It happened again! For the second time this year, the average sales price in the Pocono Mountains region increased over the previous month. Here is how the average sales price(s) look YTD, January – $107,560, February – $126,324, March – $123,153, and April – $134,745.
The good news about our real estate recovery is the very fact that we had 2 months of increases, the last 6 years it had basically been decrease after decrease. A recovery will have periods of decline; the key is the strength, length, and amount of the increases.
What is even more reassuring is that the average sales price was $129,354 for 2012. So this bump up to $134,745 in April was significant.
Pending Sales remain up, 18% year over year and closed sales remain up, 16% YTD.
Foreclosures do continue to enter the market; new listings were up 26% in April over the previous month. The good news here is that due to an increase in the sold foreclosures, the market welcomes the new inventory and foreclosed homes shouldn’t sit on the market too long as foreclosures are selling in hours and days on the market (when priced right and in good condition). The average foreclosure rate is down from 49% in February to 39% YTD.
The momentum of this market recovery has been gaining strength since the beginning of the year and doesn’t show any signs of slowing down as we approach our selling season, July-Sept.
If you have any questions on Pocono Mountain real estate market data and/or would like to receive a FREE electronic/written MONTHLY report, please contact Dominick at email@example.com or 570.402.7767.
Dominick J. Sacci has been a real estate professional since October 25, 1994. He started as an award winning REALTOR® and quickly graduated into management and operations where he has been reporting on market data/statistics since 2000. He has been a guest real estate columnist for the Pocono Business Journal. He worked his way up through the rankings of the largest real estate company in the Pocono Mountains and parted at their President in September 2011. Today he is the Associate Broker for Pocono Mountains Real Estate, Inc. and is known by his fellow REALTORS® as the “numbers guy”. The data that Dominick reports on is compiled from the Pocono Mountains Association of REALTORS® – Multiple Listing Service System and run on a rolling 12 month/YTD period.