My Biggest Party Question - How's the Real Estate Market?

By
Real Estate Agent with Joy Daniels Real Estate Group, Ltd.

My biggest party question is “How is the Real Estate Market” and my canned answer is “It’s great!”   The market is entirely different depending on where you live.  Some neighborhoods are doing quite well and others are not doing well at all.  That’s why buyers and sellers should not rely on reports they hear on TV or even reports on a broad local market as specific neighborhoods really tell the true story.   We don't have the capability to know how many buyers are out there in the market, but we do have the information on listings and days on market that are important market indicators.   The stock description is . . . A Buyer's market is a market with few buyers and many sellers and A Seller's market is a market with few sellers and many buyers.

I am happy to say in Central PA the existing-home market appears as healthy as it has been for some time in Central PA.   The number of units sold in South Central PA increased 3% in the 2nd quarter of 2014.  We believe the market is poised to improve.  The median price of $161,000 for an existing home has been consistent since 2012.   The good news is the existing home inventory has declined to an average 6 month supply at that current median price.   Days on Market for home listings average 93 days, a decrease from an average of 102 days in 2013.   Not only have the number of sales increased, but the average days on market has decreased and the number of homes under contract at the end of the second quarter is the highest it’s been in 4 quarters.  The greater Harrisburg area saw an increase in units sold, coupled with a slight dip in median sale price in the month of June.  Units sold increased 13.2%, while median price decreased .3% from June 2013. 

On top of this good news, mortgage loans are still cheap!  The national average on the 30 years fixed rate loan is below 4.3%.   These are 2014 lows!  

 

The Seller Specialist at Joy Daniels Real Estate Group knows the market.  They are knowledgeable and experienced and study the market, they will know how to advise you regarding the current real estate market.  Let us help get the top price for your home.  We are just a phone call away 717-695-3177.

Posted by

Joy

Joy Daniels, GRI, ABR, CSP, e-PRO
JOY DANIELS REAL ESTATE GROUP, LTD
2793 Old Post Road, Suite 200
Harrisburg, PA  17110

(717) 695-3177  office - Call TODAY and let me help you find your dream home!

www.joydaniels.com

Joy@JoyDaniels.com - Email TODAY and let me help you find your dream home!

What is your home worth?  Find out at MLS Market Snapshot

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Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

My canned answer is "stop by the office sometime for coffee and we'll talk about it"

Aug 30, 2014 06:03 AM #1
Ambassador
2,581,948
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I also get that question very often and I will usually have to ask where as my market area is on a 3 county intersection

Aug 30, 2014 07:07 AM #2
Rainmaker
921,834
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

I like your canned answer Tammy - thank you for sharing it.  I may just add that to my "great!" answer.  :)

We have the same situation Ed, we serve a 5 county area. . . I know that market is very local, right down to a particular street within a community!

Aug 31, 2014 12:20 AM #3
Rainmaker
3,547,474
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Joy - you're right it's a common question and one we need to be fluent when asked and how we answer.   I typically respond with a question asking where they live(or want to live) or let them it's a great question that varies with location and timing.  

Aug 31, 2014 01:58 AM #4
Rainmaker
921,834
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

Thanks Michael.  It is a great question that can raise a lot of "opportunity" for us!

Aug 31, 2014 02:43 AM #5
Rainer
48,811
Angela Griffith
Downing Frye Realty, Inc. - Bonita Springs, FL

Well, the good news is that the people at the party know and remember that you're in real estate!

Aug 31, 2014 04:41 AM #6
Rainmaker
921,834
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

:)  you are so right Daniel - thank you for pointing that out to me!

Aug 31, 2014 06:05 AM #7
Rainmaker
3,297,790
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Joy Daniels  the best part is now we are having these conversations again, I love it. Just to give you an idea yesterday I was working with an out of area buyer and managing one escrow as well as working on two listings...clearly today I am catching up with a few unfinished conversations and follow ups...you are so right Joy,Real Estate is so local! On a side note love the new Profile Picture!Endre

Aug 31, 2014 06:13 AM #8
Rainmaker
921,834
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

Thanks endre.  :) We have to update pictures from time to time. . . something I do not enjoy, be realize needs to be done.  I enjoy reading about your "local" real estate and how different it is from my local real estate!

 

Aug 31, 2014 06:18 AM #9
Rainmaker
5,675,715
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is a great topic and everybody needs to be ready with an answer. 

Enjoy the Labor Day holiday!

Aug 31, 2014 09:55 PM #10
Rainmaker
921,834
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

I had a great Labor Day and I hope you did too Roy!  You are right, I should do a post where we can all share our answers.  

Sep 03, 2014 10:17 PM #11
Rainmaker
3,297,790
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Joy, to me it is like a Slogan if it works keep it, this picture of me was taken a hundred years ago my great grand son looks like this now but it is OK with me:)))))))))))Endre

Sep 06, 2014 04:16 PM #12
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