The number of properties that changed hands in the first nine months of this year is higher than it has been the three prior years.
According to a Prudential Home Expert Report, 237 homes were sold from January through September this year. The previous years that number was 210, 166 and 201.
Compared with the same time period last year, Radnor was the sixth best percentage-wise out of nine Main Line municipalities included in the report.
The median price of a home sold in Radnor decreased 1.8 percent to $550,000 from $560,000 last year. The previous years that number was $585,000 and $510,000.
The average days on the market for homes that sold in Radnor for the first nine months of the year decreased by 10.6 percent from 93 last year to 83 days, according to the Prudential Fox and Roach report.
In the grand scheme, pricing on the Main Line has remained very stable, but homes are selling at a lower price. A lack of new construction also brings down the average sale price because resold properties are not usually highest prices in market, said Steve Storti, Senior Vice President of Marketing for Prudential Fox & Roach. The other thing that affects pricing is whether there are multiple offers on a home.
So why aren’t move homes moving? After all, interest rates for borrowing are “astronomically low,” he said. Because regulations have made the borrowing process more rigorous and you actually need employment and income verification to get a loan (yes, there was a time when you didn’t).
“That’s taking some portion of people out of the market, but maybe they shouldn’t have been in the market to begin with,” Storti said. “If you’re employed, have good credit and your income should sustain payments, you shouldn’t have any problem getting a mortgage.”