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Wayne real estate market report

Wayne real estate market report

Wayne postal code covers lots of areas outside of Wayne itself, including areas of Upper Merion, Tredyffrin and even Chesterbrook. 

Like many other local areas sales were up and inventory is down compared to last year. The median price jumped dramatically by $166,050 a 45% increase, more on that later, interestingly days on market also rose.

Attached home sales, town homes and twins, actually dropped year over year whilst all the other areas increased. Condo sales increased by 50% and detached homes doubled year over year.

These increases help to explain the big jump in median sales price. As the town home sales dropped, and detached homes rose then the median price will naturally rise dramatically. Also many of the attached homes may be new construction with higher price points that will also push up the median price.

View the entire report here

Inventory is only slightly lower than last year, so this may help explain the days on market increasing rather than dropping like other markets where there has been a substantial drop in inventory.

Although inventory has remained stable the rate of sales has increased, so like other areas the absorption rate, the time it would take for all homes to sell theoretically if no others came on the market dropped to just over 4 months meaning there is more competition between buyers for the homes on the market.

Another interesting fact is that sale price to list price dropped by 2% indicating that buyers are being more demanding, or sellers have been over pricing and the market has decided that prices were too high.

The days on market is another indication of this as days on market increased from 45 to 75. Now, if many of these sales were new construction it may extend this statistic, if not, then buyers are not committing to buy in the Wayne market as rapidly as elsewhere, where we are seeing days on market drop.

Like any market there are opportunities, as days on market has risen it means there is more choice for longer, allowing buyers to make an offer, as we can see from the sale price to list price drop.

Much of Wayne is in Tredyffrin Easttown School District so if you are thinking of buying or selling contact Nick Vandekar, Tredyffrin Easttown Realtor with Long & Foster Real Estate, Inc. at Nick@VandekarTeam.com, office 610-225-7400, cell or text 610-203-4543. We have many positive reviews for buyers and sellers and we are prompt to answer or return calls if with another client.

 

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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Comment balloon 9 commentsNick & Trudy Vandekar, 610-203-4543 • April 24 2017 07:00PM

Comments

Hello Nick & Trudy Vandekar, great information to have and very interesting.  Make it a great evening.

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 8 months ago

Nick and Trudy

The Wayne Pennsylvania real estate market is seeing a year over year increase in pricing.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) 8 months ago

This is a well done market report and will get lots of eyes on it. Have a truly productive week in real estate.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 8 months ago

Great market update.
Thank you.

Posted by Shahar Hillel, Mortgage Consultant, Loan Officer. (Augusta Financial Inc.) 8 months ago

Great Market Report, I have a difficult time writing them but they are so valuable to the buyers and sellers....Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 8 months ago

Nick & Trudy Vandekar Great market report.  Your prices have increased much like ours.  This will be a big help to anyone looking to buy or sell a home in Wayne PA.

Posted by Elyse Berman, PA, CRS, Pet-Friendly Realtor, 561-716-7824 (Best Connections Realty, Inc.) 8 months ago

Good morning Nick and Trudy.  Thanks for the information and update of the Wayne area real estate market.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 8 months ago

Families on the move will certainly appreciate your local real estate market reports.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 8 months ago

Nick & Trudy, great market update for Wayne, and decreasing inventory is sure a common theme.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) 8 months ago

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