Real Estate Market Trends in the Poconos - July 2014
When reviewing Real Estate Market Trends in the Poconos - July 2014, we take a look at the Average Prices. As the chart shows the distance between the Average List Price and the Average Sold Price is still much farther apart than what we would like to see. The Average Sold Price for July fell 10% to $132,762. This is not good, not good at all. The Average Sold Price in Pocono Real Estate Market Trends is NOW DOWN 5% for the year, down to $127,926.
The Number of Foreclosures sold in the Poconos continues to be too many and was 36.5% of the Sold homes in the Poconos for July. This rate is what causes our Average Sold Price to continue to drop. Not good news for Pocono homeowners.
Another key item to review when watching our Market is the Absorption Rate. The Absorption Rate is the measure of how long would it take, in months, to sell all the homes that are currently on the Market for sale at the Current Rate of Sales. The Absorption Rate continues to rise and has risen for several months, however it is below the level we were at last year in July.
The Absorption Rate for July was 13.8 months. It would take over 13 months to sell all the homes we have on the market at the current rate of sales. That is a lot of months. A Balanced Real Estate Market has an Absorption Rate of 6 months. We are at twice that amount.
Next we look at the Sale to List Price Ratio (SLP). This Ratio looks at how close the Sold price is to the list price of the property. Our current rate is around 95%. The ideal SLP would be between 98% and 99%. Our SLP was rising for several months but took a big hit this month.
Other items to review in Real Estate Market Trends in the Poconos - July 2014:
NUMBER OF HOMES SOLD: 208, UP from 184 for last July
PENDING HOMES - 287, UP from 194 for last July
DAYS ON THE MARKET - 157, DOWN from 177 for last July
When looking for a Realtor© in the Poconos that will listen, assist and guide you without "pushing" you, contact Bobbie Smith. I would love to help.
Bobbie Smith, CRS
(Certified Residenial Specialist-CRS)
570-242-1891 Cell Best (Call or Text)
Email me now: firstname.lastname@example.org
All pictures, text, etc. stated within is the exclusive property of Bobbie Smith and cannot be copied or duplicated without written consent from Bobbie Smith. All statistics and data contained herein are obtained from reliable sources and are deemed reliable however each individual should always do their own research on each topic and derive their own conclusions. Any statements of opinion are just that, the opinions of Bobbie Smith. *Realtor is a registered trademark of NAR*