Homes Sold in the Poconos - May Real Estate Market Trends 2014 (Monroe County PA)
HOMES SOLD IN THE POCONOS FOR MAY 2014 :
The Number of Homes sold in the Poconos during May was 190, UP 7% from 177 sold for May 2013. This makes 19 months in a row that we have seen the number of homes being sold per month RISE! We are on a Roll, a nicely positive roll.
Of the 190 homes sold in the Poconos for May, 67 of them were foreclosures, approximately 35% of the total sales for the month. This is NOT a percentage we like to see. We really want the foreclosure rate to be under 20% and stay there.
AVERAGE SOLD PRICE IN THE POCONOS FOR MAY 2014:
The Average Sold Price of homes sold in the Poconos during May was $124k, DOWN 17% from $150k from May of 2013. Given the percentage of foreclosures that were sold it is not surprising that the average sold price dropped this drastically. The only consolation is that it makes our year to date average sale price DOWN by 3%, which is a lot better than our monthly stat. Hopefully the amount of foreclosures will soon decrease and these numbers will begin to rise again.
YEAR TO DATE REAL ESTATE STATISTICS IN THE POCONOS:
The Number of Homes Sold for 2014 in the Poconos is 815 UP12% when compared to last year. This has now been 19 months of positive growth for the number of homes being sold. A Definite sign the real estate market in the Poconos is recovering, slow but sure.
The Average Sold Price for 2014 in the Poconos is $127k, DOWN 3% when compared to last year. A minor setback, we hope, when compared to previous months this year.
More Important Statistics to review in the Real Estate Market Trends in the Poconos for March 2014 are:
- The Absorption Rate - has dropped to 13 months from 15 months last year, however it has risen when compared to last month which had an AR rate of 12 months. It is the high listing time of year for Sellers and now the competition has just gotten stiffer.
- The Average Days on the Market(CDOM) - 167 days for May
- Number of Active Listings - dropped to 2236 versus 2238for last year
- Number of Pending Listings - rose to 285 when compared to 207 for last year
- The Sale to List price ratio - was around 94%