The Pennsylvania housing market continues to look positive, according to a report released today by the Pennsylvania Association of Realtors®.
The fourth quarter of 2016 experienced an increase in home sales, compared to the previous year. Existing home sales were up 5.2 percent in the fourth quarter with 33,188 sales, compared to the fourth quarter of 2015 and were up 7.2 percent overall in 2016 with 137,526 sales.
The median sales price rose in the fourth quarter as well, up 4.6 percent to $170,000, compared to the same quarter in 2015. The year ended with the median sales price up 2.8 percent higher than 2015.
Homes are selling quicker in many markets. Days on market dropped 6.3 percent from 80 days in 2015 to 75 in 2016.
“Sales and prices were up in most markets throughout the commonwealth,” said 2017 PAR President Kathleen McQuilkin. “Overall, we’re seeing healthy growth in the real estate market.”
The number of new listings entering the market continued to fall in the fourth quarter of 2016, down 7.5 percent, compared to the same period in 2015. The months supply was at 4.8 in the fourth quarter, down 25 percent from the same quarter in 2015.
“We’ve seen a continuing trend of fewer listings entering the market, with an overall decrease of 4 percent in inventory in 2016,” McQuilkin said. “This has created a competitive market because there are fewer homes available. Inventory is lower and demand is growing. Homes that are in good condition and priced competitively are seeing multiple offers. This could continue to be a challenge in the new year.”
McQuilkin said percentage of original list price received is up as well. “Statewide, we saw properties selling at 93.5 percent of the original list price,” she said.
“Overall, Realtors® are positive about the market in 2017,” she added. “We’re continuing to see low interest rates and low unemployment rates which inspires consumer confidence.”
To view the entire market report, visit PARealtor.org.