February 2008 Schuylkill Market Report
As we kick off 2008, everyone’s wondering how the nationwide housing crunch will affect Schuylkill County. In 2006 we had a banner year, with 1274 residential properties closed with a value of almost $120,000,000 combined (all data is from the Schuylkill MLS). 2007 saw 1174 closed transactions and $107,700,000 … about an 11.4% drop in closed transaction value. We are indeed affected by national trends, although we’re not hurting as much as other areas in the country. Average sales price also fell: average sales price county wide in 2006 was $94,143 (for you numbers fans, the median sale price in 06 was $68,000). Average sales price dropped to $91,727 in 2007 (median was up $500 to $68,500).
How did we do in January 2008 compared to January 2007?
# properties closed 62 78
Average sale price $70,569 $72,698
Median sale price $47,500 $51,950
Total volume sold $4,375,300 $5,670,448
2008 is off to a slow start, down 23% from January a year ago. If you’re a seller, you’ll have to (1) be patient and (2) price your home to sell, not to sit! You may have to price your home a little bit under what you think it’s worth, but look at the comps carefully (comparable sales). Do not overprice your home right now or it will indeed be slow to sell. If you’re a buyer, now is the time to jump into the market. Don’t wait for lower interest rates or prices to drop. When you find the right home, make an offer and you may find a good deal, compared to the what you may have found in 2005 and 2006. Prices have already dropped across the board in all price ranges. I’m not saying you can get a “steal”—after all, the sellers have a certain price they must get to get out of the home. But make a fair offer, based on comparable sales over the past 3-6 months in that neighborhood and you’re likely to find a great home for a very good price.
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