ENOLA, PA (Jan. 18, 2016) – The number of residential housing units sold in south central Pennsylvania increased 10.4 percent in 2015. According to the Greater Harrisburg Association of REALTORS® Multiple Listing Service, 9,145 units were sold, up from 8,284 units sold in 2014.
In the fourth quarter (October-December) 2015, 2,147 units sold, a 3.1 percent increase from the 2,083 units sold in the fourth quarter of 2014.
“REALTORS® in the Greater Harrisburg market are seeing motivated buyers,” says Jodi Diego, ABR, CNE, CSP, 2016 President of the Greater Harrisburg Association of REALTORS®.
“People are not waiting. They see we have a good product, and they are moving.”
Median home sale prices increased in 2015, from $160,000 in 2014 to $163,000, which represents a 1.9 percent increase, according to the GHAR MLS.
Median home sale prices in the fourth quarter of 2015 decreased 2.9 percent, from $164,900 in 2014 to $160,000 in 2015.
“With a stronger economy and some real gains in wages and job growth, we could see a comeback of first-time buyers. Although the Federal Reserve recently raised interest rates, we are seeing newer mortgages with low down payments and private mortgage insurance,” Diego adds.
Listings stayed on the market an average of 85 days in 2015 – a decrease from an average of 92 days in 2014. In the fourth quarter 2015, the average number of days on the market was 81, down from 91 in the fourth quarter of 2014. That represented the fifth consecutive fourth quarter decrease in average days on market. The number of active listings in the fourth quarter decreased to 3,675, compared to 4,326 active listings at the end of the fourth quarter of 2014.
Housing inventory improved in Pennsylvania as the real estate market continued its recovery in 2015, according to a recently released report by the Pennsylvania Association of REALTORS® (PAR).
Statewide, home sales were up 11 percent at the end of 2015, compared to the end of 2014. We saw closed sales numbering 160,950, compared to 144,541 the previous year. And pending sales were also up nearly 13 percent at the end of 2015, over 2014, according to PAR.
“The Harrisburg market is remarkably stable compared to states like Florida or California,” says Gary Forsyth, broker of record for Keller Williams of Central PA East in Harrisburg. “A large part of the recovery we are seeing is due to the pent-up demand created by the last few years of below-average sales rates.”
About Greater Harrisburg Association of REALTORS®
The Greater Harrisburg Association of REALTORS®, established in 1916, represents 1,900 REALTORS® and provides leadership in adapting to advances in the industry. The Association is committed to promoting ethical and competent real estate practices and advocating the value of home ownership in Dauphin, Cumberland, and Perry counties.