Main Line PA, happy new year! Here are the January 2022 Local Main Line PA Market Updates. I want to give you a quick overview on what happened in the Main Line Housing Market for the month of December. 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. According to George Ratiu, it’s a completely overheated market characterized by massive multiple offers, contingencies being waived, price escalation clauses, and record prices. Good news for sellers since the home values continue to increase and still, we are receiving multiple cash offers, which means it is still a good time to sell. While the market is still hot, there are signs that it is starting to cool off with housing inventory starting to recover. There are more homes on the market which means more options for buyers and less competition per home, especially with spring coming, sellers are most likely to list their homes.
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 ASAP 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 other buyers.
Let’s talk about mortgage rates in December, we had 30 (thirty) -year fixed-rate of 3.250% (three point two fifty percent), a 15 (fifteen)-year fixed rate of 2.625% (two point six two five percent) and a jumbo loan of 3% (three percent) to 3.125% (three point one two five percent).
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 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.
Let’s see the market reports for December 2021 (twenty twenty one):
In Wayne PA, there were 8 (eight) homes sold in December. The median days on market was 4 (four) days. The median sales price in December for Wayne was $585,000 (five hundred eighty five thousand dollars) and the sale to list price ratio is 105% (one hundred five percent), so 63% (sixty three percent) of properties were sold over the original asking price!
In Haverford PA, homes were on the market for 21 (twenty one) days. 9 (nine) homes were sold in December. The median sales price was $505,000 (five hundred five thousand dollars). The sale to list price ratio is 99% (ninety nine percent).
In Devon PA – 6 (six) homes were sold last month. The median days on market was 4 (four) days. The median sales price was $889,500 (eight hundred eighty nine thousand five hundred dollars). The sale to list price ratio is 103% (one hundred three percent) and 33% (thirty three percent) of properties were sold over the original asking price in Devon in December.
Lastly, in Ardmore – 4 (four) homes were sold in December. The median days on market was 41 (forty one) days with a median sales price of $300,000 (three hundred thousand dollars). The sale to list price ratio for Ardmore is 95% (ninety five percent).
It was a quiet month for Villanova, Paoli, Berwyn and other areas as it was the holiday season.
The market is not as hot as the previous months but reach out to us at any time and we can advise you how to win in today’s housing market.
We can help you submit a competitive offer to make sure your offer stands out and is accepted. We are always here to give you multiple ways on how to sell or buy a house in this housing market. If you would like to know what your home is worth, please give us a call.
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