The real estate market continues to tread water in the Central Pennsylvania market, according to the sold numbers for the month of April 2009 when compared to April 2008. The average sales price declined from $189,197 in 2008 to $184,702 in 2009, a decline of 2%. The average days on the market before a home was placed under contract increased by 8 days to 85 days in 2009, but it should be noted that this comparison is returning to the normal comparison that we experienced in the early 2000s. I think the most interesting statistic is that the number of VA and FHA loans as a percentage of closed transaction increased to 39% in April compared to 19% in 2008. This trend will continue to increase for the rest of the year since these financing vehicles are more consistent in comparison to what the conventional no government loans were previously. The rates are comparable to conventional loans and this increase in these types of loans reflects the new reality that we are recognizing in the financing arena. Below are some comparisons of local municipalities in our market.

Average Sales Price April 2009
West Shore
Municipality
2008
2009
Days on Market
Camp Hill
$218,983
$132,125
56/78
Mechanicsburg
$130,040
$144,918
28/62
New Cumberland
$165,060
$159,075
5/49
East Pennsboro
$156,146
$234,211
67/89
Hampden Township
$316,032
$244,700
68/74
Silver Spring Township
$278,531
$224,058
67/93
Upper Allen Township
$186,707
$191,458
39/105
Lower Allen Township
$186,132
$200,151
68/112
Fairview Township
$239,169
$207,100
52/66
East Shore
Lower Paxton Township
$253,376
$180,743
78/81
Derry Township
$234,795
$282,989
42/70
Susquehanna Township
$167,135
$182,258
62/96
Swatara Township
$153,904
$154,138
63/111
Paxtang
$134,950
$144,200
97/29
East Hanover Township
$239,000
$234,211
69/30
West Hanover Township
$245,122
$213,054
87/65

 

In some instances, you see a large variance in either the average selling price or days on market and this is looking at a small time frame of 30 days and that can be caused by one or two large sales or by custom homes being entered into the Multi List and showing zero days on the market. If you have any questions about your local municipality, please contact me at your convenience.