Here is the data driven scoop on the Real Estate Market in Nether Providence Township, SE Pennsylvania.
We are not, REPEAT NOT, in the midst of a real estate collapse because, average resale prices of single family houses have not come down and sales (as reported through our MLS) are about at the same levels as the last several years. For example, 138 houses were sold in 2007. That is down only slightly (about 11%) from the highest year on record in 2003.
| PRICE CHANGE HISTORY, NETHER PROVIDENCE TOWNSHIP, RESALES | |||
| Updated, 2/12/08 | |||
| Year | Number Sold | Average Price | % Chg |
| 2001 | 147 | $231,000 | |
| 2002 | 147 | $244,000 | 5.6% |
| 2003 | 154 | $286,000 | 17.2% |
| 2004 | 145 | $318,000 | 11.2% |
| 2005 | 135 | $335,000 | 5.3% |
| 2006 | 138 | $376,000 | 12.2% |
| 2007 | 138 | $371,000 | -1.3% |
What has changed is that there is a lot of inventory on the market. Check out the below table that shows numbers of houses listed by year along with the number that actually got deals made (Pending)
| Time Pd | Listed | Pending | % Pending |
| 2003 | 279 | 238 | 85% |
| 2004 | 273 | 211 | 77% |
| 2005 | 304 | 206 | 68% |
| 2006 | 361 | 205 | 57% |
| 2007 | 369 | 224 | 61% |
Back in 2003, good old sellers market, 85% of the houses that were listed got deals on them. In 2006, that dropped to 57%; last year it rebounded a little to 61%.
Tougher market for realtors, sure, but depression or crisis, no
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