Specialized Buyers Agent Answers Real Estate Questions
Q. What is your take on this market? T. and R. Solley, Wayne, PA
A.Much improved just in the last month or so, following a disappointing but not devastating fall/winter. I recently ran some statistics:
For the 30 days ending May 10, 2010 in the 3 nearest townships, there were 29 single family and twin homes that settled at an average price of $561,550. This is an improvement in total homes sold since the month before but not terribly surprising with the expiration of the first-time home buyer credit incenting buyers to finally decide and sign agreements. The average discount off the original asking price increased again to 93%. This is the best we have seen in over a year for that statistic.
There were a substantial number of homes (11) that garnered prices for their owners of 95% or greater than asking price and 23, or almost 80%, sold for over 90% of asking with 9 going in 10 days or less. Also, the days-on-the-market statistics are much better than last year’s numbers—with over half of homes now moving in the 0 to 60-day window.
However, since I ran those numbers, the market has slowed down noticeably. I wish I knew what the rest of the year will bring, but I do not. How’s that for honesty?