At the end of 2016 we noticed something that hasn’t occurred since before the market crash of 2008. As of today, we currently have the lowest home inventory in the greater Philadelphia area since March 2007. What does this mean? Simply stated the real estate market, in our area, has currently seen a shift to not only a seller’s market but a fierce and ferocious seller’s market. Currently the housing inventory stands at a 3.4 to 3.7 month supply of homes available on the market. This means that if no new homes were placed on the market, that in just a little over 3 months there would be no homes available to purchase.
In Chester County, PA alone there are less than 2000 homes currently available for sale. The peak of the inventory being in 2011 when there were almost 4500 available. Real estate is a supply and demand industry. So in a seller’s market we see supply is low and demand is high and this equates to homes selling at higher price points and with a great potential for multiple offer situations. Conversely, in a buyer’s market the home supply is high and demand is low and this in turn lowers home prices in order to make homes more marketable and attractive to purchase.
If you recently had your home on the market and it didn’t sell we can tell you that it wasn’t because of the market. If you are interested in finding out why your home didn’t sell previously, contact us so we can set you up with one of our listing specialists for a free home market consultation. Lastly, if you are thinking about selling your home, DO NOT HESITATE so you can capitalize on this fierce and ferocious seller’s market. If you have been considering waiting till the spring to put your house on the market, do not wait another day because the spring market is already here! Please contact us immediately to take advantage of this fierce and ferocious seller’s market.