Realtors® report: Market strong, and will continue upward trend
Most Realtors® expect market conditions to strengthen over the next six months.
And most Realtors® agree that the market is stronger than this time last year, according to NAR’s Realtors® Confidence Index Survey for August 2017.
In Pennsylvania, houses remained on the market for 31 to 45 days on average, slightly longer than the national average of 30 days, in August 2017. Buyer traffic conditions were strong in Pennsylvania, according to Realtors®, however, seller conditions were weak. Agents expect home prices to increase 2.01 to 3 percent in the commonwealth over the next year.
In August, Realtors® reported that 39 percent of properties sold at their asking price or above. However, 20 percent of sellers offered incentives, including helping cover the closing costs, providing warranties, undertaking remodeling, providing appliances and paying condo fees, agents reported.
Compared to last year, most Realtors® believe that buyer demand is stronger, and that inventory levels are improving. More than 90 percent reported home prices remained stable or rose in the past year in their communities.
Agents reported taking about five clients on a home tour in August, comparable to the same time last year.
Nearly one-third of buyers were purchasing for the first time, a number that has mainly increased since the survey began asking the question four years ago. Thirty-nine percent of homebuyers were renting prior to buying, while 14 percent resided with family or friends before they bought. Nearly two-thirds of contracts were settled on time, an increase of 12 percent in the last two years.
Ultimately, low inventory continues to concern agents, as well as impact the industry.