March 2023 Main Line Local Update is here! Spring is just around the corner and if you are planning on buying or selling a home this season, the information that I’m going to share will help you decide on the right move! Whether you are downsizing, upsizing, or looking for an investment property, these updates will likely give you an idea of how the market is going so you can make an educated decision going forward.
It looks like the buyers have more advantages, there are a lot more homes to choose from and there are fewer offers to compete against. Contingencies might not be waived at times, and inspections will be accepted again. The homes took a while to sell and sellers might have to compete to be able to attract more buyers and have more offers.
Whatever situation the market is in, I am always here to help buyers and sellers in any way to make the process easier and more convenient. There are many ways to write a competitive offer that can put you at an advantage and help you win, and I am always happy to strategize and help you based on your needs and the current market condition.
Let’s go ahead and talk about mortgage rates! The rates have gone slightly higher compared to last January with a 30) year fixed rate of 6.625%, a 15-year fixed rate now at 6.25%, the 30-year FHA is 6.125% and the 30-year jumbo stays at 6.5%. The rates continue to go up and down as the season changes but if you are planning on buying a home, spring is definitely a good season to look for the home of your dreams and I will be here to help you in every step of the way.
I have the resources you need so your offer stands out from the rest of the buyers, please reach out at any time so that I can help and guide you with the strongest offer to present to win.
Let’s see the market updates for February 2023.
Let’s get started with Devon, 17 homes were sold last month. The median days on market was just 6 days. The median sale price in February was $780,000 and the sale to list price ratio was 97%. It shows that it’s still a seller’s market in Devon and houses are selling quickly with 59% properties sold over original asking price.
For Wayne, there were 14 homes sold in February. The median days on market was 11 days. The median sale price for Wayne was $597,500 and the sale to list price ratio was 100% (one hundred percent) and 36% of properties were sold over asking.
In Gladwyne, homes were on the market longer with a median of 162 days. There were 3 homes that were sold. The median sale price was $1,950,000. The sale-to-list price ratio was 96%. It was a buyer’s market in Gladwyne with 6.7 months of inventory.
In Bryn Mawr, there was only 1 home sold last month with a median sale price of $335,000 and the median days on market was 39 days. The sale-to-list price ratio for Bryn Mawr was 97%.
Let’s take a look at Villanova, also 1 home was sold in February. The median days on market was 88 days with a median sale price of $3,850,000 . The sale to list price ratio was 96% for Villanova.
Next is Radnor with 11homes sold last month. The median days on market was 14 days. The median sale price is $727,500 and the sale-to-list price ratio is 101%. Homes are selling quickly and sellers are getting more than the asking price.
Lastly, in Haverford- 18 homes were sold in February. The median days on market was 7 days with a median sale price of $467,500. The sale-to-list price ratio was 100% and it’s still a seller’s market with 56% of properties sold over the asking price.
If you decide to buy this spring or in the coming days, I will make sure that your offer looks the most competitive to win and be accepted. And for sellers, to market their property to attract more buyers and get more offers so they can get the highest possible price for their home.
If you have any questions about the shifting market, I am here to help so you can easily decide on your next move. Whether you are looking to purchase or sell a home on the Main Line or outside the area, I have connections to out-of-state agents and I would be happy to help you reach out to them so you can get started.
You can click on the towns below for additional stats, if you live in a town that’s not listed below please reach out to me, my details are in the description box and I can definitely send you the data.
That completes your Main Line market update for the month of February. If you would like more information, please don’t hesitate to give me a call at any time, I’m always here to help.
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