What’s happening the south central Pennsylvania market right now?
According to the National Association of Realtors, we’ve seen an $11,800 increase in average residential home values in the first four months of 2017 compared to the first four months of 2016. That’s a pretty significant bump; about 6.7% appreciation. We haven’t seen that kind of appreciation since the 2007 and 2008 market.
We’ve also seen a change in inventory levels. In the first four months of 2017, there were actually 471 fewer homes for sale than the same time last year, which is about a 10% decline. Conversely, 139 more homes sold this year compared to last year; a 5.3% increase in sold homes.
When you have fewer homes listed and more homes sold, you get a decline in inventory. Any time you have a decrease in supply and demand that stays the same or increases, you get an increase in average prices.
Our market is a very strong seller’s market. In fact, it’s one of the stronger seller’s markets that I’ve seen in my 15 years in real estate. We haven’t quite reached the point I thought we were at in 2007 and 2008, but we are seeing homes going on the market and getting a barrage of showings. This can be inconvenient for sellers, but if homes are priced right, they might receive multiple offers.
If you have any questions at all about real estate or you’re thinking of selling your house, give me a call or send me an email. I’d be happy to help you.