2016 is officially in the books, and I hope you’re ready for 2017 because it’s here. As REALTORs, the question we hear the most is “How’s the market?” 2016 is still closing out and we won’t have final, official numbers for a few weeks but as a whole the real estate market in Centre County did well in 2016. At the end of the 3rd quarter of 2016 the median sales price of a home in Centre County was up nearly 4% from the year before to $232,000. The average days on market decreased from 59 days to 53 days. What does this mean for the average home seller? It means that you received more money for your home in even less time than in previous years. The amount the average home seller received relative to what they were asking is also up 1% to 96%. Compared to the Commonwealth of Pennsylvania as a whole, Centre County’s statistics are slightly better.
So why are those numbers still climbing in Centre County? A lot of it had to do with a lack of inventory. As of the end of the 3rd quarter there were 23% less homes on the market than the same time in 2015. There were less homes for buyers to choose from. Given a consistent number of buyers in the market, demand was up while supply was down.
What does this mean for 2017? By most expert projections, 2017 is estimated to be as good, if not better, than 2016. If the amount of buyers in the market continues to increase and inventory stays the same as 2016 we could see multiple offer situations on popular properties. Consumer confidence hit a 13 year high in December which may indicate an even higher amount of buyers entering the market in 2017. The US Economic Outlook is projecting existing home prices to continue to climb by nearly 4% in 2017.
To answer the question. “How’s the market?,” if you’re a buyer you may be facing stiff competition for buying the home of your dreams. Make sure you’re consulting your local REALTOR on the best strategy for submitting the most competitive offer you can. If you’re a seller, or considering being a seller in 2017, there’s a very good possibility there will be plenty of buyers for your home. Make sure you’re enlisting the help of a REALTOR to ensure that you’re getting the best price for your home under the most favorable terms and conditions. Our Centre County REALTORS do this day in and day out, you can be confident that whenever you’re working with a REALTOR you’ll be in good hands.