Market Snapshot

According to the US Census Bureau, nearly 36 million Americans moved in 2013.  This is approximately 12% of all Americans – – a number similar to the year 2012.

As reported in a prior blog, rentals continue to be a large percentage of all relocations.  Nearly 25% of renters relocated in 2013 while only 5.1% of homeowners moved.

Interestingly enough, approximately 2/3 of those who relocated stayed in the same County and over 40% moved a distance of less than 50 miles.  According to the US Census Bureau report referenced above, long distance moves made up only 25% of relocations.

The North East, surprisingly to me, had the lowest mover rate among regions.  The Mid-West was first, South second and West third.

More locally, the Greater Harrisburg Association of Realtors reported that December 2013 showed an increase in units sold and median price as compared to December 2012.  Average Days on Market, what I consider to be the most important statistic when evaluating the market, actually increased just a tad from 99 days in 2012 to 97 days in 2012 in the Greater Harrisburg Area.  In Cumberland County, however, Days on Market declined from 90 to 88 and the average sale price increased from $200,874 to $227,382.  Clearly, we are seeing an improvement.

I have mentioned in prior blogs that the number of young people renting or moving home is having an adverse effect on the first time buyer market, which, in turn, affects the trade up market.  In addition, we are still absorbing foreclosure properties here in our market.  This problem has proven to be more extensive than previously thought.

The Harrisburg/Carlisle Metro market experienced a 4.1% DEPRECIATION in property values over the past six years.  2013 showed a -.05 decline in values.  More positively however, is that the third quarter of 2013 showed a +0.1 increase – – the first time in several years.

At Wolfe & Company Realtors, we are off to a very good start for 2014.  Personally, I have already settled $3.5 million worth of transactions and have a good pipeline of pending sales for the balance of the first quarter and into the second.  Our secret is to properly price our listing inventory and simply turn down listing opportunities where the seller’s expectations of value are unrealistic.  Similarly, maintaining our strong base of connections with several of the largest employers and institutions in the area provides us a much better “buyer base” than many of our competitors.

For simply the best Real Estate service available in South Central Pennsylvania, contact Wolfe & Company Realtors.  EXPERIENCE MATTERS!!

Ray “Buz” Wolfe, Jr.
Wolfe & Company Realtors

*Ray L. “Buz” Wolfe, Jr. is a licensed Real Estate Broker in the Commonwealth of Pennsylvania.  He is not an attorney and is not licensed to practice law.  No comments made within the confines of his blog should be construed as legal advice.

**All statistics cited obtained from Central Penn MLS are believed, but not guaranteed, to be accurate.