State College Real Estate Market Report End of Summer 2012

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Despite the recent tragic events that have impacted many lives, there is a lot of good happening in our area. One such thing is what is happening in our real estate market. Here is a quick rundown of how the numbers compare this year versus the same time last year – so you can gauge how well things are improving.

Average Sales Price Increasing

Though slight, we are seeing a positive change in the average sale price of homes this year as opposed to the same time frame in 2011. Last year at this time the average sales price was $215,000 whereas in 2012 we reported an average price of $220,000. This indicates a recovering market and stronger days ahead.

Number of Days On Market Going Down

Last year at this time we reported the average number of days of 116 that a property would remain on the market from the listing date until it went under contract. Looking at the same time frame this year, there is a significant difference with homes selling in just 88 days. Once again, this indicates a changing market with increased demand from buyers eager to lock in the record setting low interest rates that are still going strong.

List to Sale Ratio Rising

The amount they list their home for versus the amount the property is actually sold for is called the list to sale ratio. For sellers this year things have improved in that area as well, with an increase from 96.3% last year to 97.6% in the same time period of 2012.

If you are considering buying or selling, want to tap into these great interest rates or have been looking at selling – contact me today at 814.234.4000 or christurleykbb@comcast.net. I look forward to hearing from you!