Months of Inventory

 

Currently, we have 1.22 months of inventory available. This signifies a strong seller’s market, meaning homes are selling quickly due to limited supply. In such a tight market, sellers often have the upper hand, which can lead to faster transactions and potentially fewer negotiation opportunities for buyers. For you, this means being prepared to act swiftly when you find a home you love.

 

Sold-to-List Price Ratio

 

Homes are selling for about 99.24% of their asking price. This indicates that sellers are receiving offers very close to their listed prices. As a buyer, it's important to consider making competitive offers, especially if you're keen on securing a particular property.

 

Inventory Trends

 

We’ve seen a slight decrease in inventory by 5% over the past month and a significant drop of 55% compared to last year. This ongoing reduction in available homes suggests that demand is outpacing supply, reinforcing the current seller’s market conditions. For you, understanding these trends can help in setting realistic expectations about the urgency and competitiveness of your search.

 

Median Days on Market

 

The median days a home stays on the market is just 10 days. This quick-moving pace underscores the need for buyers to be decisive and prepared, perhaps even having your financing in order beforehand to avoid missing out on desirable properties.

 

Median Sold Price 

 

The median sold price for homes in Drexel Hill is currently $260,000. This figure can serve as a useful benchmark to gauge property values and help you determine a suitable budget for your home search.

 

Understanding these market dynamics can aid you in making informed decisions about when and how to engage in the buying process. I’m here to help navigate these conditions with you, whether you're just starting or ready to

make a move.

If you have any questions or would like to discuss your home-buying goals in more detail, please feel free to reach out. I’m always here to assist and provide any insights you need.

 

Warm regards,

B Martin Wickstroem