Real estate in central PA in 2016 is different than what we have seen in the past few years. In the first quarter of this year we have clear evidence of this.
Residential listings throughout Centre County have been lower than usual. By comparison the number of residential sales for 2016 are up. Those factors are clear indications that we are in a Seller’s market where demand exceeds the supply. These conditions will help to push home prices higher on average.
Lenders have become more willing to extend credit to buyers and interest rates continue to be at very low levels. The properly priced and prepared property will sell quickly, as has been demonstrated in a reduction in the number of days on the market for a typical home in this area.
Another part of the real estate market that is growing in the Centre Region, as well as other areas in the country, is an increased demand for more efficient homes. These type of homes are often referred to as Green or High Performance Housing. As more people realize that such housing can reduce operating costs, as well as improve the quality of life within the home and their community, the demand for both new construction and renovations of existing homes to incorporate new technologies and strategies has increased significantly.
Much of the demand for high performance housing is being driven by the younger buyers in the marketplace. Many of the young professionals and families understand that such an approach will save them money in the long run, add value to their homes and contribute to a better quality of life for them and their community.
In talking with my friends at #Envinity, as well as other contractors, builders and designers the biggest demand is in regards to areas of more efficient HVAC systems, improved insulation, and the use of solar technologies. In new building as well as reconstruction there is an increasing interest in more open floor plans to improve air flow, maximize natural lighting, and use of passive solar design.
The real estate market in the Centre Region continues to reflect the high quality of life we enjoy in central PA. 2016 looks to be a very good year for selling, buying and investing in real estate with indications that values, as well as interest rates, will continue to increase over time.
The markets are changing quickly. Since real estate is variable from one area to another it is advisable to work with a local Realtor, and other professionals, to provide you with accurate and current information so you can make the best decisions to meet your needs and goals.