In the Lower Merion School District, the housing market data from July 2007 to (end of) September 2007 showed some surprising results, as compared to the negative data we have been bombarded with from the main stream media. Then again, nothing sells like bad news, except worse news.
The lowest sales price for a home in Lower Merion township was $90,000 (I can only imagine the shoebox that home must be!), with the highest selling home (or should I say Main Line Mansion) sold at a mere $4,495,000. The home was originally listed at $3,999,000.
If you are thinking of buying a home on the Main Line, better get out your checkbook and get ready to pay. The average (yes, AVERAGE!) listed price for homes on the market was $733,256. That means half of the homes on the market for sale were for higher than $760,000, and half lower. And to think, I was worried about paying for my three kids' college funds!
The negative news: The average days on market (DOM) was 62 days for Q3-2007, as compared to 45 DOM for June 2006.