As you read this, winter will be upon us. A beautiful time of year in the Poconos as the trees glisten with snow and ice-covered branches, and our lakes and ski slopes beckon us outdoors to skate and glide down the mountains.
Don’t let this snowy time of year fool you. The housing market is very busy in the Poconos in the winter months due to all of our great outdoor activities. Last winter was a prime example. While we had very high snowfalls at the end of the season, we also witnessed a housing market in the area which took off. One could say the harder it snowed the more people bought.
So, has the market in the Poconos recovered? Real estate prices slid significantly between 2008 and 2015, decimating the area. That has since reversed. Beginning in the first quarter of 2016, our market started its recovery and has climbed steadily, reflecting the past five years of activity nationwide. It just took us a little longer to begin the process, and now we are solidly entrenched in the upswing. It is certainly a good time to sell a home.
The market statistics for Monroe County show that since the beginning of 2016, the overall growth per quarter has been positive, with some bouncing around; our average home sale price is up 17.7%.
Monroe County has been experiencing positive economic development over the past four years which still continues to this day. The total volume of homes sold countywide increased almost 100% from 2013 through 2015. The very positive news is that over the past seven quarters, demand has continued to outpace the price increase. Based on this, as well as the number of homes on the market continuing to decrease, we should continue to see growing home prices throughout 2018. For those of you in the luxury market in Monroe County, the news is just as good for 2017. The number of homes listed at $400,000+ is showing a 33% increase in the number of homes sold year over year, outpacing the market.
There are now bills in Congress to change our tax code, coupled with an economy which is growing faster with the latest GDP reading of 3% growth. This has begun to push up the 10-year bond market, which is what mortgage interest rates follow. These issues and what they mean to mortgage interest rates heading into 2018 could have an effect on housing. Stay tuned to the next Local Flair to see what the market will look like leading into spring 2018.
Enjoy the winter months and be safe on the roads! Should you ever wish to learn more about Monroe County housing or find out the value of your home please feel free to contact me.
Bob Kelly is the top-selling Residential Real Estate Agent in Monroe County and is Leader of the Kelly Realty Group at Keller Williams Real Estate in Stroudsburg. Visit him at www.PoconosHomeSales.com or email Bob at firstname.lastname@example.org.