June 2021 Main Line PA Market Update is here! We are excited to share the numbers for the month of May 2021. It continues to be an extreme seller’s market with multiple offers, around 65% of properties are going over asking price 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, they continue to be extremely low. A 30-year fixed-rate with good credit is 3.00%. A 15 year fixed rate is 2.375% and a jumbo loan is between 2.625% and 3.449%. 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 53 homes were sold in May. On average the sales price was 3% above the listing price. The average days on market was 19 days. Average sales price in May was $ 706,054..And you can expect to pay 100% of the asking price. Villanova PA 10 homes were sold in May. On average the sales price was 3% above the listing price. The average sales price in May was $1,284,750. Average days on Market was 69 days and you can expect to pay 98% of the asking price.Haverford PA 70 homes were sold in May. On average the sales price was 3% above the listing price. The average sales price in May was $505,181 and the average days on Market was 20 and you can expect to pay 98% of the asking price. Bryn Mawr Pennsylvania 5 homes were sold in May. On average the sales price was 4% above the listing price. Average sales price in May was $432,000. Average days on market was 67 and you can expect to pay 97% of the asking price. Devon Pennsylvania 33 homes were sold in May. On average the sales price was 3% above the listing price. The average sales price was $741,171. The average number of days on market for the Devon neighborhood in May was 20 and you can expect to pay 99% of the asking price.
It continues to be in 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. If you found this useful, June 2021 Main Line PA Market Update 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. Kimmy Rolph sells the Main Line and local areas.
