October 2022 Main Line Real Estate Update is here!
Happy fall to you! If you are considering selling or buying a home, or whether you are downsizing, upsizing, or looking for an investment property, the data is absolutely essential to making informed real estate decisions this fall. Homebuyers are still actively searching for homes. We are still seeing multiple offers, houses are still selling at asking or over asking price, clean offers with contingencies being removed are in the lead for winning against multiple offers. There’s 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 guide you based on your needs.
I understand if you are taking your time with buying or selling a home and it is definitely beneficial for you to stay informed about the housing market so you will be ready when the time is right for you.
The housing market is slowing down a bit but it is definitely still a sellers’ market. Most offers are still being catered to the sellers’ needs in order to win. Buyers are still taking advantage of the reasonable mortgage rates even though they have gone up quite a bit.
Let’s go ahead and talk about mortgage rates! They are still increasing up to now with a 30-year fixed rate of 6.5% compared to August 5.375%, a 15 (fifteen)-year fixed rate of 6%, the 30-year FHA is up and now at 6.125% (six point one two five percent) and a 30 year jumbo of 5.875% compared to 4.875% last August. The rates are still expected to go higher, so don’t wait, it’s the perfect time to buy a home before the rates go even higher.
If you are buying a home soon, we have the tools and knowledge to help your offer be accepted so 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 September 2022.
Let’s get started with Devon PA, 17 homes were sold last month. The median days on market was just 6 days. The median sales price in September was $700,000 and the sale to list price ratio was 103%. Homes were selling quickly in Devon and 53% of properties were sold over asking.
For Wayne PA, there were 40 homes sold in September. The median days on market was 7 days. The median sales price for Wayne was $550,000 and the sale to list price ratio was 101% (one hundred one percent) and 57% of properties were sold over asking.
In Villanova PA, homes were on the market for 13 days and 6 homes were sold in September. The median sales price was $990,000 (nine hundred ninety thousand dollars). The sale to list price ratio was 97%.
Next, we have Bryn Mawr PA – only 1 home was sold last month. The median days on market was 65 days. The median sales price was $345,000. The sale to list price ratio for Bryn Mawr was 99%. It was a slow market for Bryn Mawr but the stats are still showing that it was a seller’s market with 2( months of inventory.
Let’s take a look at Gladwyne PA – 3 homes were sold in September. The median days on market was 43 days with a median sales price of $1,150,000. The sale-to-list price ratio was 95% for Gladwyne. It was a buyer’s market for Gladwyne with 8.7 months of inventory.
Lastly, in Haverford PA – 41 homes were sold in September. The median days on market was 7 days with a median sales price of $420,000. The sale to list price ratio was 100% and 34% of properties were sold over asking price.
If you decide to buy, I will make sure that your offer stands out from the rest of the buyers to make sure you look the most competitive to win.
The housing market is continuing to shift and if you have any questions. I am here to help so you can easily decide on your next move.
That completes your Main Line market update for the month of September. If you would like more information, please don’t hesitate to give me a call at any time, I’m always here to help. You can subscribe to my YouTube channel at Kimmy Rolph Real Estate.
Did you find October 2022 Main Line Real Estate Update useful? Follow along on our blog here!
