We were looking to restart our #MarketResearchMonday series this week, but the timing wasn’t ideal. So welcome to the first MRM on a Tuesday! Why the delay, you ask? The reason is because Q&W Broker of Record and Pennsylvania Association of REALTORS President Chris Beadling was part of the release of statewide figures for PA which were unveiled today.
As you can read in this article published by PAR, housing prices across the state went up by 14% in 2021. The number of listings were down by 37% in December 2021 when compared to December 2020. Because there were fewer homes to sell, the number of sales went down as well – about 5.5% fewer homes over the same period in the year before.
Yes, what the report says is true. Statewide we have a shortage of homes to sell, and as a result fewer sales are happening. Jointly true is that prices are increasing at an alarming rate. What differs between the PA numbers and our Quinn & Wilson market area is the median prices. Pennsylvania reported that the median home price (which is the number at which half sell above and half sell below) was $194,637. In Montgomery, Bucks and most of Philadelphia Counties that number is far below what local figures show. But Pennsylvania is a large state with a diverse housing makeup – which is why having a wider view is sometimes helpful.
Quinn & Wilson continues to offer sellers the same advice as before…if you are even remotely considering a home sale now is the time to contact us to figure out the numbers. We see that buyers are still eager to make purchases but are also starting to see the impact of higher mortgage rates on their purchasing power. If you want to get the highest value it is important to sell when buyers can get the best rates.