Transition Time

By Scot Chambers

scot chambers realtorTransition Time: As summer fades to autumn it is a time to reflect on the past and prepare for the months ahead.

One memory for me will be a successful High Performance Housing Tour. Several incredibly efficient house were open to the public, including some with 3-5,000 sq. ft. of living space that pay electric bills well below $100 a month. I cannot give a full description here but it was impressive to see what can be done when homes are built to Energy Star standards.

When reflecting on the housing market the news has been good this year. The slight decrease in the number of sales, stable sales prices, and the overall decrease in the days on the market are all indications of a healthy housing market in central PA.

As of the middle of August the following statistics* support this view:

The number of successful sales were down by ~10%. This indicates a healthy inventory, reflecting a nice balance of buyers and sellers.

Average sales prices have seen a slight rise (~1-2%), indicating stability and allows both buyers and sellers to determine accurate pricing without the pressures of the mercurial market we have seen in the past.

Days-on-the-market dropped on average 2 weeks, indicating once again a balanced market where houses are priced right, inventory is adequate, and conditions for buyers (i.e. interest rates) are appealing enough to generate activity.

A final positive note is that the data for State College (50% of real estate transactions in my local MLS occur there) the figures are nearly identical to the overall figures. This indicates that the trends we see are generally true in all parts of this area. That said it is important to remember that real estate is extremely localized and you should always resort to a qualified local Realtor for accurate information on what to expect in a specific area. National trends are interesting but do not assume.scott chambers realtor ad

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Transition Time
Transition Time: As summer fades to autumn it is a time to reflect on the past and prepare for the months ahead.