Poconos Real Estate Market Report - August 2014
In reviewing the Real Estate market in the Poconos for August we begin by looking at our Average Prices. Average List Price of the Active Listings; Average Price of the Active Listings when they went under Contract - Pended; and then the Average List Price of the Home when it Sold.
You can see several important items when comparing these Prices in the chart above.
The Average Sold Price for the year has been fluctuating continually.
The Average Sold Price for August was UP from July.
The Pended Price and the Sold Price are still quite a bit below the Average List Price.
The Average List Price of homes in August of 2014 was still around the same as it was for September of 2013.
This difference tells us that in our Buyer’s Market, Buyers are still not willing to pay what is considered “Market Value” when these homes in the Poconos for sale come on the Market. It shows that many home sellers are having to make price adjustments on their asking prices on a regular basis to get Buyers to choose their home. If you want to compete, you need to Adjust Your Price.
The next chart will help to demonstrate how much competition that Home Sellers have in the Poconos Real Estate Market when you look at the Active Listings versus the Number of Sold Listings. It is a small percentage on a Monthly Basis when compared to the availability.
240 Sold homes in August compared to 2,584 available homes for sale! Whew!
For August the Average Sold Price stayed the same as last year HOWEVER, on a yearly basis our average sold prices are down 4.76%. Not the news we wanted to hear for year to day to August of 2014.
Foreclosures sold in the Poconos Real Estate Market Report for August were 30% of the total sales. One begins to wonder, Are we ever going to see a Normal Rate of Foreclosures in the Poconos again?
THE GOOD NEWS is that the Number of Homes being sold on a monthly basis in the Poconos Real Estate Market continues to exceed the previous years numbers for that month.
The Number of Homes sold for August of 2014 is 21.8% more than were sold in August of 2013.
ALSO, the Number of Homes that are Pending (under contract) in August is 302 homes, which is 49.5% ABOVE the 202 or August of 2013.
This is all great news. Now if we could get the average sold price for the year to be UP, we would really be recovering in the Pocono Real Estate Market!
Follow the Stats - it’s September! If you want to sell your home within the next 2 months, keep adjusting your price until you receive an offer. You just have too much competition in our market, and we are almost into Winter.
Review again the First chart above and compare the Average Active List Price compared to the Average Sold Price. The Average List Price in August was $182k and the Average Sold Price was $141k.
The Time is Now.
Are you looking to sell your home in the Poconos? Put the Benefits of working with a Realtor® who knows the status of the current Real Estate Market, has many years of Experience and Extended Knowledge of Real Estate in the Poconos to work for you. Together with our MAXimum Marketing and Brand awareness of RE/MAX we will get you to your Goal - SOLD!!
*originally posted at www.homesinthepoconosforsale.com