The Zen Real Estate Appraiser

"Are the sale prices still going up?" That's the most popular question lately. Below is a overall view of single family detached homes from Feb 2020 to Feb 2021. The blue graph lines are the median sale prices for each month. The yellow graph lines are the number of new listings for each month. As you can see the sale prices are holding on strong. Some neighborhoods are still on fire depending on the school district, age of home, size/design of home, etc. What's interesting is that the number of new listings has continued to steadily drop over the last several months. This is the reason for multiple offers and sale prices above the list price- Buyer options are very limited. Maybe the potential sellers are nervous to let people in their home due to fears of illness? Maybe the potential sellers are waiting for a spring market? Maybe it's both. Maybe it's something else. But, whatever the reason, the current sellers are benefiting in a big way. Consider this

  It is not unusual for homes of higher quality, larger square footage and larger acreage to take slightly longer to sell, be limited in turnover and to fall outside of the neighborhood range. Also, it's important to separate the higher value homes from the general overall median sale prices when determining market trends. This is just the beginning of the breakdown. There are also other factors to consider when estimating value. The chart below shows the median sale prices of fee simple, high value (1-5 million) single family homes from 2015 thru 2020 within the PA counties of Bucks, Montgomery, Chester and Delaware. Keep in mind this price range only reports the homes that have been sold via the multiple listings. Yes, the median sale prices within the general market in the same time frame area are increasing. However, the market reports the median sale prices for higher value homes to remain stable overall. An important reminder: the cost of improvements does not equally increas

It's no surprise that the number of new listings available in the Philadelphia suburbs of Bucks, Montgomery, Chester and Delaware counties is at a lower number than one year ago.  This graph shows all the single family detached homes offered for sale in the last year, by month. (Does not include Philadelphia) Additionally, the median days on market continues to hover between 5-10 days from list date to pending sale date. We are still seeing many homes continue to sell for over list price.  Here's a tip for the Buyers:   I realize there isn't a lot out there to choose from and it can be tough to compromise on a location.  If you are looking in a specific area and it's challenging to find that perfect home that is meant for your offer to be accepted.......maybe try a different location? How will you know which location is a reasonable substitute?  Here is a good place to start.  Look at the millage rates for each township. The millage rates determine the taxes that you wi