sale. Some properties are taking longer on the market and some are selling quickly with multiple offers within only a few days of being on the market, and this is due to pricing and location. In The Main Line, some home features and neighborhoods are seeing increased demands, while others are remaining steady. This is a common pattern in most markets, where certain areas witness rising home values and higher loan interest rates.
Moving on to mortgage rates, Currently, we have a 30-year fixed rate of 6.875%, a 15-year fixed rate of 6.875%, a 30-year FHA rate of 6.625%, and a 30-year jumbo rate of 6.75%. It is important for home buyers looking in this market to consider the context of today’s mortgage rates because in comparison, rates are not unreasonable. Also, keep in mind that the impact of interest rates can vary depending on the location and type of property you’re looking at.
Now let’s talk about Main Line numbers and how the market performed in July. Starting with Devon, 22 homes were sold last month, the median time on the market of just 5 days. The median sale price in July was $775,000, and the sale-to-list price ratio was at 102%. And 68% of properties were sold above the original asking price, indicating increased demand and a seller’s market in Devon.
Moving on to Wayne, there were 41 homes sold in July, and the median time on the market was 5 days. The median sale price for Wayne was $757,000, with a sale-to-list price ratio of 103% with 71% of properties that were sold above the asking price. Wayne remains a seller’s market.
In Gladwyne, the median time on the market was 4 days, with only 3 homes sold. The median sale price in Gladwyne was $1,300,000. Gladwyne had a sale-to-list price ratio of 106%.
Next we have Bryn Mawr with only 2 homes sold last month, with a median sale price of $610,000(six hundred ten thousand dollars) and the median time on the market was 11(eleven) days. The sale-to-list price ratio for Bryn Mawr was 98%.
On to Villanova, 5 homes were sold in July. The median time on the market was 7 days, and the median sale price at $2,340,000. The sale-to-list price ratio was 112%. Villanova maintains its status as a seller’s market, with homes receiving multiple offers as 80% of homes were sold over asking.
Radnor median sale price rose up at $1,170,000. There were 27 homes sold last month, with a median time on the market of just 5 days. The sale-to-list price ratio was 102% with 48% of homes being sold above the asking price.
Next, in Haverford, 45 homes were sold in July, and the median time on the market was 7 days. The median sale price was $475,000, and the sale-to-list price ratio was 101%. Haverford continues to be a seller’s market, with 51% of properties selling above the asking price.
Finally in Newtown Square, 24 homes were sold last month with median days on the market of 6 days. The median sale price for Newtown Square was $527,500 with a sale-to-list price ratio of 101%. It remains a seller’s market with 38% of properties sold above the asking price.
While the market is experiencing slight shifts, it is a seller’s market. If you are looking to sell this summer, it is really important to have a reputable Realtor prepare a Main Line CMA. In most cases, we are seeing multiple offers and properties are being sold over asking price. I am here to guide you and I will make sure that your offer gets accepted. If you have any questions, please reach out.
Did you enjoy the August 2023 Main Line PA Market Update with Kimmy Rolph, read more here!
