Philadelphia Area Market Report
We all know real estate is local and I post many market reports on local market conditions right down to development level in Tredyffrin Easttown. But, sometimes it is good to step back and look at the overall market conditions in the Philadelphia area. This report does just that. Covering those counties which surround Philadelphia both in Pennsylvania and New Jersey. Trudy and I are not licensed to sell real estate in new Jersey, but we have many excellent colleagues who are and we can refer you to an agent to help you out if New Jersey is beckoning.
Interestingly data is showing a little bit of a mixed message. Compared to last year prices have risen 2%, compared to January they have fallen 3%. Most likely the mild winter and lack of inventory across the market place caused many buyers to purchase in January and when weather worsened, sales slowed down.
Chester County, where Tredyffrin Easttown is located is not one of the top five in the area for sales by units. I have noticed as I look for clients more listings coming on the market and sales happening in Lower Merion than Radnor and Tredyffrin Easttown.
50% of the homes being sold were detached housing stock, 44% were attached, twins, row homes, town homes, carriage homes for example and 6% were condominiums.
Largest price point for sales was $150-300,000 at 40%, next were homes priced less than $150,000 at 34%, so almost three quarters of the sales were for homes priced $300,000 or less. Homes priced $300,000 - 450,000 made up 16% of sales, $450 - 600,000 were 5% and above $600,000 another 5%. every price point saw a drop compared to Janaury and was a continuing trtend since June 2016. Lack of inventory in most areas is causing sellers to hold off listing and this becomes a vicious circle with less and less inventory.
Check out the whole report here:
If you want a more specific market report, please contact Nick Vandekar, Tredyffrin Easttown Realtor with Long & Foster Real Estate, inc, serving the whole of the Main Line, at Nick@VandekarTeam.com, office 610-225-7400, cell or text 610-203-4543.
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