Market Reports Archives - Page 6 of 6 - Central Pennsylvania Real Estate

Houses Needed!

Did you know that inventory in our area is down 43% compared to last year at this time? 43%! What does that mean for you? Well, for starters, if you have been on the fence about listing your home, there has never been a better time. Qualified buyers call me every day looking for homes. Unfortunately, I just don’t have many to show them right now. With spring right around the corner, I think we will see a surplus of buyers and not enough homes currently for sale. This can often lead to higher price offers with a shorter amount of time on the market. Words that any seller is excited to hear.

If you are a buyer, don’t let this news discourage you. More homes will be coming on the market between now and spring. One thing to keep in mind is that you are likely to have a lot of competition when looking for homes. If you find a home that you like and the price is within your budget range, don’t wait. There’s a good chance the next person to tour the home will make an offer.

The house you saw today and wanted to think about until tomorrow may be the same house someone else looked at yesterday and will buy today.

Harrisburg Area’s Q3 Home Sales Among Best of the Last Decade

Home sales in the Harrisburg area turned in one of their best quarters of the last decade in the third quarter, according to the latest data from the Greater Harrisburg Association of Realtors.

The third quarter finished with 2,625 homes sold, second only to the second quarter of 2006 (2,697). It was the best third quarter in recent history, with data provided back to 2004.

There were 9,210 home sales in 2006, the peak for the Harrisburg area.

The third-quarter figure was up 5.7 percent from the second quarter and 13.8 percent over the year, according to the association.

The median-sale price was $165,000, up from $163,400 in the third quarter of 2014.

For just the month of September, Cumberland County posted 281 home sales compared with 257 a year ago, according to the association. In Dauphin County, there were 244 home sales compared with 240 last year.

The median sale price was $180,000 in Cumberland County, up from $175,000 last September; $150,000 in Dauphin County, up from $147,450.

There were 793 home sales in the Harrisburg area in September, up from 709 last year. That number includes sales in Perry County as well as portions of other counties, including Lancaster, Lebanon and northern York counties.

This Month in Central PA Real Estate

August has been a busy month in real estate according to the latest national statistics. If you are thinking of buying or selling, now might be the time.

Area’s Strongest 2nd Quarter in Home Sales Since 2007

The number of residential housing units sold in south central Pennsylvania increased 8.5 percent in the second quarter (April â€“ June) of 2015. According to the Greater Harrisburg Association of REALTORSÂ® Multiple Listing Service, 2,484 units were sold, up from 2,289 units sold in the second quarter of 2014.

â€œHome sales in the greater Harrisburg area increased in the second quarter of 2015, for the strongest second-quarter since 2007,â€ says Bernie Campanella, president of the Greater Harrisburg Association of REALTORSÂ®. â€œOverall, the market is up and continues to improve.â€

Median home sale prices increased in the second quarter, up nearly 5 percent from the second quarter of 2014. According to the GHAR MLS, the median sales price of residential homes increased to $169,000, compared to the median cost of $161,000 in the second quarter of 2014.

â€œThe median home sales price increased in the second quarter of 2015, jumping 4.96 percent over the first quarter of 2015. The median home sales price is the highest we have seen since the second and third quarters of 2008,â€ says Campanella. â€œI believe the rebound of median sales price, coupled with the increase in units sold, reflect a healthy real estate market in the greater Harrisburg area.â€

Listings stayed on the market an average of 87 days â€“ a decrease from an average of 93 days in the second quarter of 2014. The number of active listings at the end of the second quarter 2015 decreased to 4,785, compared to 5,370 active listings at the end of the second quarter of 2014.

Nationwide, existing-home sales increased in May 2015, the latest month for which national data is available. According to statistics compiled by the National Association of REALTORSÂ® (NAR), existing-home sales increased in May to their highest pace in nearly six years. Led by the Northeast, all major regions experienced sales increases in May. Total existing-home sales rose 5.1 percent to a seasonally adjusted annual rate of 5.35 million in May, from an upwardly revised 5.09 million in April. Sales have now increased year-over-year for eight consecutive months and are 9.2 percent above a year ago.

The median existing-home price for all housing types in May was $228,700, which is 7.9 percent above May 2014. The percent share of first-time buyers rose to 32 percent in May, up from 30 percent in April and matching the highest share since September 2012. A year ago, first-time buyers represented 27 percent of all buyers.

home-sales-on-the-rise The number of residential housing units sold in south-central Pennsylvania increased 10.9 percent in the first quarter (January â€“ March) of 2015. According to Greater Harrisburg Association of REALTORSÂ® Multiple Listing Service, 1,604 units were sold, up from 1,447 units sold in the first quarter of 2014.

â€œFor several quarters, the greater Harrisburg area has seen an increase in home sales. The first quarter of 2015 was no different, with sales were up, year-over-year,â€ says Bernie Campanella, president of the Greater Harrisburg Association of REALTORSÂ®. â€œThe overall area saw a double- digit increase in number of units sold, as well as a modest increase in both median and average prices.â€

Median home sale prices increased slightly in the first quarter, up 1.4 percent from the first quarter of 2014. According to the GHAR MLS, the median sale price of residential homes increased to $151,125, compared to the median price of $149,000 in the first quarter of 2014.

â€œOnce again, the greater Harrisburg area median sale price remained steady, showing stability in the market.â€ says Campanella. â€œMedian sale price stability is a positive sign for sellers, especially as local market activity increases and more buyers enter the market.â€

Listings stayed on the market an average of 104 days â€“ a small decrease from an average of 107 days in the first quarter of 2014. The number of active listings at the end of the first quarter decreased to 4,251, compared to 4,720 active listings at the end of the first quarter of 2014.

Nationwide, existing-home sales increased in both January and February 2015. According to statistics compiled by the National Association of REALTORSÂ® (NAR), pending home sales in February increased to their highest level since June 2013 as sizeable gains in the Midwest and West offset smaller declines in the Northeast and South. In February, total existing-home sales increased 1.2 percent from February 2014.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.2 percent to a seasonally adjusted annual rate of 4.88 million in February from 4.82 million in January. Sales are 4.7 percent higher than a year ago and above year-over-year totals for the fifth consecutive month.

The median existing-home price for all housing types in February was $202,600, which is 7.5 percent above February 2014. This marks the 36th consecutive month of year-over-year price gains and the largest since last February (8.8 percent).

Greater Harrisburg Area 1st Quarter 2015 Housing Statistics

Michael Pion