Market Report & Homes Sales: Furlong PA 18925 January 2014
The median sales price for homes in Furlong PA for October 13 to January 14 was $398,750. This represents an increase of 7.8%, or $28,750, compared to the prior quarter and an increase of 17.1% compared to the prior year.
Sales prices have depreciated 0.3% over the last 5 years in Furlong. The average listing price for Furlong homes for sale was $551,224 for the week ending January 1, which represents an increase of 7%, or $36,066, compared to the prior week and a decline of 3.6%, or $20,369, compared to the week ending December 11.
Average price per square foot for Furlong PA was $235, an increase of 43.3% compared to the same period last year.
Furlong Summary
The median sales price for homes in Furlong PA for October 13 to January 14 was $398,750 based on 22 home sales. Compared to the same period one year ago, the median home sales price increased 17.1%, or $58,365, and the number of home sales decreased 12%.
There are currently 75 resale and new homes in Furlong including 3 open houses, as well as 15 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The average listing price for homes for sale in Furlong PA was $551,224 for the week ending January 1, which represents an increase of 7%, or $36,066, compared to the prior week.
The 2014 Forecast:
Existing-home sales are expected to retain the healthy gains seen this year, while prices will stay on an uptrend in 2014.
- Limited supplies were the biggest factor in price performance in the past year, with inventory bouncing around 13-year lows so expect inventory shortages to be felt again next spring.
- Nationally, the supply of homes for sale stands at five months' worth. (Months' supply is a measurement of how long it would take to sell everything at the current pace of sales. A market balanced between buyers and sellers has about six months' supply of homes.) The current level slightly favors sellers!
- Mortgage reform is kicking in on January 10, bringing significant changes to home loan fiancing. That may bring some changes to the market that may impact current predictions.
Source: Trend MLS and Realtor.com
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