High demand & low inventory in the Philly Suburbs especially Media, PA
It has become clear that the real estate market across the Philly suburbs, and the Media PA area in particular, has built up great amount of energy during the quarantine, and then took off as soon as the stay-at-home order was lifted.
This surge of demand has created bidding wars that have never been seen before. Some listings have received up to 20 multiple offers. This competition drove prices up, and in many cases, purchase prices were over asking. The custom created graph provided here shows that the average ratio of sale price over listed price has been between 99 and 100% for the last 4 months. This trend is unprecedented.
While the 100% average ratio was reached back in March 2018, it is the consistency over 4 months in a row that is unusual. Note that this behavior was not seen in the city of Philadelphia. This is all the result of many people, especially families, feeling the need for more space and green yards after being trapped at home for months. Hearing the needs of our current clients, and seeing the effect of the quarantine on everyone’s home desires, our team anticipates this high demand and low inventory trend to last for the foreseeable future, at least in the suburbs, especially the Media PA area.
Do you want to learn more about the details of our analysis and how things may evolve from here?
Contact us at Tony@TheAffinityTeam.com, or 215-285-6435.