Lower Merion Real Estate Summary 2016
Lower Merion Real Estate summary 2016
Strong demand for residential real estate in Lower Merion Township continues in 2016. See statistics and relevant graphs at the following link:
Sales Breakdown by Property Type
Sales breakdown by Property Category
Condominiums (usually unit/flat): 171
Properties with Homeowner's Association (usually townhouses): 50
Other (usually singles and twins): 687
New Construction (could be of any type): 36
At the time of this post, there are 330 properties for sale in the township, less than 5 months supply given that approximately 75 properties sold per month in 2016. The less-than-6-months inventory and the 2.5% rise in average prices to roughly $615k make this a seller's market. The fact that more properties were listed in 2016 than 2015 by more than 4% gives one hope that more properties are coming to market to meet the growing demand.
3 - 4% of sales were new construction, with 2/3rds of these being single homes and the rest townhouses or flats. This is somewhat surprising, considering that one constantly hears that there are no building lots available. Most of the singles were built on existing lots in established neighborhoods, though there were some small developments, including Thistlegreen Court in Villanova, Gladwyne Commons in Gladwyne and Danley in Bryn Mawr.