Is May the most beautiful month on The Main Line? I am feeling the warmth in the air and in the market! This report is critical for understanding buyer conditions and local township information. If you are looking to buy or sell in the coming months, your first step should be to reach out today, and watch this report, it has the basic information to start your move.
Beginning with our buyer information. Here are the current market conditions for borrowers. Mortgage rates are around 6% and have not had significant fluctuations in several months. We recommend that you get pre qualified prior to house hunting. It gives you significant advantages over other buyers, and homeowners prefer it before showings, especially if you are looking at Main Line luxury homes. We have preferred lenders in my website resources who can discuss available options and your particular financial fitness to borrow. The 30-year fixed rate is 6.8% (six point eight percent ), the 15-year fixed rate is around 5.8% (five point eight percent ), the 30-year FHA rate is around 6.3% (six point three percent), and a 30-year jumbo rate is 6.5% (six point five percent). These are good terms for buyers who find the right home, but understanding inventory, gives you a fuller picture of the buying landscape.
Moving on to inventory and what has sold in April on The Main Line. Starting with Devon, 4 (four) homes were sold, and the median time on the market was 4 (four) days. The median sale price for Devon was $200,000 (two hundred thousand dollars), with a sale-to-list price ratio of 103% (one hundred three percent). All four properties were sold over the asking price.
In April, 38 (thirty eight) homes were sold in Wayne, and the median time on the market was 6 (six) days. The median sale price for Wayne was $800,000 (eight hundred thousand dollars), with a sale-to-list price ratio of 104% (one hundred four percent).
In Gladwyne, the median time on the market was 86 (eighty six) days, with 2 (two) homes sold. The median sale price in Gladwyne was $4,300,000 (four million three hundred thousand dollars). Gladwyne had a sale-to-list price ratio of 87% (eighty seven percent).
Next is Villanova with 8 (eight) homes sold last month with median time on market of 6 (six) days. The median sale price was $1,400,000 (one million four hundred thousand dollars) and the sale to list price ratio was 107% (one hundred seven percent). 50% (fifty percent) of homes were sold above asking!
In Bryn Mawr, 16 (sixteen) homes were sold last month with median time on market of only 5 (five) days. The median sale price was $700,000 (seven hundred thousand dollars) and the sale to list price ratio was 104% (one hundred four percent).
In Haverford, 6 (six) homes were sold in April, and the median time on the market was 10 (ten) days. The median sale price was $1,100,000 (one million one hundred thousand dollars), and the sale-to-list price ratio was 98% (ninety eight percent).
In Radnor the median sale price last month was at $1,000,000 (one million dollars). There were 23 (twenty three) homes sold, with a median time on the market of 7 (seven) days. The sale-to-list price ratio was 102% (one hundred two percent) with 39% (thirty nine percent) of homes sold over the asking price.
Next, in Rosemont, the median time on the market was 5 (five) days, with 5 (five) homes sold. The median sale price in Rosemont was $900,000 (nine hundred thousand dollars) and had a sale-to-list price ratio of 100% (one hundred percent).
Finally in Newtown Square, 26 (twenty six) homes were sold last month with a median days on market of 5 (five) days. The median sale price for Newtown Square was $600,000 (six hundred thousand dollars) with a sale to list price ratio of 103% (one hundred three percent). 58% (fifty eight percent) of properties were sold over asking.
The key to making decisions in real estate is understanding local market conditions. Whether you are looking for a short term home, or forever home, or an investment, national conditions are only half of the equation. Unlike many areas where real estate can fluctuate, the Main Line market is consistently in demand and if you are going to move here, you will be competing with other buyers. You must be prequalified, patient, and have an agent who understands Main Line buying. Similarly, for sellers, we have witnessed inventory shortages for over 5 years, well before national conditions and inventory tightened, and a proper strategy will make the most of your sale. We offer comprehensive and individualized market analyses, can get your home listed in as little as 7 days, and assist buyers immediately.
May is a great month to buy or sell, some would say the best. Make the most of it, and reach out to me directly to learn about buying and selling strategies that work for you on The Main Line.
Read more about market updates here.
