Let's take a look at the Market Summary for Chestnuthill Township PA Year To Date, Aug. 2012
In reviewing the Market Summary for Chestnuthill Township PA we take a look at the Number of Listings. The # of Active Listings, the # of Pended Listings and the # of Sold Listings. NOTE: Take a look at the number of sold homes for November and December when compared to March through August.
HOMES DO SELL THROUGHOUT THE YEAR - NOT JUST THE SUMMER MONTHS.
As you can see the Active Listings greatly outweigh the Sold and Pended listings indicating that we are still in a Buyer's Market.
Next we'll take a look at the Listing Prices of the Active, Pended, and Sold homes in the Chestnuthill Township Market Summary. Notice the Average List Price of the Pended Listings compared to the Average List price of the Active Listings and then compare that to the Average Sold Price. You can clearly see that many homes for sale in Chestnuthill Township are above Market Value.
Then to get a "good" feel for how the market is progressing, or not progressing, is to look at the Absorption Rate. Ideally we would like to see this rate be between 6 and 7 months. Ours unfortunately is still well above that. Again, reaffirming that we are in a Buyer's Market here in Monroe County PA.
Lastly, we look at the List Price to Sale Price Ratio (how close the sale price was to the list price). Our ultimate goal of course is to be between 95 and 100% and to get this we would need to be in more of an "Even Market" (not a Buyers Market, not a Sellers market but right in between).
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Bobbie Smith, CRS
(Certified Residenial Specialist-CRS)
570-242-1891 Cell Best
Email me now: firstname.lastname@example.org
My Website - http://www.homesinthePoconosforsale.com
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*