The number of residential housing units sold in south-central Pennsylvania increased 10.9 percent in the first quarter (January – March) of 2015. According to Greater Harrisburg Association of REALTORS® Multiple Listing Service, 1,604 units were sold, up from 1,447 units sold in the first quarter of 2014.
“For several quarters, the greater Harrisburg area has seen an increase in home sales. The first quarter of 2015 was no different, with sales were up, year-over-year,” says Bernie Campanella, president of the Greater Harrisburg Association of REALTORS®. “The overall area saw a double- digit increase in number of units sold, as well as a modest increase in both median and average prices.”
Median home sale prices increased slightly in the first quarter, up 1.4 percent from the first quarter of 2014. According to the GHAR MLS, the median sale price of residential homes increased to $151,125, compared to the median price of $149,000 in the first quarter of 2014.
“Once again, the greater Harrisburg area median sale price remained steady, showing stability in the market.” says Campanella. “Median sale price stability is a positive sign for sellers, especially as local market activity increases and more buyers enter the market.”
Listings stayed on the market an average of 104 days – a small decrease from an average of 107 days in the first quarter of 2014. The number of active listings at the end of the first quarter decreased to 4,251, compared to 4,720 active listings at the end of the first quarter of 2014.
Nationwide, existing-home sales increased in both January and February 2015. According to statistics compiled by the National Association of REALTORS® (NAR), pending home sales in February increased to their highest level since June 2013 as sizeable gains in the Midwest and West offset smaller declines in the Northeast and South. In February, total existing-home sales increased 1.2 percent from February 2014.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.2 percent to a seasonally adjusted annual rate of 4.88 million in February from 4.82 million in January. Sales are 4.7 percent higher than a year ago and above year-over-year totals for the fifth consecutive month.
The median existing-home price for all housing types in February was $202,600, which is 7.5 percent above February 2014. This marks the 36th consecutive month of year-over-year price gains and the largest since last February (8.8 percent).