In 2020, the Philadelphia metro area showed resiliency and strength overall. Properties sold in the fewest number of days on record, and the median sales price was up an average of 10%.
2021 predictions for the Philadelphia metro real estate market: The market is starting very strong; January was a very brisk and very busy month. Sellers are asking me, “Is now the right time to sell?” I’m telling them now is a great time to take advantage of the high buyer demand, low supply, and buyer competition. We have the lowest supply of inventories in years, and we clearly are in a seller’s market in most areas. Many sellers are wondering, “Will I be able to find another home?” and the answer is, yes. We have a guaranteed plan for this. We will guarantee to find you a home and get yours sold for the highest value. It’s a true win-win for you. We have a process, so give me a call and ask me about it.
In the last month, here is what the market did:
The under $250,000 market: The number of units listed this year was 943, compared to last year of 1076, so it was down a little bit. The number of units pended was 738 and last year, virtually the same at 740. Currently, there’s 2.6 month supply of inventory in this price range.
From $250,000 to $499,000: This year, we have about 700 units listed and last year, 600. And this year we pended 438 in January; that’s up from 245 last year. Currently, there’s 3.6 months supply of inventory in that price range.
Between $500,000 and $750,000: We had 176 units list this year; 142 last year. 121 sold this January compared to last year of 88. Significantly, again, up, with 4.5 months of inventory.
Between $750,000 and $1 million: We had 54 units go to market this month; last year, 36. This year 28 went under contract compared to last year, 16. We have 4.5 months of inventory, so still a seller’s market.
Between $1 million and $2 million: We had 27 new properties came on the market this year, compared to last year, 30, so close. This year 22 went under contract compared to last year, 18. We have 9.2 months of inventory, which is slightly more, definitely on a buyer’s market.
In the $2 million and up: This year, we had a dozen units come onto market; last year 11, so pretty much the same. Units pended, that means under contract, this year was eight, last year was four, so that’s up. We’ve got 15 months of inventory.
We are looking forward to a very, very strong real estate market this season, with historically low interest rates, with remote work up 300%, and the desire for more or different space. If you are sitting on the fence, now is the time to get off. As our number one core value is to be the solution, we have the right solution for you