Wayne real estate market report
Wayne postal code covers lots of areas outside of Wayne itself, including areas of Upper Merion, Tredyffrin and even Chesterbrook.
Like many other local areas sales were up and inventory is down compared to last year. The median price jumped dramatically by $166,050 a 45% increase, more on that later, interestingly days on market also rose.
Attached home sales, town homes and twins, actually dropped year over year whilst all the other areas increased. Condo sales increased by 50% and detached homes doubled year over year.
These increases help to explain the big jump in median sales price. As the town home sales dropped, and detached homes rose then the median price will naturally rise dramatically. Also many of the attached homes may be new construction with higher price points that will also push up the median price.
Inventory is only slightly lower than last year, so this may help explain the days on market increasing rather than dropping like other markets where there has been a substantial drop in inventory.
Although inventory has remained stable the rate of sales has increased, so like other areas the absorption rate, the time it would take for all homes to sell theoretically if no others came on the market dropped to just over 4 months meaning there is more competition between buyers for the homes on the market.
Another interesting fact is that sale price to list price dropped by 2% indicating that buyers are being more demanding, or sellers have been over pricing and the market has decided that prices were too high.
The days on market is another indication of this as days on market increased from 45 to 75. Now, if many of these sales were new construction it may extend this statistic, if not, then buyers are not committing to buy in the Wayne market as rapidly as elsewhere, where we are seeing days on market drop.
Like any market there are opportunities, as days on market has risen it means there is more choice for longer, allowing buyers to make an offer, as we can see from the sale price to list price drop.
Much of Wayne is in Tredyffrin Easttown School District so if you are thinking of buying or selling contact Nick Vandekar, Tredyffrin Easttown Realtor with Long & Foster Real Estate, Inc. at Nick@VandekarTeam.com, office 610-225-7400, cell or text 610-203-4543. We have many positive reviews for buyers and sellers and we are prompt to answer or return calls if with another client.