April 2009 Real Estate Report for Central Pennsylvania
The real estate market continues to tread water in the Central Pennsylvania market, according to the sold numbers for the month of April 2009 when compared to April 2008. The average sales price declined from $189,197 in 2008 to $184,702 in 2009, a decline of 2%. The average days on the market before a home was placed under contract increased by 8 days to 85 days in 2009, but it should be noted that this comparison is returning to the normal comparison that we experienced in the early 2000s. I think the most interesting statistic is that the number of VA and FHA loans as a percentage of closed transaction increased to 39% in April compared to 19% in 2008. This trend will continue to increase for the rest of the year since these financing vehicles are more consistent in comparison to what the conventional no government loans were previously. The rates are comparable to conventional loans and this increase in these types of loans reflects the new reality that we are recognizing in the financing arena. Below are some comparisons of local municipalities in our market.
Average Sales Price April 2009
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West Shore
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Municipality |
2008
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2009
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Days on Market
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Camp Hill |
$218,983
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$132,125
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56/78
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Mechanicsburg |
$130,040
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$144,918
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28/62
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New Cumberland |
$165,060
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$159,075
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5/49
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East Pennsboro |
$156,146
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$234,211
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67/89
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Hampden Township |
$316,032
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$244,700
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68/74
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Silver Spring Township |
$278,531
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$224,058
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67/93
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Upper Allen Township |
$186,707
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$191,458
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39/105
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Lower Allen Township |
$186,132
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$200,151
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68/112
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Fairview Township |
$239,169
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$207,100
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52/66
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East Shore
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Lower Paxton Township |
$253,376
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$180,743
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78/81
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Derry Township |
$234,795
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$282,989
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42/70
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Susquehanna Township |
$167,135
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$182,258
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62/96
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Swatara Township |
$153,904
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$154,138
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63/111
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Paxtang |
$134,950
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$144,200
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97/29
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East Hanover Township |
$239,000
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$234,211
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69/30
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West Hanover Township |
$245,122
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$213,054
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87/65
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In some instances, you see a large variance in either the average selling price or days on market and this is looking at a small time frame of 30 days and that can be caused by one or two large sales or by custom homes being entered into the Multi List and showing zero days on the market. If you have any questions about your local municipality, please contact me at your convenience.