Welcome to December 2022 Main Line PA Market Update! I hope everyone had a lovely Thanksgiving! The holidays are upon us and if you are still on the fence about selling or buying a home, or whether you are downsizing, upsizing, or looking for an investment property, the stats that I’m going to tell you about the Main Line market will provide very important information that can help you moving forward. You have probably heard that the market is shifting back to homebuyers which means buyers are still actively searching for homes. Buyers have more leverage in the real estate market. There will be less offers to compete against, contingencies might not be waived at times, and inspections will be accepted again. Some homes are sitting on the market longer and there are definitely less offers on the table. There are many ways to write a competitive offer that can put you at an advantage and help you win, and I am always happy to strategize and help you based on your needs and the current market condition.
It is definitely beneficial for you to stay informed with the housing market so you will be ready when the time is right for you. And I will always be here to help you in any way possible.
The homebuyers now have the advantages and there are rumors that rates might start dropping due to the possible recession in 2023. So let me share with you the numbers from last month.
Let’s go ahead and talk about mortgage rates! They decreased as of November 27th with a 30 year fixed-rate of 6.5%, 15-year fixed rate now at 6.25%, the 30 year FHA is 6.25% as well and a 30 year jumbo of 6.375%. The rates lowered down a bit compared to last October, so don’t wait, it’s the perfect time and opportunity to buy a home.
If you are buying a home soon, we have the tools and knowledge to help your offer be accepted so please reach out at any time so that I can help and guide you with the strongest offer to present to win.
Let’s see the market updates for November 2022.
Let’s get started with Devon, 16 homes were sold last month. The median days on market was just 14 days. The median sale price in November was $802,500 and the sale to list price ratio was 99%. It shows that it’s still a seller’s market in Devon and houses are selling quickly with 31% properties sold over original asking price.
For Wayne, there were 37 homes sold in November. The median days on market was 9 days. The median sale price for Wayne was $605,000 and the sale to list price ratio was 100% and 38% of properties were sold over asking.
In Gladwyne, homes were on the market for a median of 6 days and 4 homes were sold in November. The median sale price was $1,237,750. The sale to list price ratio was 96%.
In Newtown Square, there were 21 homes sold last month with a median sale price of $505,000 and the median days on market was 6 days. The sale to list price ratio for Newtown Square was 101%. 43% of properties were sold over the original asking price.
Next, we have Bryn Mawr- only 1 home was sold last month. The median days on market was 12 days. The median sale price was $323,000. The sale to list price ratio for Bryn Mawr was 95% . It was a seller’s market last month for Bryn Mawr with 2 months of inventory.
Let’s take a look at Villanova, 10 homes were sold in November. The median days on market was 6 days with a median sale price of $1,327,500. The sale to list price ratio was 99% for Villanova.
Lastly, in Haverford- 43 homes were sold in November. The median days on market was 6 days with a median sale price of $425,000. The sale to list price ratio was 100% and 35% of properties were sold over asking price.
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.
If you have any questions about the shifting market, I am here to help so you can easily decide on your next move. Whether you are looking or selling a home on the Main Line or outside the area, I have contacts that I can share with you. I also know a lot of out-of-state agents that can definitely assist you.
You can click on the towns below for additional stats, if you live in a town that’s not listed below please reach out to me, my details are in the description box and I can definitely send you those data.
That completes your Main Line market update for the month of November. If you would like more information, please don’t hesitate to give me a call at any time, I’m always here to help
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