Tredyffrin Easttown Housing Market Report
The complaint from most buyers continues to be lack of homes to consider. Many sellers are holding off listing as a result which only increases the problem. Also, due to the lack of inventory we are seeing prices pushed higher, multiple offers on those homes coming on the market in days if not hours. As a result these sellers are not willing to consider any buyer with a home for sale contingency as they can pick and choose their buyer.
Units sold is up 32% compared to last year, homes for sale is down 13% compared to last year, days on market is down 23% compared to last year and median price has also dropped by 7%.
Why has median price dropped?
The median price is the home in the middle of the list. Not the average home which can get skewed by a high value home selling, and the figure realtors tend to watch to see what prices are doing. We have seen the market is strongest in the lower end, and slowest at the higher end and therefore the median price has dropped. As the higher end picks up, which we have been seeing in the last few weeks, we will see the median price rising as well.
The absorption rate also worsened for buyers, this is a ratio of homes on the market to how quickly the homes sell in months. Last year it was slightly in buyers favor, now it has dropped significantly making this an excellent time to be a seller with only 4.9 months supply of homes available.Again this is another indication of the low inventory on the market.
Sale price to list price has increased 2.6% compared to last year as well. This indicates most sellers are pricing aggressively and competition for homes is causing buyers to offer closer to the asking price.
Are there any opportunities in this market?
In any market there are opportunities. Even in a sellers market, with homes turning over quickly. The absorption rate mentioned above does not take into account buyers selection. Out of that supply of homes there may be homes which have been on the market for a long time for numerous reasons, it may be that sellers want too high a price in relation to other comparable sales, the home may not be in the best shape and requires work and some updating, the location of the home may not be the best. All these are opportunities for buyers who are willing to make adjustments and seek out an alternative to the rest of the buyer market.
If you are selling or buying in Tredyffrin Easttown School District, contact Nick Vandekar, Tredyffrin Easttown Realtor, of Long & Foster Real Estate, Inc. at Nick@VandekarTeam.com, office 610-225-7400, cell or text 610-203-4543. We are quick to respond, good at what we do and have plenty of positive reviews. Let us put our experience to work for you.
If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you, contact us or connect
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