If you have been thinking about selling a home in the Philadelphia area in the near future, then there are some Philadelphia Pennsylvania home selling statistics that you should be aware of to help guide you through the process. The real estate market is constantly changing, so it makes sense to be armed with the most current information before putting a home, or condo on the market. When planning a strategy for selling, there are three major areas of information that a person should keep their eyes on, as they go forward with the process. The Market Action Index (MAI), the average number of days homes are on the market, and the median home price average, which is usually a quarterly measurement. Below are the details on these measurements, and what they mean to you if are planning to put your home on the market in the near future.
Is it a Buyer Market or a Sellers Market?
This is a question that most people ask when they are thinking of selling their homes. Knowing the type of market you are involved with will have a lot to do with how much your asking price should be, and will play a role in the length of time you are willing to have a home for sale. In most markets, there is an index that fluctuates up, and down depending on what’s happening with home sales in the area. Home selling in Philadelphia is no different. The Market Action Index (MAI) in the Philadelphia area is currently in the low eighteens. This is based on a scale that indicates that anything above thirty would be considered a sellers market. Currently, the mark of eighteen would indicate that it’s still easily considered a buyers market. This means that if you are looking to sell quickly you will have to price your home very competitively in order to receive offers in a reasonable time frame.
How Long is Selling House in Philadelphia Taking?
Knowing what type of market you are involved in is an important factor when placing your home on the market. Having an estimated idea of how long it’s going to take to sell will give you a way to plan ahead. Obviously, it’s impossible to tell with any certainty how long a home will be on the market, but there is an average that most real estate markets establish for themselves. The current trending is on a downward pace. The average that home selling in Philadelphia is taking is just over 200 days. You can plan better, and price your home accordingly with how the market is selling by knowing how long it’s taking.
What is the Average Home Selling For?
It really depends on the area that you are living in. Upper income residential areas are considered at the top of the median home pricing scale, whereas lower income areas are at the latter. Homes in various neighborhoods are priced by the square foot, and that is also a consideration when it comes to upper and lower class residential homes. When pricing a home it’s important to know what other properties are selling for per square foot, and that are similar in size and amenities.
Knowing what market factors are happening when selling a home will allow a home to be priced in the most effective way. Using Philadelphia Pennsylvania home selling statistics should be a key part in any research before placing a home on the market.
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