Today Quinn & Wilson Broker, and PAR President Chris Beadling helped the Pennsylvania Association of REALTORS release the latest housing numbers for the state of Pennsylvania. As this article points out, January home sales dropped 4% compared to January 2021, and an astounding 29% compared to the month before.
As we often talk about during our Market Research Monday segments, the decline in housing sales has very little to do with the number of people looking for homes decreasing. As NAR Chief Economist points out in the article, “[the] pull back was more a sign of supply constraints than an indication of a weakened demand for housing”. Beadling has made a similar point in interviews for publications around the state, saying “this is definitely a supply-side issue; one we hope will resolve itself slightly as warm weather comes to PA covid restrictions start to wane.”
“Balanced Inventory” is a term real estate professionals use to talk about how many homes are for sale. In a “balanced” market there would be enough homes so that six months of buyers could buy one at any time. Below that is “seller’s market” above is a “buyer’s market”. According to the statewide data, Pennsylvana is currently at only 2.29-month level.
Quinn & Wilson is continuing to watch over the market and is doing everything it can to help sellers recognize the market advantage this current situation creates for them. “It is time” Broker Beadling commented, “even if you thought you still wanted to paint or do upgrades…the market is ready for you NOW”.
If you would like to talk to our team about the market and what it may mean for your own home, please do not hesitate to contact us at any time.