February 14, 2017
In the West Branch Valley real estate market, conditions continue to favor sellers over buyers even as more houses became available compared to his time last year. Quarter 4, 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 393 new listings in Quarter 4, 2016 represented a 3.0 percent decrease over the previous year 4th quarter. Active listings decreased 8.7 percent to 668 over the same period. Pending listings saw an increase with the 290 pending listings in Quarter 4, indicating a 9.0 percent increase over the same period. Actual sales of single-family homes also increased over the same period.
The WBVAR reports that in 2016 they saw 1,439 closed sales, which represents a 2.5 percent increase from 2015. Prices in the West Branch Valley real estate market continued to climb during 2016. The average price of a single-family home in the West Branch Valley increased 3.8 percent to $155,263.
In 2016, homes spend an average of 85 days on the market in West Branch Valley, which is a decrease 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.
The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professional across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those few properties, but opportunities abound for hardworking agents and diligent consumers.
Berkshire Hathaway HomeServices Hodrick Realty provides expert real estate services to residential buyers and sellers in Lycoming, Clinton and Sullivan through the WBVAR and Union, Snyder, Northumberland, Montour and Columbia counties through the Central Susquehanna Valley Association of Realtors. 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.