Penn Estates Market Statistics
07/20/2012
Penn Estates sales data gathered from the Pocono Mountains Association of REALTORS’ Multiple Listing Service on July 17, 2012.
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Active Listings | Pending Sales* | YTD Sales | |
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Total | 64 | 14 | 26 |
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Lowest List Price | $49,900 | $41,600 | $25,999 |
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Highest List Price | $224,500 | $210,000 | $215,000 |
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Average List Price | $125,883 | $103,995 | $107,520 |
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Average Square Feet | 1,935 | 1,936 | 1,963 |
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Average Price/Square Foot | $68.30 | $52.30 | $51.70 |
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Average Days/Market | 195 | 251 | 275 |
*Pending Sale information reflects only list prices as sold information is not available until the sale is final. YTD Sales are sales that closed since 1/1/12. Average Sale Price of these sales is $99,258, which is 92.3% of the Average List Price. The Average Price/Square Foot indicated for these closed sales is based on the sale prices.
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THERE IS SOME GOOD NEWS: Year to date sales plus pending sales equal the total sales that occurred last year, so 2012 sales are set to outpace 2011. If this trend continues, it stands to follow that prices should recover. Still, we probably have a few years before we feel any real relief in this regard as the downward spiral reverses itself.
RENTALS: Homeowners have had a couple of good years in the rental market, but this is softening a bit. Average lease prices here in Penn Estates are down about 8% since 2010, and it’s taking about twice as long to find tenants these days. We can hope that this means more tenants are becoming homeowners, right? Search for home rentals in Penn Estates by clicking here.
Check out some of the great home buys available in Penn Estates below. This is a direct Pocono Mountains Association of REALTORS MLS/IDX link, so it is the most current information available.
About the Author: Lisa Sanderson, a 10 year resident of Penn Estates and Past President of PEPOA and the Pocono Mountains Association of REALTORS, is Vice President and Sales Manager of Ritter & Company, a real estate sales and property management company located at 730 Milford Road (Strawberry Fields Plaza) in East Stroudsburg.