June 2023 Main Line Market Update is in! As temperatures rise, schools are out, and summer approaches, we see some shifts in The Main Line real estate market, that you may want to take advantage of. Here are the trends and numbers from May 2023, and my insights for the coming months.
The Main Line housing inventory is comparatively quite low, and we are still seeing increases, albeit moderate, in home prices. While some properties are staying on the market than last year’s average, fewer homes are also actually being sold. But it is also worth noting that there are still homes selling quickly, and buyer activity remains high. In fact, many homes are selling above their asking prices with multiple offers. Much of this depends on the exact area your home is located and what type of property it is. Where some home features and neighborhoods have consistently grown in demand, we see others contract. This is normal in real estate, because of fluctuations in appreciation in areas and borrowing costs have increased in areas where buyers rely on financing.
Bringing us to mortgage rates. As of May 25th, the rates have increased since our last update. Currently, we have a 30-year fixed rate of 7%, a 15-year fixed rate of 6.625%, a 30-year FHA rate of 6.625%, and a 30-year jumbo rate of 6.75%. This should not detract home buyers considerably because on average in the last twenty years, this is not considered a very high rate, but of course, it really depends what you are buying and where.
Let’s talk market numbers for my specific areas of expertise on The Main Line in May 2023. In Devon, 15 homes were sold last month, with an impressively short median time on the market of just 4days. The median sale price in May was $720,000, and the sale-to-list price ratio stood at 104%. Notably, 53% of properties were sold above the original asking price, indicating a quite high seller’s market in Devon.
Moving on to Wayne, there were 34 homes sold in May, and the median time on the market was 5days. The median sale price for Wayne was $710,575, with a sale-to-list price ratio of 103%. 65% of properties in Wayne were sold above the asking price, again signifying a strong seller’s market with homes receiving multiple offers and going above ask.
In Gladwyne, the median time on the market was longer at 77 days, with only 3 homes that were sold. The median sale price in Gladwyne was $749,000, the price dropped 77% compared to last April at $3.1 million. Gladwyne had a sale-to-list price ratio of 96%.
Shifting our focus to Bryn Mawr, 3 homes were sold last month, with a median sale price of $725,000 and a median time on the market of 8 days. The sale-to-list price ratio for Bryn Mawr was 109%, and 67% of homes were sold above the asking price.
Moving on to Villanova, where 5 homes were sold in May. The median time on the market was 6 days, and the median sale price reached $1,355,000. The sale-to-list price ratio was at 100% for Villanova. Villanova, like Gladwyne, also has very reduced inventory and is niche for its’ luxury listings.
Radnor, however, is more affordable and we see this market really growing in 2023. There were 27 homes sold last month, with a median time on the market of 5(five) days. The median sale price for Radnor was higher at $1,080,000, and the sale-to-list price ratio reached 102%. Notably, 56% of homes in Radnor were sold above the asking price.
Next, in Haverford, 37 homes were sold in May, and the median time on the market was 5 days. The median sale price was $500,000, and the sale-to-list price ratio stood at 104%. Haverford remains a seller’s market, with 57% of properties selling above the asking price.
In Rosemont, only 2 homes were sold last month with a median sale price of $1,342,000. The median days on market was 8 days and the sale to list price ratio was 109%. Both homes sold above the original asking price.
Lastly in Newtown Square, 30 homes were sold last month with a median days on market of 7 days. The median sale price for Newtown Square was $575,000 with a sale to list price ratio of 100%. It remains a seller’s market with 37% of homes sold above the asking price.
Overall, the market is experiencing some shifts, but it still maintains its strength as a seller’s market. Multiple offers are prevalent, and properties are often selling at or above their asking prices. The negotiation skills required for navigating multiple offers to achieve a sale over ask can be confusing if you are not represented by an expert realtor in your area. If you have any questions or need guidance, I’m here to assist you.
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