Important Real Estate Trends, Delaware County, Pennsylvania
To get the best understanding of the trends, I suggest you first look at the back up graphs by clicking on https://bit.ly/Delaware_County_Important_Real_Estate_Trends and either print or open that on a second screen.
Ladies and gentlemen, today we are going to delve into the fascinating world of real estate trends. Now, I know what you’re thinking, “How can real estate trends be fascinating?” But trust me, these numbers have the power to reveal some intriguing insights about the market. So, whether you’re a buyer or a seller, buckle up and get ready to uncover the correlation between these metrics.
Let’s start with the Months Supply of Inventory, which currently stands at 1.27. This metric represents the number of months it would take to sell all the available homes on the market, given the current pace of sales. A lower value indicates a tighter market, where demand outstrips supply. And boy, oh boy, do we have a tight market here! With just 1.27 months of inventory, sellers have the upper hand, and buyers must act swiftly to secure their dream homes.
Next lets look at the Median Estimated Property Value for houses in Delco. Bumping up against $400,000 which also shows the robust growth in the last few years. This tells you why real estate is the #1 investment choice in the USA today.
New Listings in Delco came to 510 in November with a median list price of $299,999.
Active Listings in the County came to 613 with a median list price of $339,900.
New pending listings shows the number of properties on which agreements of sale were reached, 506 with a median value of $310,000.
In total,there are 712 houses that are pending in the county.
Sold Listings, house on which settlements were completed came to 464 with a median value of $300,000.
But what does this mean for the median days homes are on the market? Well, strap in folks, because this number is mind-blowingly low at just 14 days! Yes, you heard that right. Homes are flying off the market faster than a cheetah chasing its prey. This indicates that buyers must act with lightning speed if they want to snag their dream home before someone else does.
Now, let’s talk about the list to sold price percentage, which stands at a remarkable 102.1%. This percentage represents how close the final selling price is to the original listing price. A value above 100% tells us that homes are often selling above their initial asking price. Sellers, rejoice once again! This metric highlights the fierce competition among buyers, leading to bidding wars and ultimately driving up prices.
Speaking of prices, let’s wrap up our analysis with the median sold price, which currently sits at a cool $300,000. Now, this number may vary depending on the specific market, but it gives us a general idea of the price range we’re dealing with. Buyers, fear not! Despite the competitive market, there are still opportunities to find homes within your budget.
Now, let’s shift our attention to the 12-Month Change in Months of Inventory, which has experienced a jaw-dropping decrease of 30.22%. This means that over the past year, the supply of homes on the market has significantly dwindled. Sellers, rejoice! This decrease in inventory suggests a surge in demand, leading to a highly competitive market.
So, dear buyers and sellers, the correlation between these metrics is quite clear. Low inventory levels, a significant decrease in supply, homes selling in a flash, prices soaring above listing prices, and a median sold price of $300,000 all point to one thing – a red-hot real estate market. Buyers, fasten your seatbelts and be ready to act swiftly. Sellers, rejoice in the favorable conditions, but remember to price your homes strategically to maximize your profit.
So, what are the implications for Buyers and Sellers in Delaware County?
Sellers – you can be confident that if you choose to put your house on the market, it will sell quickly for a price that you will be happpy with.
First Time and Move up Buyers – if you decide to make that move, you can be confident that the value of your new house will continue to increase and grow your famly’s net worth.
Now that we’ve shed light on these exciting correlations, I hope you’re feeling more informed and prepared to navigate the real estate market. Remember, knowledge is power, and armed with these insights, you can confidently make your next move in the world of buying or selling real estate.
If you would like to discuss how this applies to your personal real estate situation, please call or text me at 484 574 4088; or go to JohnHerreid.com to get in touch. We can do it in person or on the computer, whichever is best for you.
here is what you need to do to make the right decision for you
- Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
- Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do. Prices are still going up and I see lots of reasons why that will continue.
- One option is to connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to email@example.com
- Do I think that now is a good time to buy that first house or to sell and make that move up buy? Again, absolutely yes.
- Interested in what recent clients think of my service? Click here to read what they say.
- Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
- There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, I believe that it is and I suggest we connect soon. There are plenty of buyers out there right now trying to find a home that fits their needs.
- To put your house on the market and get in on the action, let’s connect on Zoom, in person or on the phone at 484 574 4088.