Are you curious about what is in the Main Line PA March 2022 Market Update? I get asked these questions a lot, are the mortgage rates going down? Are the rates going up? Is the housing market going to crash? Keep watching because I want to give you a quick overview on what happened in The Main Line Housing Market for the month of February. Whether you are planning on selling or buying a home this month or in the coming months, this video will give you important information about The Main Line market! We are still seeing bidding wars and receiving multiple offers, contingencies like inspections are many times being removed, Escalation clauses and mortgage appraisal contingencies are being put into play for strategies to try to win!
As it is still a sellers’ market and most offers are being catered to the seller’s needs in order to win, the buyers also have the advantage with still very low-interest rates of purchasing their dream home! Reach out to your real estate agent right away or you can contact me, so I can advise you how to put in the perfect offer to be more attractive to the sellers. It could be very confusing to make a decision, that’s what I’m here for I am always here to help and give guidance!
Lawrence Yun, chief economist at the National Association of Realtors, said “All markets are seeing strong conditions, and home sales are the best they have been in 15 years”
Let’s talk about mortgage rates in February, we had 30-year jumbo fixed-rate of 3.74%, a 15 -year fixed rate of 3.17%, and a 30(thirty) year fixed refi of 3.72% and a 15 year fixed refi of 3.14% .
There are a lot of buyers out there so we want to make sure that your offer stands out from the rest of the buyers. We have everything you need, real estate advice, tools & knowledge so reach out to us ASAP to get started!
Let’s see the market reports for February 2022. It’s important to know this data so you can make an educated decision. So Let’s get started!
In Devon PA, there were 7 homes sold in February. The median days on market was 6 days. The median sales price in February was $581,100 and the sale to list price ratio is 103%. Wow! 57% of properties were sold over the original asking price. It remains a seller’s market for Devon PA
In Wayne PA, there were 15 (fifteen) homes sold in February. The median days on market was 5 (five) days. The median sales price in February for Wayne was $740,000 (seven hundred forty thousand dollars and the sale to list price ratio is 103% (one hundred three percent), the same as Devon. So buyers continue going over asking price!
In Gladwyne PA, homes were on the market for 63 days. 2 homes were sold in February. The median sales price was $2,055,000. The sale to list price ratio is 93%. The data shows that it was a buyers’ market in Gladwyne which had 11 months of inventory. This really would depend on the price point. The higher in luxury homes in the multi-millions take longer to sell and are reflective of a buyers market. However, the properties in the 500,000 range to $1.5 million range are in the seller’s market conditions and are moving quickly!
Next, in Villanova PA – 3 homes were sold last month. The median days on market was 17 days. The median sales price was $835,000. The sale to list price ratio is 102% which means 67% of properties were sold over the original asking price in Villanova. It was a balanced market for Villanova which had 6 months of inventory.
Lastly, let’s take a look at Bryn Mawr PA – 2 homes were sold in February. The median days on market was 65 days with a median sales price of $225,000. The sale to list price ratio is 89%.
It shows that the market is changing so better to take advantage now and contact us so we can give you the advice that you need to win in this housing market.
As a buyer, we can help you submit a competitive offer to make sure your offer stands out and has a good chance of being accepted. We are always here to give you multiple ways how to sell or buy a house in the Main Line PA. If you would like to know what your home is worth, or have any questions that I might be able to answer, please give us a call.
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