Scranton Pa Real Estate Drops 11% In August

Real Estate Agent

According to a recent article in the Scranton Times, home values have dropped in the Scranton Wilkes-Barre real estate market.

Scranton Pa Homes

Home prices have shown a decline in recent years in the Scranton real estate market.  Price drops were not as fast or significant as markets in Las Vegas, Florida, Arizona and some parts of California. 

Those areas were hit hard and fast early on as a result of the real estate bubble.

  • CoreLogic a real estate data aggregation firm reported that in the month of August home values fell in the Scranton/Wilkes-Barre/Hazelton metro area by 11%. 
  • The report went on to say the Scranton Pa metro area fell more than any other metro area in the state.  11% is a substantial adjustment especially for home owners who purchased their homes prior to the real estate collapse.

Inman and other economic advisers predict we will not see a recovery in the market before 2020.

  • Buyers are watching statistics, and are far more educated about market trends than they were 5 or 6 years ago. The term buyers market certainly describes today's Scranton real estate environment.

Read the full article Scranton Pa Real Estate 11% drop.

It appears now that the trends seen in other markets are finally catching up here in Scranton Pa.

Comments (4)

Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA

Bonnie * I think that the DROP in INVENTORY available for SALE is because many unsold homes are going onto the rental market.  Our area has gone several days without new listings as owners leave the area and are looking for tenants!

Oct 09, 2011 09:53 AM
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Virginia seems to be more stable than other parts of the country.  Of course no matter what the newspaper says, sellers here still live in La La land.

Oct 09, 2011 10:12 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I feel that prices are still dropping in Lancaster also as I keep getting bombed daily with PRICE REDUCTION e-mails from other agents ! *L*

Oct 11, 2011 02:18 AM
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Michael,  You are not alone.  I see it here every day.  Pa was a little more insulated than other parts of the country.  In Northeast Pa we never had double digit appreciation.  Our values were slower to climb.  When the downslide started it took time to reach us.  Now it's here and more than 50% of the home sellers are still in La La Land.

I'm hearing of appraisals coming in lower than contract price on a daily basis.  One new construction was 57,000 below contract price.

Oct 11, 2011 03:10 AM