2018 Shows Strong Appreciation in the Western Poconos - 18347-18624

Both Pocono Mountain and Jim Thorpe School Districts show a substantial rise in average sales prices by 7-9%.    What may be causing this appreciation?  Perhaps it is the decline in inventory.

Look at what is happening to housing in the Pocono Mountain School District.  The number of homes for sale is down 8% -  3984 units last year compared to 2837 as of September 28, 2018.  That’s more than 1100 less homes available for buy!  The number of sold units dropped from 1267 last year to 1171 in 2018, representing a 7% decline.  The average sales price jumped up 7% from $136,177 last year to $146,852 this year. A steady demand to buy with less homes offered inevitably leads to higher sale prices.   

The Jim Thorpe School District falls in line with these statistics.  Active inventory is down 11% from 949 units to 841.  The number of homes sold is down 12% from 403 units to 352 units.  Average sale prices are up 9% over last year from $151,832 to $166,389.

Practically ½ of the foreclosure inventory offered through the Pocono Mountain MultiList Service has disappeared with 1023 selling last year compared to only 599 this year to date. 

As a seller what can you expect?  You should be able to command a higher price than you could have last year.  You don’t have to compete with cheaper foreclosure properties and you have  less competition.  The time to get it sold should be shortened by 16 to 34 days.   For a properly priced home the average days on the market is between 155 and 166 days. 

Should you wait for the market to get better to list your home?  That depends.  Where do you see yourself in the next 6 to 9 months?  If it is somewhere else, don’t wait. 

Information obtained from Pocono Mountain Association of REALTORS multi list service.