Sage Realty Explains the “Secret” of Why Actual Transactions are Down on Homes for Sale in Wayne
February 26, 2018 – Wayne, PA – The Main Line Realtors® at Sage Realty have noted that sales of homes have decreased in the area, but that this fact in no way indicates that buyer demand for homes for sale in Wayne have dropped. Sage explains that the underlying reason for the reduced sales is lack of inventory of existing homes.
Sage real estate agents note that home sales year over year actually increased, but they would have had a much stronger increase if available homes for sale were in better supply. The sellers’ market that dominated Main Line real estate in the summer and fall of 2017 is still going strong, but since buyer demand is unabated, those seeking to purchase homes for sale in Wayne will have to be ready to move when the right house comes onto the market.
According to an October 2017 report by the National Association of Realtors®(NAR), inventory dropped for the 29th consecutive month, to 10,4% lower than the previous October. This shortage impacts home prices and duration on the market.
Days on the Market
The NAR reported in October 2017 that homes were being sold in an average of 34 days. In November 2017, CNN Money noted that the average time to sell a home was three weeks. According to Redfin, the average time on the market for homes in the Philadelphia metro area was 61 days. For the 11 homes that sold in Radnor Township in January, the average time on the market was 88 days, even with one of the homes on the market for an uncharacteristic 429 days.
Home Price Increases
Prices have increased 5.5% since October 2016, according to the NAR, and if buyer demand remains steady, as seems to be the case, those prices will continue to inch upward. Of the 11 homes sold in Radnor Township, all but one sold for above 90% of listing price and more than half for over 95%.
What all of this data boils down to is that now is a great time to get your house on the market. If you are considering making a change, whether moving to a more luxurious home, or to downsize, now is the time to get the most value for your home. Sage Realty advises home owners to take advantage of the knowledge of seasoned professionals to determine the right listing price and get your home sold quickly.
About Sage Realty
Sage Realty’s real estate professionals are experienced with buying and selling homes and are especially knowledgeable about homes for sale in Wayne, Villanova and other Main Line communities. Their Realtors® provide guidance throughout the home buying or selling process and are committed to achieving the best result for each individual client. For more information about Sage Realty or their services contact the company at 610-687-4000 or visit the website: https://www.FindaHomeinPA.com.
Tags: Homes for Sale in Wayne