Median Home Sale Price Increases 6.5 percent
ENOLA, PA (April 12, 2017) – The number of residential housing units sold in south central Pennsylvania increased 5.12 percent in the first quarter of 2017. According to the Greater Harrisburg Association of REALTORS® Multiple Listing Service, 1,866 units were sold, up from 1,775 units sold in the first quarter of 2016.
“The number of units sold – 1,866 – represents the strongest first quarter we have seen in more than a decade,” John Esser, CNE, CRS, 2017 President of the Greater Harrisburg Association of REALTORS®, said. “Across the board, agents are telling me that good products, houses in good condition that are move-in ready, are seeing multiple showing requests and receiving multiple offers.”
Median home sale also increased in the first quarter of 2017, from $150,000 in the first quarter of 2016 to $159,700 this year, which represents a 6.5 percent increase, according to the GHAR MLS.
“As the economy continues to grow, we’re seeing a comeback of first-time homebuyers. The Federal Reserve has raised interest twice, once at the end of 2016 and once at the end of the first quarter of 2017, and that’s spurring renters to become homeowners,” Esser added.
Listings stayed on the market an average of 77 days in the first quarter of 2017 – a decrease from an average of 89 days in the first quarter of 2016, which represented the sixth consecutive first-quarter decrease in average days on market. The number of active listings in the first quarter decreased to 3,065, compared to 3,753 active listings at the end of the first quarter of 2016.
After starting the year at the fastest pace in almost a decade, existing-home sales slid in February but remained above year ago levels both nationally and in all major regions, according to the National Association of REALTORS®. Despite last month’s decline, February’s sales pace is still 5.4 percent above a year ago.
“The first-quarter statistics for 2017 show that the Central Pennsylvania real estate market is continuing to move in a positive direction,” said Chris Detweiler, office manager for Howard Hanna Real Estate Services, Camp Hill. “Increases in units sold and median price, and a decrease in the average days on market, indicate that the market for home buying is there. We continue to see motivated buyers who are looking for that place to call their own.”