Real Estate Ripple

[cantlogin]

I’m glad that I love living where I do and that I have no desire to sell.

Pocono Record - Monroe home sales drop 35 percent

[cantlogin]

Ok...
Here's what they say:

<H4 class=heading>Monroe home sales drop 35 percent

</H4>HOWARD FRANK
Pocono Record Writer
June 18, 2007

Sales of homes in Monroe County took a sharp dip last month, falling 35 percent from May 2006.
Home sales fell from 291 to 190 for May 2006 and 2007, respectively, according to the Pocono Mountains Association of Realtors. The drop was about the same for both foreclosure and non-foreclosure homes sold.
Sales volume fell from $61 million to $41.6 million, a 35 percent decline.

The average home was on the market 32 percent longer before selling, from 82 days in May 2006 to 100 in 2007.

Inventory of unsold homes increased by 27 percent, from 2,464 in May 2006 to 3,123 in May 2007.

The largest dip in home sales occurred in Jackson Township, where sales fell almost twice as much as the rest of the county. Eldred was followed by Paradise, Stroud, Tunkhannock and Pocono townships.

The greatest rise in number of unsold homes was in Eldred Township, followed by the borough of East Stroudsburg, and Jackson, Price and Paradise townships.

"We are experiencing a situation similar to what happened in the late 1980s, but less severe at this time", according to Eileen Chaladoff, vice president of the Realtors' association and an agent with Prudential Associates. In the early '80s, Monroe County experienced a real estate boom, characterized by rising prices and sales. Late in the decade, prices started slowing and sales along with them. At that time, sellers who bought at higher prices had to bring money to closing because they owed more than what they sold their house for.

Joan Fitzgerald, owner of Fitzgerald GMAC Real Estate says the market has definitely softened up during the first part of the year. "I've been through this market a couple of times now — when the prices go up that quickly the market needs to correct itself", she said.

Fitzgerald explained that when sales start to slow down, inventory builds and prices go down.

She believes that relocating commuters, who are a large part of the local real estate market are having problems selling their New York or New Jersey properties. "What happens in New York and New Jersey affects us about 6 months later", she said.

Fitzgerald believes that this type of market adjustment usually takes a couple of years to straighten out.

"The market is softening, so it takes longer to sell, and therefore there is more inventory on the market," according to Sara Cramer, of Realty Executives.

Cramer agrees that the slowing markets outside Monroe, like New York and New Jersey are partially to blame. "That's where the bulk of our buyers are coming from. If their houses don't sell they are not going to buy here," Cramer said.

[FinallyRetired]

Quote:

Originally Posted by cantlogin I’m glad that I love living where I do and that I have no desire to sell.

Pretty area, too bad home sales are so far off. DW and I went there a few years ago to scope it out for retirement. Loved the scenery, and a huge lake we found. Decided not to move because, well, moving anywhere is a PITA. It's still on our list of possible places for final retirement.

[dex]

A reason could be that New York State is looking into putting casinos in the Catskills. The Poconos were always hoping that gambling would go in there.

[Nords]

Quote:

Real Estate Ripple

Heck, I thought this was another thread about cheap wines...

[Khan]

Quote:

Originally Posted by Nords Heck, I thought this was another thread about cheap wines...

Gee thanks.

Flashbacks to 3-day hangovers.

[cantlogin]

Quote:

Originally Posted by dex A reason could be that New York State is looking into putting casinos in the Catskills. The Poconos were always hoping that gambling would go in there.

The casinos in Pennsylvania are getting ready to open now.

[Moemg]

Quote:

Originally Posted by dex A reason could be that New York State is looking into putting casinos in the Catskills. The Poconos were always hoping that gambling would go in there.

I was just up in that area last week and the Mohigan Sun Casino is open in Wilkes Barre ,Pa. Small casino but they are building a much larger one .

[mathjak107]

the article was flawed as they had all kinds of meaningless data. they had a home that sold last year for 300,000 plus and this year a home sold for 168,0000 or so . it was based on 1 home and showed a 60 something % drop. it was silly, they were 2 different size homes.


over the weekend we put an offer on a home in tanglwood estates in lake wallenpaupack. overall its about 10% less this year.

[cantlogin]

Quote:

Originally Posted by mathjak107 the article was flawed as they had all kinds of meaningless data. they had a home that sold last year for 300,000 plus and this year a home sold for 168,0000 or so . it was based on 1 home and showed a 60 something % drop. it was silly, they were 2 different size homes. over the weekend we put an offer on a home in tanglwood estates in lake wallenpaupack. overall its about 10% less this year.

Pocono Record articles usually are flawed, often more than a little bit, but you must have read the wrong one.