Central PA Real Estate Market Report - July 2012
July 2012 might be categorized as the good, the bad and the unknown. First, naturally the good news. The number of sold Central PA homes this July increased by 4.8% over July 2011 and there was a less than 1% decrease in the average sales price year over year in the greater Harrisburg area. This continues the moderate improvement in the real estate market in this area and I anticipate this will continue throughout the rest of 2012. The bad? Well we still have an excess supply of homes for sale at this point and although there continues to be an improvement in the numbers there are great opportunities for home buyers and sellers. Why? Although not a great percentage of the homes for sale are composed of short sales and foreclosures it appears that the perceived negative on home values continues in the market. And as has been discussed in many media outlets people are concerned about their home values being less than a few years ago and their own financial well being.
Even though Central Pennsylvania real estate has not been as affected negatively by the financial slowdown there has definitely been some pullback and caution that continues in the real estate market. The unknown is, at least today, the increases experienced in mortgage interest rates and is the increase a temporary blip or the beginning of a trend towards higher rates? As an example rates on a 30 years fixed rate mortgage is up by .50% in the last two weeks and if the increases continue the purchasing power for buyers will decrease and be reflected in real estate values. I said two weeks ago that we never know when the interest rates hit the absolute bottom until they have already begun to increase. I do not think we are there yet and hopefully I am correct on that prognosis.
In comparison the 2011 or even 2010 we have made significant improvement in the real estate market and I do think the good will definitely outweigh the bad and the unknown. We are here to answer any real estate questions that you have so please contact us.
School Districts
West Shore
School District Average Sales Price 2011 Average Sales Price 2012 Days on Market
Camp Hill $172,400 $186,160 111/40
Cumberland Valley $296,855 $266,155 104/102
West Shore $178,326 $169,121 104/80
Mechanicsburg $200,770 $202,763 67/89
Northern York $235,608 $213,682 91/126
Carlisle $181,062 $163,378 111/105
East Pennsboro $156,175 $150,647 180/92
East Shore
School District Average Sales Price 2011 $Average Sales Price 2012 Days on Market
Central Dauphin $189,766 $205,755 116/112
Derry Twp $322,427 $244,253 90/53
Lower Dauphin $235,586 $269,124 98/66
Harrisburg $75,530 $56,281 156/96
Middletown $113,069 $134,967 69/119
Steel High $69,400 $79,267 130/62
Susquehanna Twp $151,141 $147,500 97/90
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