Roxborough Manayunk Real Estate Market Report Single-Family Re-Sales October Jon Miller, Realtor Keller Williams Philadelphia, PA 19103 O: 215-627-3500 C: 215-839-6034 jon@jonmillehomes.com
Roxborough Manayunk Real Estate Snapshot October Update Buyer s Market Seller s Market Balanced Most Expensive Home Sold $485,000 Least Expensive Home Sold $83,333 e$241,000 212 Median Days to Sell 19 Active Listings Homes Sold 58
What s Happening with Sales Prices? Median Sales Price $225,000 $241,000 4% Year-to-Date $220,806 $231,200 5% 3-Month Forecast (Avg per Month) $221,333 $229,400 4% The median sales price for was $241,000, up 4% over of. Year-to-Date, home prices are up 5% over the same period last year. My forecast is that median home values will continue to be up about 4% over prices from October through December of and will hover around the $230,000 mark.
How Many New Listings went on the Market? New Listings, Number of 77 89 16% Year-to-Date Average per Month 87 89 3% 3-Month Forecast (Avg per Month) 58 64 12% There were 16% more new listings in compared to. Year-to-Date, new listings are only up 3%. Based on the recent increase in listings, we should expect to see more an increase in new listings over the next few months. It s possible that buyers could have an easier time of finding a home as more listings go on the market but the small number of new listings aren t likely to satisfy increasing demand from buyers.
How Many Homes Have Sold? Sales, Number of 49 58 18% Year-to-Date Avg/Month 60 60 1% 3-Month Forecast (Avg per Month) 49 55 11% The number of homes sold has been steady this year compared to the same period last year, though saw an 18% increase in the number of home sold. It s likely that the number of sales will continue to be strong going through the 4th Quarter.
How Many Homes are on the Market? Active Listings, Number of 209 212 1% Year-to-Date Average 214 189-12% 3-Month Forecast (Avg per Month) 202 190-6% There were 212 active listings in Roxborough Manayunk at the end of, a 1% increase of of last year. Year-to-Date, there are 12% fewer listings on the market this year compared to the same period last year. If the recent trend continues, we should expect to see a continuing lack of availability through the end of the year.
How Many Homes Listings Expired? Expired Listings, Number of 97 86-11% Year-to-Date Avg/Month 79 75-5% 3-Month Forecast (Avg per Month) 95 82-13% Expired Listings, homes that didn t sell within their listing contract period, are down 11% compared to of last year. Year-to-Date, the number of expired listings is down an average of 5% per month. This is good news for sellers as it s an indication of the strong demand.
How Long is it taking Homes to Sell? Days to Sell, Median 18 19 6% Year-to-Date 36 27-25% 3-Month Forecast (Avg per Month) 36 29-18% The median days to sell a home is only 19 days (half the sold homes sold in fewer than 19 days, half in more than 19 days). Homes are selling quickly. Year-to-Date, the median days to sell a home is down 25% below the same period last year (36 days compared to 27 days). This is an indication of the seller s market in Roxborough Manayunk.
Is it a Buyer s Market or a Seller s Market? Months of Inventory 4.0 4.0 0% Year-to-Date 3.9 3.3-14% 3-Month Forecast (Avg per Month) 4.3 4.0-8% The Months of Inventory, or the Absorption Rate, is the best indicator of market balance. 5-7 Months of Inventory is generally considered a balanced market. There are currently 4 Months of Inventory which indicates that the neighborhood is in a Seller s Market. Seller s should expect that homes priced appropriately for their size, condition, location, features, and amenities, should sell quickly and, likely, with a lot of buyer interest and possible multiple offers.
Are Seller s Getting Their Asking Price? Sales Price to Last List Price Ratio 98.0% 98.9% 0.9% Year-to-Date 97.8% 98.7% 1.0% 3-Month Forecast (Avg per Month) 97.7% 98.8% 1.1% Homes are selling for an average of 1.1% below the last asking price. This is about a 1% increase over both of and Year-to-Date compared to YTD in. This number is an indication of strong demand and an increase in competing offers that drive prices closer to their asking prices.
Final Thoughts The Roxborough Manayunk area is in a moderate Seller s Market. Homes are selling more quickly than last year and they re selling for closer to their final asking prices. Many homes are getting multiple offers, especially those where the asking price is appropriate for the condition of the home. For sellers, pricing is the key to finding the right buyers, but sellers will do best to prepare their home well for the sale and make sure that it shows in it s best possible light. Home buyers should expect that the best homes won t last. Buyers should know that they may have to get into homes quickly and will probably need to make a decision on which home to purchase quickly, as well. Well-prepared buyers who have gotten loan pre-qualification are at an advantage. If you re thinking of buying or selling home and need more information, let s talk! You can call me at 215-839-6034 or send me an email at jon@jonmillerhomes.com