Is It Still A Good Time to Sell?
YES! Hi I am Christina Swain with The Swain Team.
Here are our local facts:
Interest rates are on the rise (5.5-6%) yet, Inventory is EXTREMELY LOW. So this is where the law of supply and demand comes in. There are so few houses for sale that it continues to drive demand up. I think in time we will start to see prices stabilize but it will remain a seller’s market. It illustrate my point, let’s compare housing inventory levels in April.
In PA
In Bucks County in April of 2022 we had 663 houses on the market. In April of 2021, there were 827. Now to put things into perspective, in 2016 there were 1518 homes on the market in April. Wow!
In Montgomery County in April of 2022 we had 1079 houses on the market. In April of 2021, there were 1293. In 2016 there were 1940 homes on the market in April.
Interestingly, In Philadelphia County things are a little different. In April of 2022 we had 4493 houses on the market. In April of 2021, there were 4173. In 2016 there were 2349 homes on the market in April. This supports what we are hearing that people want to move out of the city. And that trend continues.
In NJ
In Mercer County in April of 2022 we had 675 houses on the market. In April of 2021, there were 748. In 2016 there were 848 homes on the market in April. Not a drastic change yet still a decrease.
In Burlington County in April of 2022 we had 777 houses on the market. In April of 2021, there were 844. In 2016 there were 1292 homes on the market in April.
And finally in Camden County in April of 2022 we had 745 houses on the market. In April of 2021, there were 787. In 2016 there were 1282 homes on the market in April.
These numbers combined with the fact that new home development is struggling to keep up with the population growth for 10 years leads me to believe that the housing market will remain strong.
If you are thinking about making a move and want to Net The Most, reach out to me for a free Customized Marketing Strategy.
Until next time I am Christina Swain with The Swain Team