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Central Pennsylvania Real Estate Report

Thursday, February 3, 2011
by Don Roth

Central Pennsylvania Real Estate Report

 

Average Sales Price
West Shore
School District
October 2009
October 2010
Days on Market
Camp Hill
$189,869
$156,151
79/116
Cumberland Valley
$234,894
$271,152
106/64
West Shore
$812,266
$169,591
88/61
Northern
$231,593
$201,446
134/60
Mechanicsburg
$190,350
$204,067
58/81
East Pennsboro
$178,055
$198,450
62/102
East Shore
Central Dauphin
$176,217
$209,175
92/123
Derry Township
$285,399
$281,982
62/99
Harrisburg
$ 83,577
$ 65,564
100/84
Lower Dauphin
$199,019
$261,211
85/72
Middletown
$141,258
$152,164
80/124
Steel High
$ 77,103
$ 74,450

87/182
Susquehanna Township
$176,968
$150,182
70/70

 

Average Sales Price
West Shore
School District
November 2009
November 2010
Days on Market
Camp Hill
$201,900
$148,980
79/104
Cumberland Valley
$248,639
$277,533
68/110
West Shore
$200,547
$181,043
58/107
Northern
$228,233
$194,650
100/57
Mechanicsburg
$179,385
$157,319
92/69
East Pennsboro
$151,279
$186,271
75/68
East Shore
Central Dauphin
$177,627
$148,780
79/104
Derry Township
$222,578
$288,382
131/136
Harrisburg
$ 81,986
$ 59,497
64/68
Lower Dauphin
$209,484
$229,143
99/84
Middletown
$112,700
$139,500
60/87
Steel High
$ 108,967
$ 64,738

113/149
Susquehanna Township
$160,150
$157,266
54/96

 

Average Sales Price
West Shore
School District
December 2009
December 2010
Days on Market
Camp Hill
$159,725
$215,883
174/63
Cumberland Valley
$252,226
$275,893
111/115
West Shore
$194,431
$178,015
72/95
Northern
$199,756
$175,307
80/68
Mechanicsburg
$188,229
$226,874
60/110
East Pennsboro
$164,392
$138,260
55/93
East Shore
Central Dauphin
$182,435
$167,787
65/80
Derry Township
$289,291
$189,216
130/103
Harrisburg
$ 69,958
$ 62,138
120/135
Lower Dauphin
$212,463
$274,087
70/54
Middletown
$122,829
$154,688
52/137
Steel High
$ 70,667
$ 48,000

137/78
Susquehanna Township
$164,504
$153,279
69/240

If there is one subject that is constantly discussed, it is the state of the real estate market in the Greater Harrisburg area. I am always asked are homes selling and what sales range is the strongest. The short answer is that homes continue to sell in our market, but they are taking a little longer to sell than what we have experienced is the past few years and that trend probably will continue into the first half of 2011. Homes priced in the low to mid $100,000s are selling the best, if you will but we must remember there are traditionally more homes in this range than any other price range. But homes in all price ranges continue to sell in our market. We must remember that some of the unfortunate news that we hear about in some areas of the country are not being experienced by this market to the degree that other areas have experienced. Yes there has been a slowdown in sales and increases in foreclosures and short sales in this market and that trend will again continue in the near future.

Is there good news in the Harrisburg real estate market? Absolutely, mortgage rates, although they have increased recently, are still below 5% and most likely will increase slightly in the months ahead. Additionally, the average home sales price has held up remarkably well and in my opinion that will continue. And lastly if you are looking to purchase a home there is a great selection of homes to choose from in all price ranges. We will most likely never see the frenzy that we saw a few years back, but I have been in this business for over 19 years and we will see the normalcy of the early 2000s and we will experience excellent home sales numbers with appreciating, not depreciation average home sale prices. No the glass is not half full yet but we are getting closer. May you have a Happy and Prosperous 2011.

If you have any real estate questions please contact me at Don@DonRoth.com and if you would like to see the list of available homes for sale visit my web site www.DonRoth.com and click on the search listings tab and search away.

Mortgage Matters

Thursday, February 3, 2011
by Don Roth

Click Here to View Mortgage Matters.

Central Pennsylvania Real Estate Report June 2010

Thursday, July 15, 2010
by Don Roth

Have the real estate prices in the Greater Harrisburg market begun to stabilize? The answer right now looks that we, as I have been saying, are getting close; but my only concern is that we need one or two more months of validation. When comparing the number of homes sold in June 2009 vs June 2010, there was a 3% increase in the numbers and a 7% increase in the average sales price to $200,419. The average sales price did increase from previous months average that had been in the $180’s, so we just want to be sure that this is not an anomaly.

There are three primary reasons that one may say caused the gain; 1) the effects and benefit of the Home Buyer Tax Credit; 2) there are perceived values in the market and; 3) mortgage interest rates remain extremely low, such as 4.75% for a thirty year fixed rate mortgage. But something else occurred, the higher end (homes that sold in excess of $300,000) of the market improved substantially and the number of homes over $400,000 had a more dramatic increase on a year over year basis, consisting of 14% of the number of sales in 2010. So one month does not make a trend, but there are positives that are beginning to appear. I will keep updating the movement of the market and if you have any specific real estate questions, please contact me at Don@DonRoth.com. Enjoy your summer.

 

Average Sales Price
West Shore
School District
June 2009
June 2010
Days on Market
Camp Hill
$207,105
$210,822
47/69
Cumberland Valley
$275,774
$274,719
81/99
West Shore
$185,265
$176,950
64/60
Northern
$241,428
$215,042
98/113
Mechanicsburg
$179,917 
$213,903
64/52
East Pennsboro
$222,441
$177,397
81/53
East Shore
Central Dauphin
$175,821
$218,610
63/111
Derry Township
$244,788
 $268,814
86/72
Harrisburg
$ 85,580
$ 75,581
95/102
Lower Dauphin
$233,382
$220,843
58/90
Middletown
$138,847
$178,515
106/130
Steel High
$ 76,880
$ 71,975

153/141
Susquehanna Township
$173,245
$175,716
70/96

When reviewing the yearly comparisons between years for different school districts, there is usually a relatively small number of homes sold and when you have a few higher priced home sell, the month to month variance can be greatly exaggerated, up or down. Again, if you have any questions, please contact me at your convenience.

Central Pennsylvania Housing Statistics, January 2009

Wednesday, February 4, 2009
by Don Roth

The housing statistics for the suburban Harrisburg, Pennsylvania are in and the results show that there is still some decline in real estate sales in the area. The number of homes sold in 2009 declined by 20% compared to the same period in 2008, and the area saw a decrease in the average sales price of 7% in the same period. The sales results cover all of Dauphin (except Harrisburg), Cumberland and Perry Counties and portions of Lancaster, Lebanon and York Counties. These results continue the trend the area experienced for the last half of 2008.

But there is good news on the horizon since the number of pending sales (sold although not yet settled) increased from December 2008 to the end of January 2009 by approximately 9%. And many of us are seeing increased buyer activity and additional properly priced homes come onto the market. In addition, there is some positive news out of Washington to assist both home buyers and sellers for 2009. In November 2008, The National Association of Realtors® put forth a recommendation that the $7500 tax credit for first time home buyers be expanded to all home buyers and that the tax credit be replaced with just a plain credit, meaning that there would not be any repayment vehicle attached for any buyer. This idea has taken form in Washington and it has a good chance of becoming part of the President’s Stimulus Package working its way through Congress. And there also appears that Congress may look favorably on crafting a mortgage program where mortgage rates could go as low as 4 or 4 1/2% this year.

So when looking into the future I see better times ahead for both home buyers and home sellers. It will not happen overnight but the landscape is looking much brighter for people that are looking into real estate. STAY TUNED.

why as is? gas heat? recent taxes? central air? basement?

Tuesday, November 18, 2008
by Don Roth

Arthur asked the above question on Trulia Voices with reference to a home that is listed for sale AS IS in Camp Hill, PA. And my response was as follows:

Thank you for your inquiry. There are many reasons, as already stated, why a seller may not want to make the necessary repairs to a home that has been listed for sale. An additional reason may be indifference because with the market as it is right now, some sellers do not have the inclination or the "emotional attachment" to a home so they just place a home on the market and hope it sells. My recommendation is to engage a REALTOR® to represent your interests if you decide to move forward. Why? Because depending on the circumstances, you will need someone to navigate through the total process to insure that if you decide to purchase the home, you can get the appropriate loan to close on the deal, but more importantly, that you get to the closing table.

Thanks, Don.

And if you have any additional questions, please contact me at Don@DonRoth.com.

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