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ALL REAL ESTATE IS LOCAL!

Despite what you're hearing about "Real Estate" and the "Housing Market", one market is drastically different from another. People often speak in national terms, or talk about struggling real estate spots, opposed to focusing locally. Another thing you usually don't hear (but is very true) is that every Real Estate market,whether depreciating, appreciating or staying steady, is good for SOMEBODY, whether its sellers, buyers, investors, first time home buyers, upgraders, downgraders, people selling & moving to another area, etc. Each market is usually good for more than one segment.

Here are some statistics to explain the current situation in Montgomery County, PA (source: Trend MLS):

2006:

Average Sale Price: $336,793

Units Sold (Residential, Multi Family, Commercial, Lots): 11,453

Average Days on Market: 54

2007:

Average Sale Price: $337,782

Units Sold (Residential, Multi Family, Commercial, Lots): 10,351

Average Days on Market: 65

% Changes - 2006 vs. 2007

Average Sale Price: Increase of less than 1/2 percent

Units Sold: down about 10%

Average Days on Market: Increase of less than 20%

To discuss your local market, or your real estate needs and/or questions, contact me. I'm glad to help.

Jordan Mariano, ABR

Weichert Realtors

jmariano@weichert.com

www.jordanmariano.com

Direct: 215.896.0104

215.643.7776 x182

Posted by Jordan Mariano, ABR on 02/22/2008 07:34 PM

Comments (8)

montgomery county, pa, lansdale, north wales, hatfield, ambler, north penn, methacton, souderton, jordan mariano, real estate, statistics

This post has been included in Pennsylvania Information Montgomery County, PA Information

8 Comments on ALL REAL ESTATE IS LOCAL!

FEB

2008

Great to see someplace else prices are holding and rising slightly. Get that message out. It is all local

It's a shame the media doesn't have a better grasp of that. Real estate is local! After more then 15 years in the business I just had my best January ever for closings. I had another acceptable offer late today and my office is busy also. No, I am not selling homes in Vegas, FL, OH, MI or a number of other places. We did have a price drop in our area, the median price of a single family home "fell" about 1%. We also happen to now have LESS inventory then last year.

Don

www.nyhomeseller.com

You are right. I am hearing there are still pockets of strength in this country right now like Seattle for instance.

FEB

2008

Thank you all for your responses. A lot of buyers & sellers are on the sidelines, waiting to see what happens. I think they need to know that this market may be good for them. Montgomery County, PA market (like all other markets) is not good for EVERYONE right now, but they should at least be looking into it with a REALTOR instead of relying on what they hear from family, friends & the media. Those sources often provide generalizations and/or inaccuracies.

Thanks, Jordan Mariano, 215.896.0104, 215.643.7776, jmariano@weichert.com, www.jordanmariano.com

MAR

2008

Great post Jordan. Great points to keep in mind that all real estate is local and buyers and sellers should contact a Realtor in their area for specific information.

Thanks Richard - I agree. This market is confusing for buyers & sellers. They should contact a REALTOR, and if buyers can receive representation from a REALTOR free of charge, they should take advantage of that.

Jordan Mariano, ABR, REALTOR, www.jordanmariano.com, jmariano@weichert.com, 215.896.0104, 215.643.7776x182

APR

2008

Good post
That give you two great opportunities. Many of you up there are selling homes for folks who are retireing. They are getting a good price in their area. We are in Smith Mountain Lake Va and this is a retiremsnt destination. Our prices are down a bit now so this is the time to buy. Send them my way and you benefit again. We all end up happy.

APR

2008

Sounds good Barry. I'll keep it in mind.

Jordan Mariano, ABR, REALTOR, www.jordanmariano.com, jmariano@weichert.com, 215.896.0104, 215.643.7776x182

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