Sales Statistics & Market Data

How Did Pocono Home Sales Fare in 2012?

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Contrary to what we've been hearing about home prices nationally, the average sale price of residential homes in Monroe County fell again in 2012 by about 4.5% from the previous year. As you can see from the chart above, we are still at about a 10 year low county-wide. Individual neighborhoods, communities, and municipalities vary from this general number, with some areas faring better, or worse, than others. If you are interested in data specific to a particular area in Northeastern Pennsylvania, message me and I'll be happy to gather what you need.

There is some good news though. The pace of the value decline is slowing. You may remember that 2011 saw a 6.6% decrease from 2010, and the years before that saw even bigger numbers going the wrong way. 

Another bright spot in the data for this part of the Poconos is the number of transactions that are closing, 1669 in 2012, the most we've seen since 2008!! See the chart below for historical data on this. More transactions is great news and will hopefully lead us out of this slump that we've been in. As more positive real estate news circulates and pumps up buyers' confidence, we should see this trend continue. Also, as sellers get more realistic in pricing, inventory continues to be somewhat tight, and we cycle through the distress sales that have been holding prices down, things will improve. Slowly.


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**Information gathered from the Pocono Mountains Association of REALTORS Multiple Listing Service on 1/31/13**


Penn Estates Market Statistics

PE_statistics_july_2012 for harmony


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.

*   *   *   *   *   *   *   *   *   *

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.


Ten Year Real Estate Trends, Monroe County, PA

Ahhh, statistics. So much fun. As President of the Pocono Mountains Association of REALTORS, I get a lot of calls from journalists and business leaders in the Poconos looking for home sale trends in our area. Lucky for you, I can make my research in the Multiple Listing Service do double duty by sharing some of it here :) So today, I bring you a ten year history of home sales in the lovely Monroe County Poconos.

The chart below illustrates the change in the number of closed residential transactions over the past 10 years.

Monroe_county_number_of_closed_sales_2000-2010

And here is the illustration of average sale prices in our market each year since 2000:

Monroe_county_average_sale_price_chart_2000-2010
For those of you who really dig data, here are the specific numbers:

  Avg Sale Price    # Units
Monroe County Poconos    
2010 $153,581 1,499
2009 $162,880 1,594
2008 $186,760 1,720
2007 $206,166 2,343
2006 $202,696 3,122
2005 $186,812 3,491
2004 $165,873 3,354
2003 $144,204 3,070
2002 $125,755 2,946
2001 $111,217 2,408
                2000     $100,663     1,641

These figures represent residential real estate sales in all municipalities of Monroe County, Pennsylvania. Keep in mind that each specific neighborhood and/or community may trend similarly or be very different. Real estate is local, and here in our area that is especially true...specific location can make a big difference. If you are selling or buying in the Poconos you will want to have more specific data, so be sure to ask your real estate agent!


**Information gathered from the Pocono Mountains Association of REALTORS Multiple Listing Service on 4/8/11 and is deemed reliable but not guaranteed.**


Preliminary 2010 Pocono Home Sale Statistics

Monroe_County_Poconos_2010_Real_Estate_Statistics


The number of home sales in the Monroe County Poconos in 2010 is off by about 7.5% from last year and 15% from 2008, according to data I compiled from the Pocono Mountains Association of REALTORS Multiple Listing Service on 12/6/10. The 314 sales reported as 'Pending' (under contract but not closed yet) right now would go a long way to redeem 2010 from being the worst year yet for number of transactions, but the likelihood of all of these closing before December 31 is doubtful.

Foreclosures and short sales accounted for 32.5% of the 1,360 homes sold so far this year. This segment accounted for 31.6% of closed sales in 2009 and 23.8% in 2008.

Today there are 2,404 homes for sale in Monroe County, 112 of which are bank owned. 260 of these current listings are advertised as short sales. This inventory represents a 19.7 month supply at the current absorption rate (average of 122 sales per month from January 1-November 30, 2010).

Closed_Sale_History_Pocono_Mountains_Real_Estate

Please don't shoot the messenger ;)


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!