Is it a Buyer’s Market or a Seller’s Market?

house surrounded by question marksAs I talk with clients around the area, I’m frequently asked if it’s a Buyer’s Market or a Seller’s Market. More questions quickly follow: Is it a good time to sell, or is it better if I wait until spring? What do you think my home is worth?

I’d like to take a moment to answer these questions, beginning with what defines a Seller’s Market vs. a Buyer’s Market.

Generally, when homes sell in less than five months, it’s considered a Seller’s Market. Over seven months’ time constitutes a Buyer’s Market. Anything in between is called a Neutral Market. With that understanding, I’m able to drill down to specific neighborhoods for my clients. For the purpose of this blog, however, I chose to use school districts. Let’s take a look at the 2013 market through the first ten months of the year:

Derry Township School District

It’s a Seller’s Market for Townhomes/Condos with days on the Market at 100, while absorption rate stands at 4.8 months. The average home price is $188,700. Sale prices represent 95.3 % of the list price.

The market is neutral for Single Family homes, with days on the market coming in at 71 and an absorption rate of 6.5 months. The average home price is $278,900. Sale prices represent 95.4 % of the list price.

Lower Dauphin School District

It’s a Seller’s Market for Townhomes/Condos with days on the market at 102, while absorption rate stands at 5.7 months. The average home price is $162,800. Sale prices represent 96.7 % of the list price.

It’s a Neutral market for Single Family homes with days on the market at 87 and an absorption rate of 6.5 months. The average home price is $244,900. Sale prices represent 96.5 % of the list price.

Palmyra School District

It’s a Buyer’s Market for Townhomes/Condos with days on the market at 141, while absorption rate stands at 9.5 months. The average home price is $148,500. Sale prices represent 98.2 % of the list price.

It’s a Seller’s market for Single Family homes with days on the market at 74, with an absorption rate of 5.1 months. The average home price is $ 217,500. Sale prices represent 99.7 % of the list price.

(Note: The figures above do not reflect seller help or compensation from property inspections).

So…back to our questions. Should you list your home now or wait?

If priced correctly, your home should sell in the time listed above. Typically, there isn’t much competition on the market during the winter months, which enhances your chances of securing a ready, willing and able buyer.

How much is your home worth?

A professional full-time Realtor is able to answer that question by preparing a market analysis of your property for you. This is a service provided at no charge, I may add. Whatever your immediate plans, I wish you much success as you contemplate home selling/home buying! Feel free to call, email or text if I can assist you!

Good Luck!

jack kilkenny with house background

Jack Kilkenny
REALTOR
Brownstone Real Estate
HersheyHouseHunt.com