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.