We all know about the law of supply and demand. When demand is up and supply is down, prices are going up (seller market) and vice versa (buyer market). For a long time the vice versa was true in our area,but no more. For example in zip code 19342 (Glen Mills, PA) average resale price was up 5.5% from the first six months of 2015 to the second half. That is robust.
Overall, average prices have not gone up by a lot, YET, but that is changing. For example, West Chester (zip codes 19380 and 19382) were up by less than 1% in that same time period.
Best to get in now while the getting is good and before interest rates start their hike. Waiting just a month or two could give you a double whammy of higher prices and higher interest rates.
According to the National Association of Realtors’ (NAR) Existing Home Sales Report, homes were on market for an average of 58 days in December. This was slightly longer than the 54 days in November, but still better than the 66 days experienced in December 2014.
32% of homes across the country were on the market for less than a month!
Colorado, Utah and Delaware led all states as homes are selling in 30 days or less on average. The map below was created using results from NAR’s Monthly Realtor Confidence Survey.
Buyer demand remains strong. The inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, meet with a local real estate professional who can help you take advantage of current market conditions!
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