As most of us that have lived in the Centre Region for many years know, we are fortunate to be in an economically resilient area, historically, bolstered by Penn State, our low unemployment and a fairly wealthy retirement population. That said, our region continues to mature and expand economically with more businesses becoming global competitors. This may mean slightly wider swings in our local economy and thus the housing market as time goes on. Tracking these statistics over time will help one see where the market is heading and help determine price and expectations whether selling or buying a home.
This month I’d like to go over some of the market statistics that we experienced in 2015. These are the most relevant statistics when trying to determine the overall health of the housing market in our area.
- Number of Sales: 1,828
- Average List Price: $239,309
- Average Sales Price: $227,705
- Sale Price to List Price: 95.15%
- Avgerage Days on market: 79 Days
Now we all know the old saying, “real estate is local”, and it is. These statistics were taken from residential homes on the market in the Centre County Association of Realtors multiple listing system which comprises information from as many 72 school districts in 34 counties including Centre County. That is a pretty big area. Over the past 10 years our geographic housing market has continued to expand and thus these statistics should be refined by a “local” real estate agent when looking at your particular community. This will give you the most accurate picture of your local market which in turn will give you the confidence that you have the most relevant information to make the best decision when you sell or buy a home.
We’ve all used the on-line real estate sites such as Realtor.com, Zillow and Trulia to get some of these statistics and even home values. These sites are fun to use however there is still no better resource than your local REALTOR to get the most up-to-date information and give you the insight to help you sell or buy your home.