Pike & Wayne County, PA Real Estate Sales Report for APRIL 2014

Pike & Wayne County, PA Real Estate Sales Report for APRIL 2014
Pike & Wayne Association of Realtors® Residential MLS Real Estate Sales Report for APRIL 2014

Pike and Wayne County came off of a cold, snowy winter so it will be interesting to see how 2014 shapes up. So far, we are off to a slow start however, the market does not appear to be oversaturated from years past in terms of inventory.

• Average Days on Market (DOM) is DOWN 6.6% which is a good indicator that inventory is moving faster. The Average DOM is now 218 days vs 229 in 2013.
  
• On the flip side, the Average Sale Price is DOWN 5.54% which indicates that although inventory is moving, the price is lower than in 2013. The Average Sale Price for 2014 is $135,065 vs $142,989 in 2013.
• Finally, the average list price is UP 1.84% in 2014. The Average list price for 2014 is $220,724 vs $216,732 in 2013.

You may be asking how many listings SOLD? What is the competition out there in terms of new homes on the market? How many active listings are on the market?

SOLD Listings: the chart below indicates that YTD we are 10% below where we were in 2013 however, keep in mind, we had one of the coldest winters on record. Overall, in the Pike Wayne Association of Realtors, we did not sell as many homes above $250,000 whereas MORE homes sold in 2014 in the $160,000 - $199,999 range than in 2013.

*Source: 2014 MLS and FBS

What is coming on the market?

April 2014 has been a busy month for NEW listings (however, looking back on January, February and March - all were down 10.7%, 31.7% and 8.4% respectively). We are up 15.7% over 2013 - more homes are coming on the market this month - we have some ground to make up as we are still down almost 5% from last year at this time. The biggest increase of NEW listings coming on the market in overall in 2014 is in the $250,000 - $299,999 range (just in April alone, we saw an 88% increase in this price range!!). Although, we see that we are not selling as many homes in that range YTD. Interesting that we sell more homes in the $160,000 - $200,000 range however, we have less homes in the $160,000 - $179,999 range coming on the market.

What is actively on the market?

YTD We are almost flat this month and this YTD versus last year at this time which indicates that we do not have an overly abundant amount of homes on the market - inventory is the lowest its been since 2008. Below is a list of how April has faired over the last 10 years in terms of Active Listings on the market.

April 2004: 913

April 2005: 1,190

April 2006: 1,609

April 2007: 2,093

April 2008: 2,188

April 2009: 2,307

April 2010: 2,422

April 2011: 2,298

April 2012: 2,458

April 2013: 2,258

April 2014: 2,211

Sweet spot for selling your home: $160,000 - $199,999

Looking in the $250,000 - $299,000 price range - the inventory is there!

For more information on the Pike & Wayne Association of Realtors® MLS Real Estate Sales Report for APRIL 2014 or to sell or purchase a home, please contact me at: