1st Quarter MLS Statistics for Harrisburg’s West Shore 2008
1st Quarter MLS Statistics for Harrisburg’s West Shore 2008
The first quarter results for real estate activity have been calculated by the Central Penn Multi-List, which serves the greater Harrisburg, PA region. Sales declined from the 1st quarter, 2007 to the 1st quarter, 2008 by 22%, or 401 less in sales. The number of days on the market increased by 12 days, quarter over quarter and the average sales price declined by 1% in the same period. The good news – yes there is good news – the median sales price increased quarter over quarter and the overall median price is the highest since the 3rd quarter 2007. The number of homes on the market for sale has increased ever so slightly since last year’s 4th quarter. BUT for some more good news for buyers and sellers today is that interest rates are in the 6% - 6 1/4% range, so the affordability is still in the market for buyers who are looking for a home.
To provide some additional perspective, I have segmented the West Shore municipalities:
2007 Sales |
SP
|
DOM
|
2008 Sales
|
SP
|
DOM
|
|
---|---|---|---|---|---|---|
Camp Hill |
17
|
$184,668
|
36
|
27
|
$217,223
|
76
|
Hampden Twp. |
92
|
297,834
|
72
|
82
|
278,067
|
76
|
Mechanicisburg |
34
|
179,687
|
45
|
20
|
166,196
|
54
|
New Cumberland |
19 |
135,321
|
34
|
15
|
138,040
|
60
|
Lemoyne |
8 |
155,363
|
53
|
12
|
156,983
|
36
|
East Pennsboro |
58
|
185,091
|
33
|
52
|
199,954
|
51
|
Lower Allen |
44 |
208,620
|
43
|
35
|
174,730
|
44
|
Upper Allen |
61
|
255,657
|
36
|
30
|
260,518
|
75
|
Fairview |
32 |
278,281
|
64
|
28
|
273,860
|
79
|
Silver Spring |
38
|
272,991
|
43
|
36
|
240,295
|
82
|
In my opinion, the real estate market is still adjusting to the turmoil nationally, but 2007 was still the fourth best sales year ever in the Greater Harrisburg market. And from what I am seeing, there are many qualified buyers that are looking to buy a home. Are the sales prices somewhat less than last year? Yes, but many homeowners have still experienced a very nice appreciation over the last few years. Finally, demand will increase, and we will see positive results going forward. If you have any questions please contact me at Don@DonRoth.com or visit www.DonRoth.com.
SP = Sales Price
DOM = Days on Market