Numbers are in on the Pocono Real Estate Market for the past year. And while things are changing, it looks like things are starting to straighten out.
The Pocono Real Estate Report for this past year shows sales are down and price reductions are increasing.
But we're told it's not a slump, it's a sign the pandemic frenzy is finally over.
And things are finally getting back to normal in the real estate market.
The median sale price for Monroe County homes is still up by about nine percent from last December, but price reductions are increasing.
Broker of Record Lisa Sanderson for Keller Williams Real Estate says, "The price reductions I think are just the sellers are now having to come to terms with where things are. Buyers are not throwing bags of money at them anymore."
That doesn’t mean this year is going to be a buyers market. Even though homes are staying available longer, realtors at Keller Williams Real Estate in Stroudsburg tell us it’s all relative after the past couple of years with the pandemic.
Sanderson says, "Back in the day, I remember having listings for a year or more. Back in the real buyers market, we are no where near that. 43 days on the market is nothing."
Despite pending sales being down 34 percent from last year, Better Homes and Gardens Real Estate Wilkins and Associates agree, the market is simply normalizing.
CEO Tom Wilkins says, "If you note going back in years prior, 2018 they were down 7.9, the following year 1.2, then 22 up and then another 8.1 up so that’s just a natural course as it’s going along."
While homes for sale are up slightly from last year, the inventory is still low with only around 700 available right now. But we’re told that’s good news for sellers.
Wilkins says, "One of the questions we had during the increase of the real estate market, is it being driven by supply and demand or is it being driven by the actual value of the real estate. I think we can comfortably say now it’s the real estate that was driving it."
So if you’re looking to put your house on the market we’re told you should price it according to what it is worth and you should be able to make a profit.