We were just looking at our MLS sales stats for the Central PA counties we service and couldn’t help but notice that while home sales are steady (some a bit up, some a bit down from last year), new listings are flooding the market and driving inventory up.
So what does this mean for the midstate real estate market? Anecdotally, I would venture that we’re going to see a blunting of the much-anticipated “sellers market” return in 2013. Apart from Cumberland County, the picture in all local counties is one of increasing inventories outweighing the gains in sales.
Since we’re still early in the 2013 selling season (April through mid-July), this could simply be sellers jumping in to take advantage of all the press out there that this is the “turning” year for the market. In that case, new listings should slow into June and help bring things into balance.
In the meantime, homebuyers will tend to have a great selection to choose from in many places. Be sure to look closely at listing prices and make thoughtful offers… sellers should be ready to negotiate. I was just in our York County office teaching marketing classes and heard all about how busy our agents are this year compared to the last few. Indeed, this is shaping up to be a busy year for real estate!