Despite the variables that affected the real estate market here in Center City, the 4th Quarter in Rittenhouse Square wrapped up with similar numbers as the prior year. Historically, we expect a dip in the market during the fall of a Presidential election, and with the added complexity of Covid-19 and a toxic political environment, it was interesting to see these numbers side-by-side.
Q4 in 2019: Average Sales Price $746,000, DOM 85
Q4 in 2020: Average Sales Price $717,447, DOM 105
Notably, the time the property was on the market to the time it went under contract (“Days on Market” or DOM) has increased, though the average DOM didn’t fall below 100 in all of 2020. While we are anticipating 2021 to be a strong year in our area, we are also acutely aware of buyer behaviors and wants during this time and are actively guiding Sellers using these observations to prepare their properties for the market. If you would like an assessment on how to be best prepared for your home to go on the market let us know – we would be happy to give you our thoughts on what to expect and how to maximize the value of your home.
