WHAT IS HAPPENING TO REAL ESTATE VALUES IN THE WESTERN POCONOS?

What is happening to real estate values in the Western Poconos?

The average sale price in Monroe County is $151,095, up 16% over last year.  Carbon County is $147,563 up 15.6%.  There are 3,276 residential properties for sale.  Monroe and Carbon Counties cover a wide range of both permanent housing and vacation homes throughout the Pocono Mountains. 

Century 21 Select Group  Blakeslee and Lake Harmony office’s focus is on the Western Poconos where the majority of our clients are located.  This is a blend of both primary and vacation homes.  So how does that mix of primary and vacation homes affect this part of the Poconos?   

Blakeslee:  Average sale price $136, 833 up 23% over last year.  The average days on the market is 138  and there is a 5.16 months supply of inventory.  For closed units, Blakeslee remains flat from last year at 38 units year to date. 

Albrightsville:  Average sale price is $131,411 up 17.73%, there is a 5.2 months’ supply of inventory and the average days on the market is 113 days.  However, closed units are down 5% from last year at this time. 

Pocono Lake:  Average sale price is $149,780 up 22.78%. The absorption rate in Pocono Lake is 7.09 months.  Average days on market is on the higher side at 155.  And number of closed units is down 30.9% from last year.

The Lake Harmony market is still facing some challenges.  The average sale price, higher than all others is down 5.58% from last year to $218, 993.  Lake Harmony has 11.85 months of inventory, one of the highest absorption rates in the area.   And their average days on the market is highest at 200 days.  The shining light in Lake Harmony are the units closed YTD – up 17.5%. 

The overall affect is that the numbers are up and positive.  It has been a long time in getting this market to rebound. Take a step back to May of 2015.  The average sale price in the county was $116,447, down 8% from the prior year.  There were 4400 active listings on the market.  And that doesn’t even compare to 2010 when there were 7,008 properties for sale.

This data has been obtained from the lastest reports in the Pocono Mountain Multi-List Service.