Existing owners of 55+ Active Adult Communities sell their homes at a rapid pace in the third quarter of 2020. This post highlights the number of sales, days on market and sale prices of homes that sold in the 3rd quarter of 2020 in 55+ communities in greater Philadelphia. It’s purpose is to educate and guide our clients to making the best independent living decisions possible.
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While this data is compiled from the source data available to real estate agents via Bright MLS, every transaction is different. Individual sellers require an independent evaluation of their real estate to determine how the following statistics apply to their homes and goals. (Contact us here, if you would like utilize our expertise and resources.)
The following brief synopsis is based on information from Bright MLS for the period July 1, 2019 through September 30, 2020. It represents homes located in 55+ Communities in the eleven counties that surround Philadelphia, PA.
Sales of existing 55+ homes in the greater Philadelphia area rose dramatically in the third quarter of 2020. According to Bright MLS data, 678 55+ community homes sold, up 72.08% from the previous quarter and 3.51% up from the third quarter of 2019.
The large percentage increase in the third quarter of 2020, as compared to the second quarter of 2020 is likely due to the Covid 19 pandemic that effected most, if not all of the greater Phildadelphia real estate market.
The MLS data showed existing home prices of 55+ Communities appreciating in the 3rd quarter 2020 as compared to the 2nd quarter in 2020 by 6.64%. The same data set appreciated 4.24% as compared to the same period in the prior year.
Finally, for the third quarter of 2020, the number of days on market for 55+ homes in Philadelphia decreased by 22.26% as compared to the 2nd quarter of 2020 and by 6.35% as compared to the year over year data.
The chart below represents the residential existing home sale data for 55+ Communities in greater Philadelphia.
S3Living offers this data to its clients on a more specific basis at their request and can narrow the data to any 55+ Community in Philly. This may be helpful for someone looking to find out the best time to move to, or sell a home in any given 55+community. Reach out to us here to request the specific data that interests you.
Reach Out for Help
One of the best ways to make decisions about senior living is simply to reach out to those who can provide you with information and options. You want the ideas and support that come from their experience. At S3Living, we can provide that to you through a range of solutions. We offer services such as:
- Buyer representation for continuing care retirement communities
- Buyer representation for 55+ active adult communities
- Home selling services
- Additional services including moving and relocating help
S3Living Can Support You in Your Move to Retirement
Retirement and selling your home can be complex decisions with so much riding on them. That is why it helps to have someone by your side to work through the process with you. At S3Living, our team is here to support you through a range of services designed to give you insight into all of your options for senior living. Give us a call at 833.405.0263 to learn more.