Median Home Sale Price Decreases Slightly
ENOLA, PA (April 12, 2016) – The number of residential housing units sold in south central Pennsylvania increased 10.6 percent in the first quarter of 2016. According to the Greater Harrisburg Association of REALTORS® Multiple Listing Service, 1,775 units were sold, up from 1,604 units sold in the first quarter of 2015.
“REALTORS® in the Greater Harrisburg market are continuing to see motivated buyers,” says Jodi Diego, ABR, CNE, CSP, 2016 President of the Greater Harrisburg Association of REALTORS®.
“People are not waiting. Lower mortgage rates are enticing people who may have been sitting on the fence to take the plunge and move from renting to owning.”
Median home sale prices decreased slightly in the first quarter of 2016, from $151,125 in the first quarter of 2015 to $150,000 this year, which represents a 0.7 percent decrease, according to the GHAR MLS.
“As the economy continues to tick upwards, and we see real gains in wages and job growth, we’re seeing a comeback of first-time homebuyers. Lower interest rates are also appealing to people who have been looking to move up in the market, and we’re seeing them start to move,” Diego adds.
Listings stayed on the market an average of 89 days in the first quarter of 2016 – a decrease from an average of 104 days in the first quarter of 2015, which represented the fifth consecutive first-quarter decrease in average days on market. The number of active listings in the first quarter decreased to 3,753, compared to 4,251 active listings at the end of the first quarter of 2015.
Nationally, after increasing to the highest annual rate in six months, existing-home sales tumbled in February – the latest month for which full data is available – amidst unshakably low supply levels and steadfast price growth in several sections of the country, according to the National Association of REALTORS®. Led by the Northeast and Midwest, all four major regions experienced sales declines in February, according to research from NAR.
“Properties that are in good condition and priced right are selling very quickly. We’re experiencing multiple offers in all price ranges. There’s pent-up demand from people who couldn’t buy for a couple of years, and now they’re able to,” says Daniel Piscioneri, broker of record for and president of Century 21 Realty Services in Camp Hill.