Schuylkill Real Estate Market Update: 1Q 2013

By
Real Estate Broker/Owner with Erica Ramus - Ramus Realty Group - Pottsville, PA RM420589

Schuylkill Real Estate Market Update: 1Q 2013

U.S. home prices posted their strongest gains since 2007. According to the S&P/Case-Shiller national index, prices rose 10.2% in the first quarter (report released 5/28/2013). Schuylkill County followed the national real estate trends.

Real estate sales in the first quarter of 2013 in Schuylkill County were up year-over-year, both in number of units sold and in total dollar volume. There were 176 residential units reported sold in 2013 versus 155 a year ago - that's a 14% increase in transactions and a 7% increase in dollar volume.

Average closed price in the first quarter of 2013 was $86,631 (a 7% increase from a year ago) and the median sales price was $69,900 (up a whopping 31%!). Those are not small numbers, and while we're still waiting for final May closings to hit the database, the trend did follow in April at least. April saw a solid 16% increase in number of closed sales compared to April of 2012.

We're still significantly down in number of sales from our peak years in 2006-2007. The first quarter of 2006 saw 274 residential transaction and 2007 had 267. From there the numbers dropped to 217 (2008), 172 (2009), 196 (2010), 171 (2011) and 155 (2012). The fact that we're back up to 176 in 2013 leads me to conclude we've seen the bottom and are slowly edging our way back up the chart.

Online Graphing  

The blip we saw in 2010 with the jump in sales was due to the tax incentive the government used to pump up sales artificially. This did cause more buyers to jump into the market, perhaps earlier than they might have without the tax break.

For those wondering about marketing time, they are also shorter than a year ago. A year ago average days on market was 158, while we're at about 129 now. Priced properly, houses are moving and we're finally seeing some long-term inventory selling. Once we make our way through the excess inventory that built up over the past few years, then we'll finally start to see prices increase.

Schuylkill Real Estate Market Update: 1Q 2013

   

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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
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Erica - Thanks for the excellent list of information about Schuylkill, Pennsylvania real estate market update, 1Q 2013.

May 28, 2013 05:44 AM #1
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