A few places in Centre County sells so fast that a prospective buyer must literally run to the seller to make a purchase. Properties are sold within a time period of an hour. On the other hand, some properties stay on the market for a long time. Buyers are few and hard to find. It is thus important for both home buyers and investors to search for a property which gives excellent liquidity without much of a waiting period.
Thomas Price of NextHome Price Point Realty has seen it all. According to him, the most expensive properties are to be found in State College Area School District. Price, who is the owner of the company, said that the residential units sell well and fast change hands. The first week of February saw about 131 properties from that area being put on the market. The total value of all properties is calculated to be $214.5 million. The median price comes to $1.65 million and the highest $3.5 million. The priciest property is located in State College. The cheapest property is $69,900, located in Centre Hall.
Among the State College properties, sales are yet to be done on only 37 homes or about 28 percent of the listed properties. A majority (about 24 residential units) are sold within the range of $200,000 to $400,000. Sales continue to pend in the Bellefonte Area School District. As per Price, demand in the area is slowly picking up.
The Bellefonte Area has about 49 residential units for sale. The total value comes to $14.2 million. The priciest unit sells at $1.45 million. The lowest is $50,000. The average price of a residential unit comes to $290,182.45.
The area with the slowest moving properties is Philipsburg-Osceola. There are a total of 65 listings valued at $7.8 million. This has not troubled the property brokers in the area. Ed Reiter Jr., who owns Reiter Realty World, said that the market is steady.
Buyers can choose among a total of 35 properties in Bald Eagle Area School District. The average price comes to $207,000 and the number of pending deals is seven. In the Penns Valley Area School District, a total of 23 properties are listed. The median sticker price comes to $225,052. There are five pending sales. The lowest priced property in the district is listed at $46,000. The market right now favors the seller and not the buyer.