The median home sale price in Centre County grew again in February, area realtors say
The median home sale price in Centre County in February was nearly $70,000 higher than it was the year before, according to data published by the county’s realtors association.
The median sale price last month was approximately $373,000, trumping last February’s median price of about $292,000. That’s an increase of more than 27%, according to the Centre County Association of Realtors residential market trend report for February.
January’s median home sale price checked in at approximately $305,000, or $68,000 below February’s mid-point.
Last month’s figure marks the highest monthly median home sale price recorded by the Centre County Association of Realtors over at least the last five years, according to the organization’s report. The next-highest median home sale price came in June 2022.
Centre County’s median home sale price has generally increased over the five-year period, though growth has more steadily increased between 2022 and early 2023 despite a sharp fall in January.
Forty-seven property sales closed in February, the Centre County Association of Realtors said. That’s down about 13% from January and nearly 27% from February 2022.
Additionally, just 82 new properties were listed in February, down from the month’s five-year average of 126 listings. February’s number of active listings (124) was also down from the month’s five-year average (172), the association said.
While fewer sales were completed in February, units sold last month left the market quickly, according to the report. February’s properties sold, on average, after about 25 days, roughly 50% faster than the Centre County Association of Realtors’ five-year average for the month (50 days).
Centre County’s real estate activity in February resulted in a contract ratio of 0.86 pending sales per active listing — an increase from January’s 0.65 contract ratio, but a sharp decrease from February 2022’s 1.86 pending sales per active listing.
Generally, a higher contract ratio reflects an increase in contract activity compared to the local supply, the Centre County Association of Realtors said in its monthly report. High contract ratios often indicate the market is moving in the favor of sellers.
The State College area is currently viewed as a buyer’s market, according to Realtor.com. Generally, that means the supply of homes exceeds demand.
On average, State College’s home values have increased by about 6.1% over the last year, according to Zillow’s Home Value Index. The area’s average home value sits at about $366,500, according to data available through Feb. 28.
This story was originally published March 21, 2023 at 10:44 AM.
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