Our office covers both Schuylkill and Berks Counties, and neighboring areas as well. The two areas have similar trends in lack of inventory, but you can see above that the Berks area has a stronger seller’s market still (with 3.1 months of inventory available to sell) while the Schuylkill market is starting to cool down (4.8 months of inventory). Berks stats are to the top left while Schuylkill is on the bottom.
For the first time since 2014 sales in the first half of the year have declined compared to the previous year. Year-To-Date sales are down 237 sales (0.6%) compared to 2017, largely due to the extremely low inventory. The low inventory level has caused the median property marketing period to drop to 28 days (half of all sales were on the market for 4 weeks or less) compared to 34 days in 2017. Many listings have had multiple offers from buyers and the median Sold Price to List price has risen from 98.3% in 2017 to 98.7% this year and the median Sold Price is up 2.3% from 2017. These figures are taken from the entire TREND MLS region, not just our area.
Sales in the TREND region were down 3.1% compared to last June, while Schuylkill County sales were down 14.2%. Year-to-date sales in TREND are down 0.6% and Schuylkill County is down 3.2% compared to 2017.
The lack of inventory is still squeezing us, as is the increase of interest rates.
In Schuylkill, the most number of showings are taking place in the $100,000-199,000 range. That’s our “sweet spot” for selling houses. The higher the price of the house, the lower the number of showings, which is a perennial trend across both Schuylkill and Berks.