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