The number of homes sold in Central PA and the greater Harrisburg area increased slightly (3%) over the sales results for 2013 continuing a positive trend we have experiencing over the past few years. But the increase is growthsmaller than the approximately 10% increase in sales in 2013 over 2012. But there is also some additional positive news in that the average sales price increased to $187,076 in 2014 and the days on market before a home is under contract now stands below 90 days.

What does 2015 look like? I think the trend will continue to look positive with respect to the number of sales and the average sales price. Although I do not expect these numbers to go off the charts, I am anticipating a steady rise similar to the years prior to the financial crisis. Why?  Some of the increase, I believe, will come from a decision that the federal government (FHFA) made recently to decrease the insurance premium on FHA mortgages that would save a borrower approximately $75 per month on a $180,000 mortgage. And since approximately 15% of all sales in 2013 and 2014 were financed by this type of financing this should provide some stimulus to the sales market. And although higher mortgage interest rates have been called for by the experts for the past year, the current interest rate for a 30 year fixed rate mortgage is between 3.75 – 4.00%, which does positively impact affordability. I do though anticipate mortgage rates to increase, by how much I do not know but it will impact some potential buyers.

All that said you can see a positive trend has emerged and I anticipate it to continue in 2015. If I can be on any assistance or provide any information please contact me at your convenience.

Don Roth

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The information compiled by me came from our local Multiple List which comprises primarily Cumberland, Dauphin and Perry counties with some additional info from Lebanon, Lancaster and York Counties.