Median Home Sale Price Increases 3.9 Percent
ENOLA, PA (Jan. 17, 2017) – The number of residential housing units sold in south central Pennsylvania increased 8.8 percent in 2016. According to the Greater Harrisburg Association of REALTORS® Multiple Listing Service, 9,951 units were sold, up from 9,145 units sold in 2015.
In the fourth quarter (October-December) 2016, 2,431 units sold, a 13.2 percent increase from the 2,147 units sold in the fourth quarter of 2015.
“REALTORS® in the Greater Harrisburg market are seeing motivated buyers,” says John Esser, CNE, CRS, 2017 President of the Greater Harrisburg Association of REALTORS®. “We are seeing homes that are well-maintained and move-in ready moving quickly. The average days on market in the GHAR MLS area has decreased year-over-year, from 85 days last year to 71 days this year.”
Median home sale prices increased in 2016, from $163,000 in 2015 to $169,500, a 3.9 percent increase, according to data from the GHAR MLS.
Median home sale prices in the fourth quarter of 2016 increased 6.3 percent, from $160,000 in 2015 to $170,000 in 2016.
“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 – for only the second time in the last 10 years – mortgage insurance premiums are slated to drop by 0.25% beginning January 27,” Esser adds.
The decrease in days on market for 2016 represented the sixth straight year days on market had dropped. In the fourth quarter 2016, the average number of days on market was 66, down from 81 in the fourth quarter of 2015. That represented the sixth consecutive fourth-quarter decrease in average days on market. The number of active listings in the fourth quarter decreased to 3,210, compared to 3,675 active listings at the end of the fourth quarter of 2015.
Newly-built, single-family home sales increased 5.2 percent in November, the latest month for which data is available. This is a seasonally-adjusted annual rate of 592,000 homes, according to the National Association of Home Builders, based on recently-released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau according
to the Pennsylvania Association of REALTORS® (PAR).
“Central Pennsylvania had a remarkably good year,” says Sue Kichman, office manager and associate broker for Berkshire Hathaway HomeServices Home Sale Realty in Hershey. “Most months saw double-digit increases in units sold over 2015, and we anticipate that trend continuing in 2017 as interest rates remain low and rents increase.”
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.