Central Pennsylvania Real Estate Report June 2010
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
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West Shore
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School District |
June 2009
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June 2010
|
Days on Market
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Camp Hill |
$207,105
|
$210,822
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47/69
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Cumberland Valley |
$275,774
|
$274,719
|
81/99
|
West Shore |
$185,265
|
$176,950
|
64/60
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Northern |
$241,428
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$215,042
|
98/113
|
Mechanicsburg |
$179,917
|
$213,903
|
64/52
|
East Pennsboro |
$222,441
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$177,397
|
81/53
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East Shore
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Central Dauphin |
$175,821
|
$218,610
|
63/111
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Derry Township |
$244,788
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$268,814
|
86/72
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Harrisburg |
$ 85,580
|
$ 75,581
|
95/102
|
Lower Dauphin |
$233,382
|
$220,843
|
58/90
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Middletown |
$138,847
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$178,515
|
106/130
|
Steel High |
$ 76,880
|
$ 71,975
|
153/141 |
Susquehanna Township |
$173,245
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$175,716
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70/96
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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.