As part of our summer “road show” meetings (where our leadership team travels to regional centers to have a BBQ with the agents), we crunched the numbers for our midstate residential real estate market.
While our analysis of internal and MLS figures showed a basically flat market, I think there’s room to be pleased with a “steady on” perspective as we survey the second half of 2014.
For all midstate counties, residential home sales were off by 1.7 percent from 2013. Average sale price remained virtually steady in the $174,000 range. Average days on market to sell a home declined 3.8 percent to 89 – just under three months on average.
Lancaster County had the most closed sales at 2,291. Cumberland continued to have the highest average sale price at $214,544, and Lancaster also posted the best (lowest) days on market at 74.
The biggest changers versus the first half of 2013 were Lebanon County for home sales – up 8 percent. Adams County posted the strongest percentage increase in sale price from 2013, up 5.3 percent to $176,443. Days on market for homes selling in Cumberland County fell a whopping 10.7 percent this first half, to 91.
So let’s “steady on ’til morning” into the late summer and fall in Central Pennsylvania. With demand running strong and diminished stock of quality residential properties for sale, I would predict a nice bump in Q3 over 2013, which should fully offset the negative effect the prolonged winter in February had on home sales this year.