If you are referring to the State College Area market, the $350,000+ market saw a noticeable drop off in activity for the majority of 2007. Currently, in the $600,000 in State College, there are 39 active listings, 5 Pending and 6 Closed Listings (Year to Date).
Percentage of Close to List Price**:
2007 State College All Properties: 97.5%
2007 $600,000+: 95.7%
2008 $600,000+ Year to Date: 95.1%
I would be happy to provide you with additional statistics and answer any specific questions that you may have on the State College Market. Feel free to email me: firstname.lastname@example.org
**Statistics Provided from CCAR Data, Information is deemed reliable but not guaranteed
Russell is right in saying that every market is local-- and yes, higher priced homes in any market seem to fell the heat first. Logically, The lower the price, the greater number of buyers there are who are able to compete for a property.
There are still many areas that homes are selling well-- ask a local professional in the immediate area you are searching for info that will benefit you directly.
Hope that helsp.
every market is local. For example, I concentrate on the Bucks County area where 40% of homes are at least $500K or above. The homes sell and some areas have even seen considerable appreciation. The central part of Bucks County is very hot and if the house is in good condition and is priced right, it will sell quickly.
In the past week, 45 homes have sold for 96% of the asking price that are at least $500K. That shows good stability in the Bucks County area and the inventory is moving.
If you have any questions, please don't hesitate to contact me through my website at http://www.ephiladelphiarealestate.com.