As we enter 2014, we at Bowen Agency Realtors have a good deal of optimism in the real estate market. Pennsylvania home sales increased nearly seven percent in the fourth quarter of 2013 and they saw a gain of nearly 12 percent over the previous year, according to Pennsylvania Association of Realtors® (PAR).
Here’s a snapshot of where the market currently is in Pennsylvania:
Continuation of Lower than Optimal Inventory
This trend will very likely continue in 2014, which means that prices should hold steady for sellers and as a result it will continue to be a “seller’s market”.
New listings rose about eight percent in the fourth quarter and are up just over seven percent compared to 2012. Prices also continue to rise, with the median sales price growing two percent in the fourth quarter and ending the year up three percent at $169,900.
Days on market continued to fall, down nearly eight percent in the fourth quarter. Overall, days on market dropped 12 percent to 86 days in 2013.
Slight Interest Rate Rise
As we’ve seen throughout 2013, interest rates increased slightly and will continue to do so in 2014. This may very well change the dynamic between lending institutions and buyers. Buyers may not be able to afford as much home as previously, which will also force some sellers to be more competitive on pricing to facilitate a sale.
In short, sellers should list their homes on the market as soon as possible to take advantage of the momentum of 2013.
When you’re ready to list your home, contact Bowen Agency Realtors. We would love to work with you!