December 2021 Main Line Market Update is here, Main Line PA! Let’s talk about what happened last month! I hope you had a wonderful Thanksgiving with your family! I want to give you a quick overview on what happened in the Main Line Housing Market for the month of November. One month left for 2021 but it continues to be a sellers market. If you’re planning to sell or buy real estate this month or the coming months, you might want to stick around because I will give you the latest numbers to help you decide and narrow down your options. The seller’s market continues to have multiple offers and contingencies such as home inspections, termite, septic, well, and mortgage. Contingencies are being completely removed in order to win. The offers that are winning are usually extremely clean, which means a cash offer, all contingencies removed with no inspections, and offers are over asking price and sometimes escalation clauses are put into play to win. The sellers continue to have the advantage and you need to make sure when you put your offer in to speak with your real estate agent to help advise the best terms and strategies to make your offer the most attractive to the seller, since you will most likely be competing against many other buyers. The real estate market this year has been extremely HOT.
Let’s talk about mortgage rates in November, we had 30 (thirty) -year fixed-rate of 3.375%, a 15 -year fixed rate 2.750% and a jumbo loan of 3% to 3.125% .
There are a lot of buyers out there with low inventory about ⅓ of what is typical this time of year so it is extremely competitive. We have the tools and knowledge to help your offer be accepted so please reach out at any time so that we can offer help and guidance.
George Ratiu, Manager of Economic Research for realtor.com, said:
“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.”
Let’s see the market reports for November 2021 :
In Villanova PA, 10 (ten) homes were sold in November. The median sales price is $1,425,000 with 5 median days on market. The sale to list price ratio is 99% . Again, just 5 days on market!
In Wayne PA, there were 41 homes sold in November.. The median days on market was 8 days. The median sales price in November for Wayne was $640,000 and the sale to list price ratio is 102%, and 41% of properties were sold over the original asking price! It was a good month for Wayne.
In Haverford PA, homes closed quickly and homes were sold over asking price. 65 homes were sold in November. The median days on market was 9 (nine) days. The median sales price in November was $425,000. The sale to list price ratio is 100% so 32% of properties were sold over the original asking price.
In Bryn Mawr PA, 4 homes were sold in November. The median days on market was 6 days! The median sales price was $391,515. The sale to list price ratio is 102%.
Lastly for Devon PA – 26 homes were sold last month. The median days on market was 13 days. The median sales price was $697,500 . The sale to list price ratio is 99% and 27% of properties were sold over the original asking price in Devon in November.
It continues to be an extremely hot seller’s market. Even during this holiday season, it’s still a great time to buy or sell a home. We can help you even with low inventory find your new home. Please reach out to us at any time with any questions.
Did you find December 2021 Main Line Market Update useful? Read more here! If you would like to know what your home is worth, please click this link or give us a call.
