There were 40 single family homes that sold in Lower Merion Township in February 2017. The final selling prices of these single-family homes ranged from $95,000 to $2,200,000. This month we saw a slight increase in the overall inventory of homes. Average sale price took a slight dip but the average days on the market improved in the last 30 days.
Worth noting is that nine out of the 16 homes that sold in February in Lower Merion Township were priced under $350,000 and six of the properties that sold were over $1,000,000. Even though Lower Merion is known for its high-end real estate, 55% of the homes that sold last month were under $550,000.
Properties like 1452 Drayton Lane in Wynnewood demonstrate that there are affordable options for all price ranges in Lower Merion Township.
Below is the list of all 40 homes that sold in Lower Merion Township in February 2017 from least expensive to most expensive. All of these properties were listed and sold by various real estate companies along the Main Line.
The spring market is in full swing and the market is buzzing with buyers. In some price ranges, there is low inventory. If you’re looking to purchase a property, you’ll want to be pre-qualified with a lender and working with a team, like us, that can alert you to good properties as soon as they hit the market. You’ll also want to be prepared to make an offer quickly due to the fact that well-priced properties in desirable neighborhoods tend to sell fast. 22% of the homes that sold in February sold within 10 days of being listed.
If you’re thinking about selling your home, you may want to put your home on the market sooner than later due to the shortage of available inventory and the fact that the market is busy with buyers. We have been seeing more and more homes hit the market every day, which is great for buyers but also makes the market more competitive among sellers. As you can see in the first graph, the inventory is increasing each month as it often does at this time of the year.
For some price ranges we are seeing multiple offers but in the same sense, buyers are wanting to make sure that they are paying a fair price and getting a good value. Buyers are understandably anxious to purchase but are also reluctant to over pay for properties.
This is the era of the HGTV home buyer. Today’s buyers want it all when it comes to their home purchase. They want a home in good condition, that looks picture perfect and is priced just right. Who can blame them, right? If you are looking to sell your home for top dollar, you want to work with a Realtor who will position your property to stand apart from the other homes available. Our team offers complimentary pre-listing home inspections, complimentary home appraisals, 4 hours of professional staging, access to construction resources for estimates and repairs and professional marketing. We provide all of this to our clients because it is what is required for a successful home sale in today’s market.
Lower Merion continues to be one of the most sought after townships in suburban Philadelphia. It’s also the closest Main Line township to Philadelphia, so it gets a good amount of people who want to live outside the city and still have easy access. If you’re looking to buy or sell a home in Lower Merion, our team is ready to help. You can learn more about our team here.
Want more detailed information specific to your home and neighborhood? Sign up for our free Market Snapshot, which is a real-time market snapshot of your home and neighborhood. You can choose to receive this report by email monthly or bi-weekly, which you can preview below. Regardless of whether you’re looking to sell, it’s always a good idea to stay on top of real estate values in your neighborhood. If you’re interested in getting a more detailed property evaluation, our team is happy to come to your home and provide a more detailed CMA.
This information included in this post was pulled from the Trend, the Multiple Listing Service in our area and information that we received from Suburban West Realtors Association. All information, regardless of source, should be verified by personal inspection by and/or with the appropriate professional(s). The information is solely for the purpose of marketing, may not be exact, and should not be relied upon for loan, valuation or other purposes.