Poconos Real Estate Blog

Neighborhood Market Data for the Poconos

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Pocono Listing & Sales Updates

Are you a homeowner who is interested in what houses are selling for in your neighborhood or community these days? Looking to keep tabs on what homes are on the market near yours? Your Pocono real estate education begins with data and I can provide you with it easily, right to your computer.

Or are you a potential buyer, not quite ready to make the move but interested in keeping tabs on your favorite areas in the Pocono Mountains? It's very easy to gather all of the important market data you need to make smart decisions about your future real estate purchase. Additionally, you can be among the first to know when the 'good listings' come on the market. As things get busier and prices begin to shift upward, this becomes increasingly important.

Personalized Neighborhood Portal

With just a few pieces of information from you, I will create a personalized neighborhood portal that will continually update you on listing and sales activity in the areas you specify. This is real-time, accurate MLS data, not the stale and out-dated information found on so many of the 'big' listing aggregator sites out there. Real estate markets are local, and real estate statistics are much more meaningful when they come directly from the local source. So if you are looking for information on property values in areas of Monroe, Carbon & Pike (ie Tannersville, Stroudsburg, Brodheadsville, Saylorsburg, Pocono Lake, Bushkill, Albrightsville, etc) let me help you by setting up one of these great tools according to your personal search criteria.

To get your Personalized Neighborhood Portal, simply send me an email requesting one! info@lisasanderson.com

Alternatively, you can create a home or property search yourself and save your favorite listings by checking out my Pocono Mountains Association of REALTORS MLS / IDX Property Search.

As always, feel free to call me at 570.421.8950 ext 394 to discuss real estate in the Poconos!

Is The Pocono Real Estate Market Stabilizing?

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Forget an upturn, stabilization is the word of the day. We want the market to find an even keel for awhile, which is the natural progression of a market cycle after a downturn. Once things stabilize, the stage will be set as buyers regain confidence that their real estate investments aren't going to tank and home buying becomes fashionable again. Once we achieve stabilization, normal appreciation can resume.

Market Data Indicates Stability is Imminent

Here are some positive pieces of market data reported by the Pocono Mountains Association of REALTORS and compiled by Dominic Sacci, Senior Vice President/General Manager of Better Homes and Gardens Real Estate Wilkins & Associates:

• Active Listings (Market Saturation): There were 10% fewer homes on the market in March 2009 than in March 2008. Lower inventory is a good thing!
• Pending Listings (The Crystal Ball, aka predictor of future actual closings): The number of pending sales reported in March 2008 was down 26% from March 2007. The number of pending sales THIS March are only down 5% from last March. Interestingly, this 5% equates to only 20 sales! Once the percent change is 0, we are stable.

We Still Have Challenges Ahead, Of Course

The average sale price of homes that actually went to closing this March was down 13% from the same time period last year. The reason? Foreclosures. Foreclosure sales have accounted for 35% of the total number of sales in Monroe County so far this year. Since the average sales price of a foreclosure has been 23% less than a non-foreclosure sale, this has a big impact on home values. Home sellers are still competing with the bargain-priced foreclosure offerings out there. 

For more information about real estate issues and market conditions in the Pocono Mountains of Northeastern Pennsylvania, please contact me via email info@lisasanderson.com or by phone 570.421.8950 ext 394

A Positive Bit of Economic News for Pennsylvania

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Sunshine & Blue Skies (Kinda)

Less than 1% of households in Pennsylvania were affected by bankruptcy and/or foreclosure in 2008. According to statistics compiled on MSN Money, the Keystone State is faring better than 35 other states in the country.

PA has been affected by the economy, of course, but we've not been big players in the bubble and subsequent burst seen in some other states. Our real estate growth has been of the slow and steady variety. This is not to say that we aren't experiencing a challenging real estate market, because we are. But our prospects are much brighter here than in many other places.

What Does This Mean For The Pokies?

Here in the Poconos, we are in the unique position of relying on factors in other states to drive our market. New Jersey (#14 on the list) and New York (#33 on the list) feed us with home buyers looking for properties which offer a good commuting location for primary residences, as well as vacation home purchasers looking for weekend getaways. So we will be keeping a close eye on employment numbers going forward. However, even as we are affected by outside influences a little more than in other areas of the state, we remain, along with the rest of Pennsylvania, a much less volatile market than the (imaginary) 'national real estate market' depicted on the news.

Real estate is local <period>

What do you think?

Market Statistics for the Monroe County Poconos

A comparison of sales data from January 1 - November 18 for the years 2007 and 2008:

There are currently 2,591 homes (single-family,residential properties) listed for sale, which is a 19 months' supply based on this year's absorption rate. 261 homes are under contract, awaiting settlement.

This information is provided as an overview of market conditions for those curious about the state of the Monroe County, PA real estate market. The nature of real estate markets is ever-changing and reliant on many factors. For this reason I ask that if you are looking for specific market data related to your Pocono home, you contact me to discuss it or to make arrangements for a complimentary market analysis. Every area, neighborhood, street and home are different and value can only be determined on a case by case basis.

For example, this home beat the statistics by selling in 58 days for 96% of the owners' asking price, which is higher than the above stated average sale price. There is some good news :)

Information gathered from the Pocono Mountains Association of REALTORS' Multiple Listing Service on November 18, 2008. Information deemed reliable but not guaranteed.