August Main Line Market Update with Kimmy Rolph is here, Can you believe it’s August already? I hope you’re having a fantastic day! Still on the fence about buying or selling a home on the Main Line? Keep watching because I am going to give you a quick overview of the Main Line Housing Market last month.
Hi, I am Kimmy Rolph, your Main Line real estate agent with Keller Williams Devon/Wayne and welcome to my real estate market update for the month of July!
Have you been paying attention to the housing market in the last few months? You should be if you’re planning to sell or buy a home! I will give you important information about the Main Line market! We are still receiving multiple offers, buyers are paying over asking price, we’re still seeing bidding wars, contingencies like inspections are many times being removed, escalation clauses and mortgage appraisal contingencies are being put into play for strategies to win!
The housing market is shifting as we are slowly going back to normal, and demand is still very high even with the continued rise of mortgage rates. If you are planning to sell your house, take this opportunity to list your home now and take advantage of the home price appreciation.
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.
Let’s talk about mortgage rates! They are still rising up to now with a 30 year fixed-rate of 5% , a 15-year fixed rate of 4.375% , a 30 year FHA of 5.125% and a 30(thirty) year jumbo of 4.750%. The rates are still expected to go higher, so don’t wait, it’s the perfect time to buy a home before the rates go even higher.
We are expecting buyers to take advantage now more than ever. I have everything you need from real estate advice, to the tools & knowledge, so reach out right away so I can help get you fully prepared in this market.
Let’s see the market updates for July 2022. Let’s get started with Devon PA, 11homes were sold last month. The median days on market was just 5 (days. The median sales price in July was $835,000 and the sale to list price ratio was 104% . 73% of properties were sold over the original asking price. There was 4.5 months of inventory which shows that it’s still a sellers market for Devon which means we are getting multiple offers and homes are selling quickly.
For Wayne PA, there were 13 homes sold in July. The median days on market was 5 days. The median sales price for Wayne was $450,000 (four hundred fifty thousand dollars) and the sale to list price ratio was 103% (one hundred three percent). And 92% of properties were sold over the asking price.
In Villanova PA, homes were on the market for an average of 11 days and 2 homes were sold in July. The median sales price was $1,972,500. The sale to list price ratio was 97% . Villanova had 14 months of inventory which means that it was a buyer’s market. The buyers had more homes to choose from and homes took more time to sell compared to the last few months.
Next, in Radnor PA – 11 homes were sold last month. The median days on market was 7 days. The median sales price was $1,180,000. The sale to list price ratio for Radnor was 103% which had 6.7 months of inventory.
Let’s take a look at Gladwyne PA – 5 homes were sold in July. The median days on market was 11 days with a median sales price of $1,225,000 . The sale to list price ratio was 98% for Gladwyne compared to last month’s 103%.
Lastly, in Haverford PA – 16 (sixteen) homes were sold in July. The median days on market was 6 (six) days with a median sales price of $442,500 . The sale to list price ratio was 103% (one hundred three percent). It was a balanced market for Haverford and 56% of properties were sold over asking.
If you decide to buy, I will make sure that your offer stands out from the rest of the buyers to make sure you look the most competitive to win.
The housing market is shifting and if you’re still confused, I am here to help you further understand so you can easily decide on your next move.
If you want more information, please subscribe to my channel because I will always keep you updated about The Main Line housing market whether you are looking to sell or buy a home. I’m just a call away, please feel free to reach out at any time, I’m always here to help.
