March 2021 Main Line PA Real Estate Market Update is ready! March is finally here and spring is around the corner. I am so excited for the warmer weather to start rolling in and the flowers to start blooming!! I am here to give you the Main Line market update for March 2021. these stats are for the month of February and it continues to be an extremely strong seller’s market. Most Homes continue to go into multiple-offer situations, receiving over asking price, and many times buyers continue to waive all contingencies like Home Inspections and mortgage contingencies. Interest rates still remain extremely low however they have gone up. The 10-year treasury has moved from 1.15% on February 11th up to 1.472% currently and are more likely heading to 1.60%. For a $400,000 mortgage amount, there is a .50% increase rate and this is approximately $107 dollar a month increase in payment. This equates to about a $25,000 decrease in borrowing power as well -.Interest rate is currently at 3.12% at the time of this video so no longer in the 2’s. So let’s look at some of our favorite Main Line towns and see what sold last month in February.
In Wayne Pennsylvania 19087 24 homes sold last month at an average price of almost $684,000. you can expect to pay 100% of the asking price. On average the sales price was 1% above the listing price and the average days on market were 29 days. In Haverford PA 19041 29 homes sold in February at an average of $428,000, you can expect to pay again 100% of the asking price With an average of 23 days on the Market. Gladwyne PA 19035 3 homes sold last month with an average price of 1,334,000. You can expect to pay 96 percent of the listing price and on average the sales price was 11% above the listing price. The average day on the market was 69 days. This continues to be a very hot seller’s market and buyers are in full-out competition trying to win their offer on their home they put an offer on. If you are looking to sell it is the perfect time to put your home on the market, inventory remains at an all-time low, fierce competition on the buyer’s side is driving the price point up on the sales side- buyers are paying a premium to win your home! If you would like any more information or would like to know what your home is worth we’re always here to help. Please feel free to reach out at any time with any questions or to know what your home is worth in this crazy seller’s market! Kimmy Rolph sells the Main Line and local areas.