July 2021 Main Line PA Real Estate Market Report is here! The June numbers are in and it continues to be an extremely HOT seller’s market with 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.
Let’s talk about mortgage rates in June, they continue to be extremely low. A 30-year fixed rate with good credit is 3.125%, a 15-year fixed-rate 2.5% and a jumbo loan is between 2.8% and 3%.
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.
Wayne Pennsylvania – 86 homes were sold in June. On average, the sales price was 3% above the listing price. The average days on market was 13 days. Average sales price in June was $836,402 and you can expect to pay 101% of the asking price.
Villanova PA – 13 homes were sold in June. On average, the sales price matched the listing price. The average sales price in June was $1,277,769. The average days on market was 36 days and you can expect to pay 98% of the asking price.
Haverford PA – 70 homes were sold in June. On average, the sales price was 3% above the listing price. The average sales price in June was $522,734 and the average days on market was 12 and you can expect to pay 101% of the asking price.
Bryn Mawr PA – 2 homes were sold in June. On average, the sales price was 4% above the listing price. Average sales price in June was $890,000. Average days on market was 28 and you can expect to pay 97% of the asking price.
Devon PA – 39 homes were sold in June. On average, the sales price was 3% above the listing price. The average sales price in June was $1,020,795. Average days on market for the Devon neighborhood in June was 25 and you can expect to pay 100% of the asking price. It continues to be in an extremely hot seller’s market.
It continues to be an extremely hot seller’s market. If you’re looking to sell, it is a great opportunity right now. We can help you even with low inventory find your new home. Please reach out to us at any time with any questions. If you would like to know what your home is worth please click the link or give us a call. Follow us if you want to read more like July 2021 Main Line PA Real Estate Market Report, and remember, Kimmy Rolph sells The Main Line and local areas.
