Schuylkill County Real Estate 3rd Quarter 2016 Market Report
We are having a solid year here in residential sales here in Schuylkill County, but take a look at the chart to the right to see the trend in inventory. From 2014-2016 we see a drop in inventory, from 1065 homes for sale in the 3rd Quarter of 2014 to 973 in 2015 to 679 in 2016. Sales figures for those 3 years are 288 and 293 (practically flat) to a 10% drop to 261. Inventory is dropping as we make our way through foreclosure sales and old inventory. This is good news for our sellers – but not so great for buyers. Buyers who think it’s a buyer’s market still are finding they may be incorrect. As inventory tightens, sellers can hold firmer on their prices and sit out the lowball offers until a better offer comes along.
That said, we are heading into winter, when things slow down. We are NOT in a sellers’s market yet here – although we did see a few bidding wars over the past few months. Those were on highly desirable homes where the buyers perhaps were waiting in the wings for a house of that type in that neighborhood to pop up.
If you want to sell, it’s not a bad time to be on the market as inventory drops and you’ll have less competition. If you want to buy, craft your offer carefully, as lowball offers will be less likely to be accepted. Buyers are not necessarily in the power position once inventory tightens.
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Our agents write often to give you the latest insights on owning a home or property in the local area.