1st Quarter MLS Statistics for Harrisburg’s West Shore 2008

The first quarter results for real estate activity have been calculated by the Central Penn Multi-List, which serves the greater Harrisburg, PA region. Sales declined from the 1st quarter, 2007 to the 1st quarter, 2008 by 22%, or 401 less in sales. The number of days on the market increased by 12 days, quarter over quarter and the average sales price declined by 1% in the same period. The good news – yes there is good news – the median sales price increased quarter over quarter and the overall median price is the highest since the 3rd quarter 2007. The number of homes on the market for sale has increased ever so slightly since last year’s 4th quarter. BUT for some more good news for buyers and sellers today is that interest rates are in the 6% - 6 1/4% range, so the affordability is still in the market for buyers who are looking for a home.

To provide some additional perspective, I have segmented the West Shore municipalities:

 

2007 Sales

SP
DOM
2008 Sales
SP
DOM
Camp Hill
17
$184,668
36
27
$217,223
76
Hampden Twp.
 92
297,834
72
82
278,067
76
Mechanicisburg
34
179,687
45
20
166,196
54
New Cumberland

19
135,321
34
15
138,040
60
Lemoyne

8
155,363
53
12
156,983
36
East Pennsboro
58
185,091
33
52
199,954
51
Lower Allen

44
208,620
43
35
174,730
44
Upper Allen  
61
255,657
36
30
260,518
75
Fairview

32
278,281
64
28
273,860
79
Silver Spring
38
272,991
43
36
240,295
82

In my opinion, the real estate market is still adjusting to the turmoil nationally, but 2007 was still the fourth best sales year ever in the Greater Harrisburg market. And from what I am seeing, there are many qualified buyers that are looking to buy a home. Are the sales prices somewhat less than last year? Yes, but many homeowners have still experienced a very nice appreciation over the last few years. Finally, demand will increase, and we will see positive results going forward. If you have any questions please contact me at Don@DonRoth.com or visit www.DonRoth.com.

SP = Sales Price
DOM = Days on Market