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Thursday, October 25, 2012

Greater Pennsylvania Real Estate Market Update – October 2012

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Thank you for visiting my blog! Today, I want to share with you some important statistics that help to show the condition of our marketplace as we head into the cooler months of the year.

Right now we have 3,568 homes on the market for sale and in an average month the number of homes being sold is 411. That is a great number! Amounting to just under 14 homes sold each day on average, this is a good indicator of strengthened consumer confidence – particularly in the housing market.
For an in-depth look at these stats, Click Here >>

Now, these sales could be because of the Presidential election as many speculate, however in my experience I would say it has a lot more to do with the record setting low interest rates we are seeing in the industry these days. With the government not doing much to raise the base rate, we can expect for at least a little while longer, for these interest rates to hover at these amazing lows.

Inventory levels have come down from 10 months’ of supply last year at this time to 8 months this year. What this means is that if no new properties were to come on the market, it would take 8 months to sell all the homes that are currently available.

On a countywide scale, our average number of Days On Market is currently at 97 days. If you look at my listings alone, the average number of Days On Market is just 59 days – meaning that I am selling homes faster.
A more detailed explanation can be found by Clicking Here >>

What does all this mean to you as a buyer or seller?
For sellers, clearly this is a great time to list your home. With inventory moving down and demand increasing sellers are enjoying much more success than they have had over the past several years.

Times are not tough for buyers either as they are still able to lock in amazing interest rates on 30-year fixed loans and even better on 15-year notes.

If you would like to explore your options, discuss your real estate needs or even just inquire about real estate in general – I invite you to contact me today.