By Jon Miller, Realtor®
Home Prices in Roxborough/Manayunk
Home prices in Roxborough/Manayunk are up. In April of 2017, the median sales price was $235,000 compared to the $210,000 in April of 2016. We saw a similar trend in March when the 2017 median sales price was $239,950 compared to $220,000 in March of 2016.
Over the three month period from February to April, the median sale price was $228,317, up 5.9% from $215,650 during the same period last year. If this trend continues, we should expect to see the median sales price in Roxborough/Manayunk of close to $238,000 in May. However, last year we saw a big jump in the median price between April and May from $210,000 to $225,000. If that happens again this year the median price could jump well above $250,000 but that’s not likely since the median price has remained in the $220’s for most of the remainder of 2016.
How Quickly are Homes Selling?
Homes are selling quickly in Roxborough/Manayunk. The median days to sell in April 2017 was only 17 days (half the homes that sold did so in less than 17 days and half in more than 17 days). For comparison, in the doldrums of 2011 when the median number of days to sell was 58 and 2012 when the median days to sell was 56 days. At the height of the real estate bubble in 2007, the median days to sell was 24 days. Year-to-Date, the days to sell in Roxborough/Manayunk is 37 days so that puts us in the middle, but closer to the speed of the market in 2007.
Is it a Buyer’s Market or a Seller’s Market?
Roxborough/Manayunk is currently in a Seller’s Market. Whether we’re in a Buyer’s Market or a Seller’s Market is determined by the number of months it would take to sell all of the homes that are currently on the market if no new homes went on the market. This is also called the Absorption Rate. Seller’s Markets are when there are between 0 and 4 months of inventory, balanced markets are when there are 5-7 months of inventory, and Buyer’s Markets are when there are 8 or more months of inventory.
In April 2017, there were only 3 months of inventory. That puts Roxborough/Manayunk comfortably into a Seller’s Market. Between April and May of 2016, we went from 4 months of inventory to 3 months of inventory. If the same pattern holds we could see only 2 months of inventory in May. This would be a very strong Seller’s Market.
What Do Home Buyers Need to Know?
If you’re planning on buying a home in Roxborough/Manayunk it will be helpful to be well-prepared for when the right home comes along. In April of 2017 there were 189 homes on the market, down 14.5% from the April 2016. Demand is up and inventory is down compared to the same time last year and that means that there’s more competition for homes so multiple offer situations are likely. This is especially true for homes that have been recently renovated and are offered at a fair price. Many of these homes are selling within days.
Sales prices are increasingly close to final asking prices (the list price before getting an offer). The median sales price to last list price ratio for April 2017 was 98.9% of the last asking price. That’s a 1.2% increase over April 2016. This number is another indication of the increased demand for homes and homes getting multiple offers. With more competition, and fewer homes to choose from, homes sell closer to their final asking prices. To be competitive, offers should be closer to the asking price in order to be considered. In some cases, offers will have to be above the asking prices in order to be the winning bid.
For those considering buying a home in Roxborough/Manayunk in the next few months, don’t wait until the right home comes along to start the legwork of selecting a real estate agent and talking with a lender about financing options. An agent advertising on one of the big listing portal websites may or may not have experience working in the area and dealing with multiple offers. You’ll also want to have a loan pre-approval in-hand before shopping for homes in-person because when the right home goes on the market there will be a good chance that it will be the home that others have been looking for, as well. Many would-be home buyers miss the opportunity to make an offer on a great home because of the time that it takes to get the necessary loan paperwork together to make an offer.
If you’re considering buying a home, the best approach is to start with a phone call to go over the basics of the process, discuss wants and needs, and to answer all of the initial questions that home buyers have. After that, I can send you my list of local lenders who can discuss various financing options, answer financing questions, and narrow down the price range. Once we have that we can take a look at what’s available in the price range, assess the market, and start the process of seeing homes. To schedule a time to talk, please call me at 215-839-6034, send me an email at email@example.com, or fill out the form below.
What Do Sellers Need to Know?
Sellers need to know that home buyers are out there and they are actively looking and making offers. But, asking prices need to be close to the value of the property to drive interest and traffic. Since home buyers have access to every home for sale online they make very quick decisions about whether or not it’s worth their time to schedule an in-person showing. Homes should look their best . . . spacious, bright, airy, and clean. The more ‘move-in ready,’ the better. Professional photography always helps to make a home show it’s best.
The asking price is always critical. If you’ll be listing your home, the asking price should be reflective of recent sales of similar homes (as always). It’s a common mistake for sellers to ask too high price because it’s a seller’s market. Since buyers have access to all of the listings online, and they’re constantly looking through the listings, they can spot an overpriced listing after looking at a few photos. When in an extreme Seller’s Market these buyers may schedule showings on every new listing ‘just in case’ they’re a little more choosy in a moderate seller’s market so it’s still important to get the asking price right (and make adjustments if it isn’t).
The two most common questions that sellers ask are . . .
- How much is my home worth?
- What should I do to get the house ready to sell?
While online home value estimates provide a ballpark figure, they are not exactly known for their accuracy. The best way to find out how much your home is worth is to have an experienced local agent take an in-person look at your home and show you both the recent sales of similar homes in the area and provide an assessment of the current market. When I meet with potential selling clients, I like to find out some basic details over the phone and then put together a market overview. After seeing the home in-person I can get a better idea of where in the range the value should be considering the specific location and condition of the property. If it makes sense for the seller to list, we’ll make a listing plan to get the home ready to sell and I’ll add any final touches before scheduling the photos. Most homes can be ready to list within a few days to a few weeks. To discuss selling your home, please call me at 215-839-6034, email me at firstname.lastname@example.org, or fill out the form below.
New Real Estate Listings in Roxborough/Manayunk