October 25, 2016
In the West Branch Valley real estate market, conditions continue to favor sellers over buyers even as more houses become available compared to his time last year. Quarter 3, 2016 found an increase in the number of new listings, active listings and pending listings for single-family homes, according to information from Quarterly Indicators by West Branch Valley Association of Realtors (WBVAR).
The 650 new listings in Quarter 3, 2016 represented a 1.6 percent increase over the previous quarter. Active listings decreased 6.2 percent to 831 over the same period. Pending listings had an even higher jump, with the [#] pending listings in [month / current year], indicating a 3.1 percent increase over the previous year. Actual sales of single-family homes also increased over the same period.
The WBVAR reports that in third Quarter of 2016, a total of 414 single homes were sold in the West Branch Valley. This represents a -1.9 percent decrease over sales in the previous year.
Prices in the West Branch Valley real estate market continued to climb during that year-long period. The median price of a single-family home in the West Branch Valley increased 3.7 percent between previous year and current year, to $139,900. Average home prices rose 8.7 percent during that period to $165,182. The dollar volume of sales during the year increased 4.1 percent.
Homes spend an average of 78 days on the market in West Branch Valley, which is an increase from the previous year. Generally, stable prices, limited availability, and quick sales of those homes that come up for sale make the real estate market a favorable environment for sellers.
In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.
Berkshire Hathaway HomeServices Hodrick Realty provides expert real estate services to residential buyers and sellers in Lycoming, Clinton and Sullivan counties. Contact us today for your real estate needs and for professional assistance navigating this sometimes complex home market. We can be reached at 570-321-7000 or on the web at BHHSHodrickRealty.com.