November 2021 Main Line PA Market Update is here! I hope you had a great time on Halloween and got a lot of treats! I want to give you a quick overview on the Main Line Housing Market for the month of October. Indeed, it continues to be a HOT seller’s market. If you’re planning to sell or buy real estate this month or the upcoming months, you might want to stick around because I will give you the latest numbers to help you decide and narrow down your options. The seller’s market continues to have multiple offers and contingencies such as home inspections and mortgage contingencies are being removed in order to win. The offers that are winning are usually extremely clean, which means a cash offer, all or most contingencies removed with no inspections, and offers are over asking price and sometimes escalation clauses are put into play to win. The sellers continue to have the advantage and you need to make sure when you put your offer in to speak with your real estate agent to help advise the best terms and strategies to make your offer the most attractive to the seller, since you will most likely be competing against many other buyers. Homes are going under contract in just a matter of days!
Let’s talk about mortgage rates in October, the rates rose a little bit with a 30 (thirty) -year fixed-rate of 3.250% compared to last September’s 3.125%, a 15 (fifteen)-year fixed rate 2.625% and a jumbo loan of 3.125%.
However, it’s still a great time to buy. According to Dr. Frank Nothaft, (NOT-NAFT )Chief Economist at CoreLogic:
“The average homeowner with a mortgage has more than $200,000 (two hundred thousand dollars) in home equity as of mid-2021.”
There are a lot of buyers out there with low inventory about ⅓ (one third) of what is typical this time of year so it is extremely competitive. We have the tools and knowledge to help your offer be accepted so please reach out at any time so that we can offer help and guidance.
Sr Economist, George Ratiu (Ratiyu) with Realtor.com said,
The housing market is moving at a quick but steady pace, navigating a relatively smooth transition from overheated bidding wars early in the spring to a more manageable pace. Price growth is slower and moving in a more stable, narrow range.
Let’s see the market reports for October 2021:
In Villanova PA, 10 (ten) homes were sold in October. The median sales price is $1,161,250 (one million one hundred sixty one thousand dollars) with 28 (twenty eight) median days on market. The sale to list price ratio is 96% (ninety six percent). 10% (ten percent) of properties were sold over original asking price.
In Wayne PA, 53 (fifty three) homes were sold in October.. The median days on market was 9 (nine) days. The median sales price in October was $605,000 (six hundred five thousand dollars) and the sale to list price ratio is 100% (one hundred percent), and 32% (thirty two percent) of properties were sold over the original asking price!
In Haverford PA, 53 (fifty three) homes were sold in October. The median days on market was 11 (eleven) days. The median sales price in October for Haverford was $455,000 (four hundred fifty five thousand dollars). The sale to list price ratio is 99% (ninety nine percent) so 43% (forty three percent) of properties were sold over the original asking price.
In Paoli PA, 10 (ten) homes were sold in October. The median days on market was 5 (five) days! The median sales price was $447,500 (four hundred forty seven thousand five hundred dollars). The sale to list price ratio is 104% (one hundred four percent). Wow! 50% (fifty percent) of properties were sold over original asking price.
Lastly for Devon PA – 26 (twenty six) homes were sold in October. The median days on market was 7 (seven) days. The median sales price was $675,000 (six hundred seventy five thousand dollars). The sale to list price ratio is 103% (one hundred three percent) and 54% (fifty four percent) of properties were sold over the original asking price.
It continues to be an extremely hot seller’s market. If you’re looking to sell, it is a great opportunity right now. We can help you even with low inventory find your new home. Please reach out to us at any time with any questions. If you would like to know what your home is worth, please click the link or give us a call.
Did you find November 2021 Main Line PA Market Update interesting? Follow us on Youtube!