New Year’s greetings from your RE/MAX real estate specialist! I wanted to share with everyone my End-of-Year Market Recap for the Berks County Real Estate Market.
Overall the market in Berks County was steady and active in 2014. Although off to a slow start in January and February, closed and pending sales were up 5% and 7% respectively from this time last year. Interest rates are still amazing. Not sure how the market will react once interest rates actually rise.
● Pending sales in 2014 were 4,046, up 7%. Fairly decent numbers
● Closed sales in 2014 were 3,930. Up 5% from 3,730 in 2013
● Days on the market was down to 93. Slightly better than 2013
● We are at 8.2 months of inventory. This is the best it’s been in a few years…
● Currently 2,624 homes for sale in Berks County. Down from 2,752 this time in 2013
I often hear the question, ‘why aren’t Berks County homes appreciating like some areas?’. In 2014 the first-time buyers just weren’t there. I believe that continues to slow the ‘move up’ market. The forecast is that the first-time buyers will show up in 2015! We will keep an eye on it.