Inventory, Price Remain Challenges in Pennsylvania Real Estate

This month’s housing report shows how homebuyers continue to face inventory and price challenges in Pennsylvania’s real estate market. Listings dropped 14% in April compared to March this year and were down 33% compared to the same time last year. And this comes as no surprise to Realtors® active in today’s market.

Pennsylvania is no different than most areas of the country. Most of our markets have lots of consumers interested in purchasing a home, but there’s a shortfall of available properties. Our recent housing report shows a steady decline in inventory since July last year. There was a slight uptick in inventory last year when the market reopened after the pandemic shutdown, but there aren’t enough homes to meet current buyer demand.

The commonwealth has less than a two-month supply available, which makes it challenging for every level of the market. Homeowners who are able sell their property quickly then often have a dilemma finding a place to move to, while buyers face competing bids on properties.

The report shows sales were up 38% in April 2021 compared to the same time last year, which reflects the effect last year’s shutdown had on the market. Sales were also up slightly over March of this year.

Prices have consistently increased as the inventory has shrunk. The median sales price for April was $183,820, 11% higher than the same time last year.

This is a great time to remind consumers just how important Realtors® are. We’re able to prepare our clients – whether buyers or sellers – about what the current conditions are and how they can best navigate the transaction.

On a daily basis, you continue to tirelessly advocate on behalf of your buyers and sellers. Successful Realtors® know that being the trusted professional and following the Code of Ethics reflect well on our industry. With the hectic pace we are all keeping, it is now more important than ever to be mindful of colleagues, along with respectful and courteous to everyone involved in the transaction to ensure a smooth process to settlement.