As part of the “Transitions made Seamless” pledge the team at Quinn & Wilson is committed to providing our friends and clients with basic updates on the local market. As the media has made clear, this real estate market is a bit more confusing than most – which is another reason working with a trusted, experienced real estate agent is very important.
Today we look at Abington Township in Montgomery County. Abington real estate looks much like other communities nearby but, like all towns in the Philadelphia suburbs, it has its own unique data points.
In September, 2021 Abington had an equal number of homes that came on the market as went off the market. Pretty impressive – a completely balanced month. There were 70 new homes listed for sale during the month at a median price (median means the number where half of them are above and half are below) of $349,950. There were 70 homes that sold during the month (not necessarily the same 70 mentioned before) with a median price of $366,500. Again, this is great balance.
Currently in Abington Township there are 90 homes for sale. The median price for what is available is $377,500.
The “months of supply” is an important factor in knowing the health of a market. Earlier we said the Abington market was “balanced” because the same number of homes were sold as were listed. Economists (and Realtors here at Quinn & Wilson) look at how many “months of supply” are available. That is, if every single buyer who wanted a home in this township (based off the year before) were to buy how many months could we keep those buyers satisfied with our current supply? The answer for Abington Township right now is 1.3 months. That is not much at all – a “balanced” real estate market has six months of supply! Definitely still favoring sellers as there is nowhere near enough.
Want to learn more about housing supply, seller’s market and/or how we can help? Contact Us!