2007 Paints "Mixed Picture" In Local Real Estate Market (Wilkes-Barre: sales, renting)

[SteelCityRising]

The business section of today's Wilkes-Barre Times-Leader newspaper was dominated with two stories about the local real estate market in Luzerne and Lackawanna Counties. One was regarding the mixed-picture of declining demand with increasing prices while the other highlighted the booming popularity of townhomes in the region.

The Greater Wilkes-Barre Association of Realtors, which serves all of Luzerne County except for Greater Hazleton, reported 2,177 residential closings in 2007, a 13% decline from 2,506 in 2006. Housing prices in the northern 2/3 of Luzerne County edged upwards by 1% from $137,900 to $139,200, which bucks the national trend of a 2% slump to $217,600.

The trendy Back Mountain and Mountain Top areas continued to boom. While 2007 sales volume dipped 20% in the Back Mountain during 2007 as compared to 2006, the average price rose by 11% to $228,000. This mirrored Mountain Top, which dipped 19% in terms of sales volume yet experienced an increase in average sales price to $240,000.

Lackawanna County likewise followed this same trend. Home sales there fell 11% while average prices rose by 10% to $157,040. Wilkes-Barre had good news all around, which should be interesting to folks like Chefkey. In 2007 a decades-long trend in the city was reversed when both home sales and home values rose in the city. 372 deals were closed in 2007, higher than the 363 in 2006. The average sales price rose 8% to $67,700.

The article included insight from local realtor Darren Snyder, who said that Wilkes-Barre is becoming a real estate hot-spot for suburban families and empty-nesters who like the convenience of the city.

"I have a lot of younger buyers who see how much more home they can get in the city. The Parsons and Miners Mills sections are particularly hot right now," says Snyder.

[memoriesbre]

I feel that the area will continue to carry itself. I also hear that Wyoming County is going to go through some good changes in the next two years. I can see home prices rising too. I think by 2009 we will see more homes selling and by 2011 it should be once again a hot sellers market.

[ff18wife]

Originally Posted by memoriesbre

I feel that the area will continue to carry itself. I also hear that Wyoming County is going to go through some good changes in the next two years. I can see home prices rising too. I think by 2009 we will see more homes selling and by 2011 it should be once again a hot sellers market.

I hope the same shows true for NJ. We ended up renting out our house there b/c it just wouldn't sell...

[scrantonluna]

The only homes that are selling are smaller, realistic ones, priced around 100k. The rest need to come back to earth.