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Monroe County Average Home Sale Prices Skyrocket

bobk-creditIt is a pleasure to sit down and pen an article on the Monroe County real estate market, and for that matter, our entire area and the nation, as we are in a very good time for residential real estate.

As I predicted in earlier articles, many of the great economic development projects are truly bearing fruit in the real estate market. Some examples are Kalahari Resorts Waterpark, Aquatopia at Camelback Resort, the new St. Luke’s Medical Center, all of the Lehigh Valley Health Network – Pocono projects, and the vast expansion Sanofi has embarked on for research and manufacturing.

As we move into 2017, even more new projects lurk on the horizon for Monroe County, such as the recently announced 200,000 square foot Ripley’s Aquarium and the yet-to-be-named indoor amusement park. These projects and many more to follow will only continue to drive the number of people who are reintroduced to the Poconos in such a positive manner.

Our state and county governments need to pay close attention to infrastructure in these projects. The current lag in highway and interchange investment and the growing traffic issues are only a few items which could slow the great potential being unleashed in the county, driving not only real estate, but also our local economy. Left unchecked or on the current timelines, there is a risk for new visitors to be discouraged before ever having the opportunity to experience our great attractions and vast outdoor lifestyle.

In Monroe County after nine straight years of decline in pending home sales, that trend finally reversed in 2016 as home sale prices rose 9.6% and homes on the market dropped 30.4%. This very positive trend has continued into 2017 in a big way. The first quarter brought very encouraging news that home sale prices in Monroe County continued to rise, now showing an average home sale price increase of 16.1% over the past 12 months. Inventory is also down with the past 12 months coming in at -29%. As we begin to experience the dog days of summer, we can be hopeful these numbers continue due to the lack of homes for sale in the county. If interest rates continue in check and no national economic hiccups occur, this could turn out to be a fantastic year for Monroe County real estate!


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
bob@kellyrealtygroup.com.

 

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