September 2020 recap of real estate activity in Springfield Township. Curious about what it all means? Message me to discuss or call direct at 215-520-7166. Email: firstname.lastname@example.org
New listings increased this month to 42 from 35 in both July and August. The median price for listings decreased from $489,000 in August to $419,500 in September.
Pending homes increased from 25 in August to 42 in September. 34 homes went under contract in September.
Inventory at the end of September was 48 with a monthly accumulation of 1.7 months based on current sales rates. The absorption rate dropped from 3 to 2.6 months indicating an even stronger seller's market in September.
30 homes reached the settlement table in September up slightly from 29 in August. Closings are more of a reflection of inventory and contracts written in previous months than they are a reflection of activity during the month in question. It typically takes between 30 and 60 days from an executed contract to a closing. The median selling price for closings in September was $432,500 up from a median of $415,000 in August.
The average days on market for homes closed in September was 17. This is down from an average of 31 days in August. It is important to note that this is for the entire Springfield market with homes ranging in value from $250,000 to 1.6 million dollars. While not always the case, homes in the higher price ranges typically take longer to sell than homes closer to the median. This was not the case in September where all but two of the sold homes were on the market for less than 30 days and 3 of the 4 million dollar homes sold in less than two weeks.