Our market is currently favoring sellers, but it’s also a great time to be a buyer.
What’s happening in the suburban Philadelphia real estate market?
One of the things that I’ve noticed is that in the time period between August 2015 and August 2016, our inventory dropped slightly from 5.6 months to exactly five months. Since the line of demarcation for inventory is considered six months in terms of the greatest balance between buyers and sellers, we see that at five months of inventory, the market is currently favoring sellers.
There is plenty of inventory out there, though, and the election cycle should open things up for buyers toward the end of the year, so I haven’t seen a better time than right now to be a buyer. Another important thing to keep in mind is that interest rates have dropped from 4% at the beginning of the year to 3.625% now.
“
”
I haven’t seen a better time than right now to be a buyer.
”
For the prices that we track, we always track from the list price to the sales price. Compared to last year, people have been paying 1.2% more of the list price. That’s going from about 95% to 96.3%. That tells you two things: more people are buying because they’re paying a little bit more, and inventory is coming down.
If you have any questions about buying, selling, or leasing, please don’t hesitate to reach out to me. Just give me a call or shoot me an email and I’d be happy to help you.
